LONDON, January 31 /CNW/ - Uruguay Mineral Exploration Inc. (the "Company") (TSX:UME)(LSE:UGY) announces that on 29 January 2007 it has been notified of the exercise of options granted to Tony Shearer over 200,000 new common shares in the Company at an exercise price of CN$ 0.40 per share (the "Options") to raise CN$ 80,000 for the Company.
Following this transfer, Mr Shearer has an interest in 881,667 common shares representing 1.8% of the Company's issued share capital.
Application has been made for the new common shares issued on the exercise of the Options to be admitted to trading on AIM, which is expected to occur by 5 February 2007. Following the issue of these new ordinary shares there will be 48,518,935 common shares in issue.
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 Europe Limited is its Nominated Adviser and Broker.