Business
Uruguay Mineral Exploration: Production Result for the Quarter Ended 31 August 2007
Uruguay Mineral Exploration: Production Result for the Quarter Ended 31 August 2007.
About this update from Orosur Mining Inc.
[{"type":"text","content":"\n\n\n\nUME expects to produce 95,000 ounces for the Full Year\n\n\nLONDON, September 12 /CNW/ - Uruguay Mineral Exploration Inc ("UME")\nadvises that production in the first quarter ended 31 August 2007 was 18,464\nounces, lower than the target of 21,000 ounces announced on 2 August 2007.\nProfits and cash flow for the quarter will be lower than management\nexpectations which were based on 21,000 ounces of gold production. Cash cost\nper ounce will be higher due to the lower production levels.\n\n\nProduction in the first quarter was below the target as the grade of ore\nmined in the first benches directly under the Arroyo Corrales was lower than\nestimated. More tonnes were encountered at lower grade with more overall\nounces mined from the area than estimated. Ore was fed to the plant as\npresented and the additional ounces will be produced in future periods.\n\n\nThe first benches directly beneath the Arroyo Corrales were classified as\nIndicated Resources as they could not be fully drilled due to access\nrestrictions. These results have no implications for the remainder of the\nArenal resource estimates.\n\n\nBy the end of the month mining had advanced to deeper levels where grades\nwere in line with reserve estimates. UME expects to achieve its stated target\nof 95,000 ounces of production for the full year.\n\n\nQualified Person's Statement\n\n\nThe technical information presented in this press release has been\nreviewed and verified by Mr John Sadek, Vice President Operations and a Mining\nEngineer. Mr. Sadek is the Qualified Person for the purposes of the AIM\nGuidance Note on Mining, Oil and Gas Companies dated March 2006. Mr Sadek has\na Bachelor of Engineering (Mining) from the University of Sydney and is a\nmember of the AusIMM and SME. He has over 20 years of international experience\nin mining.\n\n\nENDS\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this news release.\n\n\nEditors note: Uruguay Mineral Exploration Inc. is a gold producer and\nexploration company focused on identifying and developing mineral\nopportunities in Uruguay. UME is a fully integrated mining company, possessing\nthe skills necessary to explore and develop its discoveries. The Company\noperates the only producing gold mine in Uruguay (San Gregorio), and is also\n...