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Uruguay Mineral (UGY)

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Friday 30 June, 2006

Uruguay Mineral

Production for 2006 Financial Year



URUGUAY MINERAL EXPLORATION INC.
                                               MEDIA RELEASE

June 30, 2006                                                           SYMBOLS: UME (TSXV), UGY (AIM)

                    Production for 2006 Financial Year exceeds 100,000 ounce target

Uruguay Minerals Exploration Inc ("UME") confirms that it has produced 101,287 ounces of gold for  the
financial year to May 31 2006. Ore processed for the year was 1,266,528 tonnes at a grade of 2.65  g/t
at a 93.7% recovery.

The  company  forecasts full year production for 2006-07 of 100,000 ounces of gold.  The  latest  mine
plan,  considering  the  impacts  of the pit wall slip at Arenal,  announced  on  28th  February,  has
concluded  that the company has reduced flexibility in the next 12 months to blend mine production  to
achieve a constant grade. As a result, production for the first quarter of 2006-07 (ending August 31st
2006) is expected to be 21,000 ounces of gold.

UME Chairman, Tony Shearer, commented: "As committed, the company has achieved its stated objective of
producing at a rate of 100,000 ounces per annum. Whilst a reduction in output will occur in the  first
quarter,  the  company expects to maintain its target rate of 100,000 ounces per  year  for  the  full
year."

ENDS

The  TSX  Venture  Exchange has not reviewed and does not accept responsibility for  the  adequacy  or
accuracy of this news release.

Editors note: Uruguay Mineral Exploration Inc. is a gold producer and exploration company focussed  on
identifying  and  developing  mineral opportunities in Uruguay.  UME  is  a  fully  integrated  mining
company,  possessing the skills necessary to explore and develop its discoveries. The Company operates
the  only  producing  gold  mine  in  the country (San Gregorio), and  is  also  the  leading  mineral
exploration  company in Uruguay having assembled an exploration portfolio based on gold,  base  metals
(copper,  nickel, lead, zinc) and diamond prospects. In the first half of 2003, the Company discovered
the Arenal deposit, currently the largest known gold resource in Uruguay.

Uruguay  Mineral  Exploration Inc. is quoted in Canada (TSXV) and London  (AIM)  and  Collins  Stewart
Limited is the Nominated Adviser and broker.

For further information, please contact

Uruguay Mineral Exploration Inc
Tony Shearer, Chairman +44 20 7460 8935; tonyshearer@ntlworld.com
David Fowler, CEO +59 82 601 6354; urumin@adinet.com.uy

Shared Value Ltd
Emily Bruning +44 20 7321 5027; ebruning@sharedvalue.net

Collins Stewart Ltd
Chris Rollason +44 20 7523 8308; crollason@collins-stewart.com

Uruguay Mineral Exploration Inc.