Uruguay Mineral Exploration Inc.: Stock Options Granted

Uruguay Mineral Exploration Inc (“UME” or the “Company”)(TSX VENTURE:UME) (LSE:UGY), a South American focused gold production and exploration company, announced today that it has granted an aggregate of 791,000 stock options to Directors, Officers and employees exercisable at a price of CDN$ 0.61 per Common Share on or before October 14, 2014.

UME employees were granted a total of 341,000 stock options and the balance equivalent to 450,000 stock options were granted to the following Directors:

Director			Number of Options Granted
David Fowler			200,000
Mario Caron			100,000
Ignacio Salazar			75,000
Julio Porteiro			25,000
William Lindqvist			25,000
Roger Davey			25,000

All of those stock options were granted on October 14, 2009 fixing the exercise price as of the close price of UME Common Shares at the TSX-V on October 13, 2009. The options will vest in three equal parts: the first part immediately and the second and third parts on October 14, 2010 and October 14, 2011.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Editors’ note: Uruguay Mineral Exploration Inc. is a gold producer and exploration company focused on identifying and developing mineral opportunities in Latin America. 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 Uruguay (San Gregorio), and is also the leading mineral exploration company in Uruguay having assembled an exploration portfolio based on gold, base metals and diamond prospects.

Uruguay Mineral Exploration Inc. is quoted in Canada (TSXV) and London (AIM) and Matrix Corporate Capital LLP is its Nominated Adviser and Broker.