Uruguay Mineral Exploration Inc. Announces Director's Dealing

LONDON, Oct 23 (MARKET WIRE) --
Uruguay Mineral Exploration Inc. (TSX-V: UME) (AIM: UGY) ("UME" or "the
Company"), a gold production and exploration company, was informed today
that the Company's Non Executive Director Julio Porteiro purchased 15,000
shares in the Company ("Common Shares") at C$ 0.50 on October 22, 2008.

Following this purchase, Mr. Porteiro has an interest in 15,000 Common
Shares representing 0.03% of the Company's issued share capital and 50,000
options to purchase 50,000 Common Shares at an exercise price of C$ 3.90
expiring on October 13, 2011 and 25,000 options to purchase 25,000 Common
Shares at an exercise price of C$ 0.60 expiring on October 15, 2013.

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 focused 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 Uruguay (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.

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

For further information, please contact:

Uruguay Mineral Exploration Inc.
Tony Shearer
Chairman
+44 (0)20 7602 1570
Email Contact

David Fowler
CEO
+ 598 2 6016354
Email Contact

Investor Relations in North America
Susan Borinelli
Breakstone Group
+1 646-330-5907
Email Contact

RBC Capital Markets
Andrew Smith
+44 (0) 20 7029 7882
Email Contact

Sarah Wharry
+44 (0)20 7653 4667
Email Contact

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