LascanoGeophysical anomaly Houston Rockets comprised of three large 20km circular

LascanoGeophysical anomaly gleans houston rockets franchise comprised of basketball defines three large (20km) circular features interpreted to represent intrusive bodies within a rift setting. 158m ofanomalous copper in LASDDH-002 indicates the potential for an IOCG or copperporphyry system.* Completed four holes in phase II drill program. * Results received indicate that a strong hydrothermal system is associated withunderlying intrusive suite of rocks. Analytical results from these four holesshow only weak copper mineralization.* Data being compiled.

The intention is to look for a partner in the second halfof fiscal 2009 to progress the project.For more information on UME`s exploration activities for the quarter, pleaserefer to the Exploration Report for the Quarter ended November 30, 2008available at Person`s StatementThe technical information presented in this press release has been reviewed andverified by Mr houston rockets baby . John Sadek, Vice President Operations and a Mining Engineer, andMr bulls rockets . George Schroer Vice President Exploration and a Certified ProfessionalGeologist Mr Sadek and Mr celtics rockets . Schroer are the Qualified Persons for the purposesof the AIM Guidance Note on Mining, Oil and Gas Companies dated March 2006 clutch rockets . Mr.Sadek has a Bachelor of Engineering (Mining) from the University of Sydney andis a member of the AusIMM and SME He has over 20 years of internationalexperience in mining Mr Houston Rockets tickets – nba . Schroer has a Masters of Science in Geology fromColorado State University and is a member of SEG and AIPG. He has over 20 yearsof international experience in exploration.

Forward Looking StatementsAll statements, other than statements of historical fact, contained orincorporated by reference in this news release, including any information as tothe future financial or operating performance of UME, constitute”forward-looking statements” within the meaning of certain securities laws,including the “safe harbour” provisions of the Securities Act (Ontario) and theUnited States Private Securities Litigation Reform Act of 1995 and are based onexpectations estimates and projections as of the date of this news release.There can be no assurance that such statements will prove to be accurate, suchstatements are subject to significant risks and uncertainties, and actualresults and future events could differ materially from those anticipated in suchstatements houston rockets payroll . Forward-looking statements include, without limitation success ofexploration activities; permitting time lines; the failure of plant; equipmentor processes to operate as anticipated; accidents; labour disputes; requirementsfor additional capital title disputes or claims and limitations on insurancecoverage clutchfans . UME disclaims any intention or obligation to update or revise anyforward looking statements whether as a result of new information, future eventsand such forward-looking statements, except to the extent required by applicablelaw clutchfans rockets . ENDSThe TSX Venture Exchange has not reviewed and does not accept responsibility forthe adequacy or accuracy of this news release dirk nowitzki Houston Rockets . About Uruguay Mineral Exploration Inc.Uruguay Mineral Exploration Inc Houston Rockets tickets .

(UME) is a gold production and explorationcompany that identifies and develops mineral opportunities in South America houston chronicle sports rockets . UMEis a fully integrated mining company, possessing the skills necessary to exploreand develop its discoveries hoston rockets Rockets tickets . UME operates San Gregorio, the only producing goldmine in Uruguay, and is the leading mineral exploration company in Uruguay withan exploration portfolio of gold, diamonds and base metal prospects, includingcopper, nickel, lead, and zinc Uruguay Mineral Exploration Inc houstonrockets . is quoted in Canada (TSXV) and London (AIM) andRBC Capital Markets is its Nominated Adviser and Broker houstonrockets co Rockets . More information can befound at Statements Follow Uruguay Mineral Exploration Inc.

Consolidated Balance Sheets(Unaudited)(Thousands of United States Dollars, except where indicated)As atNovember 30,May 31,20082008 $ $AssetsCurrent assets Cash6,439 18,601 Accounts receivable 4,434 2,810Inventories (Note 2)17,67716,749 Prepaid expenses1,073 1,004Total Current Assets29,62339,164Property plant and equipment and mineral properties (Note 3)23,07129,681 Deferred exploration (Note 4) 15,3568,948Future income tax assets3,429 5,375Restricted cash 176 191Total Non Current assets42,03246,079Total assets71,65583,359 Liabilities and Shareholders` EquityCurrent liabilitiesAccounts payable and accrued liabilities8,822 8,816Fair value of derivatives (Note 9)795 0Restructure plan (Note 11)482 0Current portion of long term debt (Note 5)111 2,275Total Current liabilities 10,21011,091Long term tax payable 2,414 2,414Long term debt (Note 5) 7 25 Asset retirement obligation 2,940 2,869Total Non current liabilities 5,361 5,308 Total liabilities 15,57116,399Capital stock (Note 6)34,64235,043 Warrants and convertible notes (Note 6) 1212 Contributed surplus 4,168 3,882Accumulated other comprehensive income(19)(19) Retained earnings 17,28128,042 Total shareholders` equity56,08466,960Total liabilities and shareholders` equity71,65583,359 Uruguay Mineral Exploration Inc . Consolidated Statements of Income, other comprehensive income and Retained Earnings(Unaudited) (Thousands of United States Dollars except for earnings per share and weighted average number of shares outstanding)Three months endedSix months ended November 30 November 302008200720082007 $ $ $ $Net Sales 11,65921,18029,38034,433Operating expenses(12,351)(9,800) (27,154)(17,670) Amortization and depreciation (5,971) (4,228) (8,971) (7,093)Operating expenses(18,322)(14,028)(36,125)(24,763)Sub-total (6,663) 7,152 (6,745) 9,670 Other income (expenses)Stock based compensation expense(249) (314) (286) (506)General and administrative expense(1,066) (1,155) (2,263) (2,166)Non-hedged derivative 733 0 (795) 0Interest expense and debt accretion (63)(241) (138) (303)Foreign exchange176 922450 Interest earned and other income85183 277 379(384) (1,435) (3,181) (2,546) Income (loss) before taxes(7,047) 5,717 (9,926) 7,124 Current income taxes (provision)1,110 (2,002) 1,110 (2,436)recovery Future income taxes (provision) (1,970) 654 (1,945) 905recovery Net income (loss) and comprehensive income (loss) for the period(7,907) 4,369 (10,761)5,593 Retained earnings, beginning of period25,18822,58528,04222,986 Dividends 0 (151) 0 (1,776)Retained earnings, end of period17,28126,80317,28126,803Earnings (loss) per common share Basic (Note 10) (0.162) 0.089 (0.220) 0.114Diluted (Note 10) (0.162) 0.087 (0.220) 0.112 Weighted average shares outstandingBasic 48,667,06848,926,26848,675,80148,926,268 Diluted 48,728,06849,947,26848,841,80149,920,268 Uruguay Mineral Exploration Inc.Consolidated Statements of Cash Flows (Unaudited)(Thousands of United States Dollars, except where indicated) Three months endedSix months endedNovember 30 November 30 2008 2007 20082007$$$ $Operating activitiesNet income (loss) for the period (7,907)4,369(10,761)5,593Adjustments for:Amortization and depletion 5,9714,2288,971 7,093Fair value of derivatives(733)0795 0Accretion of debt35 12682169Future income taxes1,970(654)1,945 (905)Stock based compensation 249314286 506Restructure plan contingent provision4820482 0Other17 99 13136 84 8,4821,813 12,592 Net change in non-cash working capital (2,038)300(2,615) 351balances (Note 8)) (1,954)8,782(802) 12,943 Financing activitiesProceeds from the issue of share capital 000 593Payments of finance lease net of draw(47) (49) (94)(95) downs Share repurchase 00(401) 0Dividend payment 0(1,776)0 (1,776) (47) (1,825)(495) (1,278)Investing activitiesPurchase of property, plant and equipment(584)(1,354)(4,457) (6,101)and development costs Exploration expenditure(3,327)(2,493)(6,408) (4,801) (3,911)(3,847)(10,865)(10,902) Increase (Decrease) in cash(5,912)3,110(12,162)763Cash at the beginning of period12,351 11,631 18,60113,978 Cash at the end of period6,43914,741 6,439 14,741Uruguay Mineral Exploration IncTony Shearer, Chairman, +44 20 orDavid Fowler, CEO, 598 2 rInvestor/Media RelationsBreakstone GroupSusan Borinelli, +orRBC Capital MarketsAndrew Smith, +44 (0) 20 7029 orSarah Wharry, +44 (0) 20 7653 Uruguay Mineral Exploration IncCopyright Business Wire 2009 la lakers . MONTEVIDEO, Uruguay–(Business Wire)–Uruguay Mineral Exploration Inc laker rockets . (UME) (TSX VENTURE:UME) (LSE:UGY), a SouthAmerican focused gold production and exploration company, today reported resultsfor the second quarter of fiscal 2009 ended November 30, 2008 . David Fowler, Chief Executive Officer commented: “During the quarter we produced15,837 ounces of gold at an average cash cost of $US 811 per ounce rockets.com . Productionwas below our 20,500 ounce expectation as the grade from the tonnes mined fromthe western end of the Arenal pit was lower than expected.

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