COMPANY PROFILE

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About Us

Uruguay Mineral Exploration Inc. (UME) is a gold production and exploration company incorporated in Canada that identifies and develops mineral opportunities in South America. UME operates San Gregorio, the only producing gold mine in Uruguay and has assembled an exploration portfolio of gold, diamonds and base metal prospects.

Highlights:

Annual gold production of approximately 95,000 ounces
A strong commitment to value creation through exploration with a budget of $US 8 million for FY2008.
Significant exploration holdings with approximately 700,000 hectares of exploration concessions which provide attractive growth opportunities.
Solid financial position with available cash, minimal debt, cash flow from operations and no hedging obligations.
Experienced management team to focus on growth objectives.

History

The Company was incorporated in October 1996 as 713257 Alberta Inc. pursuant to the Business Corporations Act (Alberta) and in January 1997 changed its name to Uruguay Goldfields Inc ("UGI"). In February 2002, it changed its name to Uruguay Mineral Exploration Inc., discontinued to act in Alberta and continued acting in Yukon.

In March 2000, the Common Shares of the Company were admitted for listing on the Canadian Venture Exchange. In June 2002, the Canadian Venture Exchange was acquired by the Toronto Stock Exchange and its name was changed to the TSX Venture Exchange, where the Company's common shares now trade under the symbol "UME".

In October 2003, the Company purchased the Uruguayan subsidiaries of Crystallex International Corporation for $US2 million in cash, payment of $US 2.7 million in outstanding debt and hedging obligations and the assumption of employee and environmental obligations. The assets acquired included a 1.2 million tonne per annum gold treatment facility and the San Gregorio Gold Project.

During 2004, the Company discovered the Arenal deposit approximately 4 km from the San Gregorio process plant. The permit was received in September, 2004, and mining at the Arenal pit commenced in October 2004.