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Uruguay Mineral Exploration Inc Announces Results for the Quarter

Thursday, August 16th, 2007

Gold production was 29,265 ounces for the fourth quarter, bringing year to date production to 96,420 oz.

Cash costs were $US 273 per ounce for the quarter and $US 294 for the full year, compared with $US 243 and $US 210 for the comparable periods last year. Cash costs increased due to a higher strip ratio, general industry cost increases, a more abrasive work index for ore mined and processed and marginally lower production compared with the previous year.

Net profit after tax for the fourth quarter was $US 6.4 million or
$US 0.13 basic earnings per share, with net profit for the full year of $US 14.5 million, up 37% year-on-year, or $US 0.30 basic earnings per share.

Cash flow from operations before non-cash working capital movements was $US 11,356 million for the fourth quarter and $US 24,177 million for the year to date, up 18% year-on-year.

The higher average realized gold price for the fourth quarter of $US
658 per ounce resulted in increased sales of $US 21.8 million for the quarter, resulting in sales for the full year of $US 63.1 million, up 23% year-on-year, with an average price of $US 610 per ounce for the full year.

A final dividend of C$ 3.5 cents per share proposed to be paid on 26 October, 2007 to all shareholders on the register as at 12 October, 2007.

Tony Shearer, Chairman commented: “The past year has been a very active and successful one for the Group, under the leadership of David Fowler and his mostly new management team. Production is going very well at the rate of about 96,000 oz/y, though the cash costs per ounce for 2006/7 were higher than we had expected. Gold exploration has already delivered significant results in replacing and increasing reserves and resources, with very promising opportunities to expand them in the year ahead. Exploration at Lascano is going very well and the long odds of this being a commercially successful project are reducing. The first steps have been taken to plan for the expansion of the plant at San Gregorio, when exploration results justify the cost and tell us where to expand the production. In summary, the Group has progressed from being a small exploration company into an entity of substance with competent employees and a very strong management team. I believe that the Group is now exceptionally well placed to develop on these strong foundations.”

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