Proposed Business Combination of Uruguay Mineral Exploration with Fortune Valley

* UME has a production profile of at least 190,000 ounces of gold over the next
four years in Uruguay with the potential to significantly improve this
production profile and reduce cash costs with the development of the Arenal
Deeps underground deposit.
* Fortune Valley Resources Inc. ("Fortune Valley" a Canadian company listed on
Toronto`s TSX Venture Exchange) has optioned the Pantanillo property in the
Maricunga Belt in Chile from a subsidiary of Anglo American Plc. Historical
drilling has identified a significant potential mineral deposit on this
property.
* The proposed transaction would move the combined group towards both companies`
strategic objective of creating a more significant Latin American focused gold
producer
* The combined group would have no debt and no hedging, with approximately $US 8
million of cash. While all immediate financing needs of the group could be
funded from existing operations, consideration will be given to raising
additional equity in due course to accelerate exploration and development on the
Fortune Valley properties and UME`s Arenal Deeps underground development.

MONTEVIDEO, Uruguay--(Business Wire)--
Uruguay Mineral Exploration Inc. ("UME" a Canadian company listed on Toronto`s
TSX Venture Exchange and London`s AIM) (TSX VENTURE:UME) (LSE:UGY) is pleased to
announce that it has entered into a letter of intent with Fortune Valley
pursuant to which UME proposes to acquire all of the issued and outstanding
common shares of Fortune Valley. The acquisition would be satisfied through the
issue of common shares in UME at a proposed exchange ratio of 0.456 UME share
for every one Fortune Valley share, representing a purchase price of
approximately $C 0.23 per Fortune Valley share valuing Fortune Valley at
approximately $C 8.2 million ("the Transaction").

In addition UME has provided interim financing in the form of a convertible
debenture of $C 250,000 to Fortune Valley to allow it to complete the
acquisition of the option on the Pantanillo property and the completion of the
proposed business combination. UME has been advised that the Fortune Valley
Board of Directors unanimously supports the proposed Transaction and the letter
of intent contemplates that certain directors of Fortune Valley holding
approximately 30% of the common shares of Fortune Valley will enter into support
agreements under which they will vote in favour of the transaction.

David Fowler, Chief Executive Office of UME stated, "This proposed combination
of UME and Fortune Valley would move UME towards its strategic objective of
developing a more significant Latin American focused gold production profile. We
are pleased that this proposed acquisition would improve our growth profile in
an established mining country such as Chile with two quality projects,
Pantanillo and Anillo in significant mining districts. The expanded group would
be renamed to reflect its expended focus on gold in Latin America and would have
the exploration and development resources to pursue further growth".

Michael Gingles, Chief Executive Officer of Fortune Valley commented: "This
exciting proposed business combination would provide our shareholders with the
opportunity to participate in an investment vehicle with strong cash flow and
the resources to grow the Chilean portfolio. The UME team has a proven track
record and excellent capabilities to develop these important projects. Further,
we have a shared commitment to support continued growth in the Chilean gold
industry".

The proposed business combination would result in

* Gold production profile of at least 190,000 ounces over the four years to May
31, 2013 from open pit operations at the San Gregorio mine in Uruguay with the
potential to significantly improve this production profile and reduce cash costs
with the development of the Arenal Deeps underground deposit.
* A development project at Pantanillo in the Maricunga Belt in Chile. As
reported by Fortune Valley in their press release dated October 5, 2009
historical geological work on the Pantanillo property by Anglo American
(1992-2005) and Kinross Gold (2005-2008) has defined a potential mineral deposit
estimated to be in the range of 82 to 125 million tonnes grading 0.83 to 0.73
g/t gold, using a 0.6 to 0.5 g/t gold cut-off for the lower and higher tonnage
estimates respectively, which is equivalent to 2.18 to 2.95 million ounces of
contained gold. This preliminary assessment was made by Kinross Gold in 2007 and
was estimated based on a total of 8,398 meters of reverse circulation drilling
and diamond drilling. The potential quantity and grade of the potential mineral
deposit is conceptual in nature as there has been insufficient exploration to
define a mineral resource in accordance with disclosure guidelines in National
Instrument 43-101 Standards of Disclosure for Mineral Projects and it is
uncertain if further exploration will result in the target being delineated as a
mineral resource. A planned exploration and development program targeting the
definition of a NI43-101 compliant mineral resource would commence within 3
months with the objective of creating a second production asset for the group
within 3 to 4 years.
* Further growth potential from the combined group`s exploration portfolio in
Chile and Uruguay including the Anillo project in Northern Chile which is along
strike from the El Peñón mine operated by Yamana Gold Inc.
* A combined group with the financial and technical resources to develop its
business and capitalise on other gold growth opportunities in Latin America.
* Cash on hand of approximately $US 8 million with no debt or hedging.

Upon completion of the proposed Transaction UME would have approximately
64,889,424 million common shares issued and outstanding, with former Fortune
Valley shareholders holding UME common shares representing approximately 25% of
the issued and outstanding common shares of UME and Fortune Valley would be a
wholly owned subsidiary of UME.

To reflect the expanded Latin American gold production and development focus of
the combined group UME will put a resolution to its shareholders at its Annual
General Meeting to be held on October 13, 2009 for approval to change its name
to Orosur Mining Inc., or such other name as the Directors of UME decide.

While all immediate financing needs of the group could be funded from existing
operations consideration would be given to raising additional equity in due
course to accelerate exploration and development of the Fortune Valley
properties and UME`s Arenal Deeps underground development.

The Transaction

The proposed transaction is expected to be structured as a plan of arrangement
between UME and Fortune Valley. Under the terms of the Transaction, it is
proposed that Fortune Valley shareholders receive approximately 0.456 UME common
shares for each common share of Fortune Valley held.

UME has advanced $C 250,000 to Fortune Valley in the form of a convertible
debenture ("the Debenture") to allow it to complete the acquisition of the
option on the Pantanillo property and the plan of arrangement. The Debenture is
convertible into shares of Fortune Valley at a price of $C 0.06 per share.

The Transaction will be subject to the approval of the shareholders of Fortune
Valley.

The letter of intent setting out the Transaction includes a commitment that
Fortune Valley will not solicit alternative transactions to the proposed UME
Transaction and a commitment, subject to due diligence by both parties, to sign
a definitive agreement by October 13, 2009. The letter of intent also
contemplates that certain directors of Fortune Valley will enter into support
agreements where by they will vote in favour of the transaction. These Directors
hold approximately 30% of the outstanding common shares of Fortune Valley.

The Transaction is subject to, amongst other things the completion of mutual due
diligence, the parties entering into a definitive agreement by October 13, 2009,
the receipt of regulatory and court approvals and obtaining shareholder approval
to the Transaction by Fortune Valley shareholders.

Further terms of the proposed transaction, including Board representation and
the timing of closing and shareholder meetings, will be provided once a
definitive agreement is signed.

There can be no assurance that any definitive transaction agreement will be
entered into, that any proposed transaction will be approved by shareholders or
that any transaction will be completed as a result of the executive of the
letter of intent.

ENDS

Qualified Persons Statements

The information presented in this press release on UME assets has been reviewed
and verified for compliance with NI 43-101 by Mr George Schroer, Vice President
Exploration and a Certified Professional Geologist (CPG 10891). Information on
the potential mineral deposit quoted by Fortune Valley have not been reviewed
sufficiently by Mr. Schroer to qualify as a mineral resource for UME and the
information should not be treated as reliable until further qualifying work has
been completed. Mr Schroer is the Qualified Person for the purposes of the AIM
Guidance Note on Mining Companies dated March 2006. Mr Schroer has a Masters of
Science in Geology from Colorado State University and is a member of SEG and
AIPG. He has over 20 years of international experience in exploration.

Forward-Looking Information

Cautionary Note: This news release contains "forward looking information" within
the meaning of the Canadian Securities legislation. Forward looking information,
includes but is not limited to, information concerning the proposed business
combination between UME and Fortune Valley and matters relating there to,
raising additional equity, remaining production profile at San Gregorio,
commencement of underground development on the Arenal Deeps, production rates
and San Gregorio, 43-101 resource calculations at Pantanillo, and start date for
production at Pantanillo. Generally forward looking information can be
identified by the use of forward looking terminology such as "plans", "expects",
"or does not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "targets", "intends", "anticipates", "does not anticipate" or
variations of such words or phrases or statements that certain actions, events
and results "may", "could", "would", "might", "will be taken", "occur" or will
be achieved. Forward looking information is based on the opinions of management
at the dates that the information are made, and is based on a number of
assumptions and is subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ materially from
those projected in the forward looking information. Assumptions upon which such
forward-looking information is based include, without limitation, that the
shareholders of Fortune Valley will approve the transaction, that all required
third party regulatory and governmental approvals to the transaction will be
obtained and all other conditions to completion of the transaction will be
satisfied or waived. Many of these assumptions are based on factors and events
that are not within the control of UME or Fortune Valley and there is no
assurance they will prove to be correct. Factors that could cause actual results
to vary materially from results anticipated by such forward-looking information
include changes in market conditions, variations in ore grade or recovery rates,
risks relating to international operations, fluctuating metal prices and
currency exchange rates, changes in project parameters, the possibility of
project cost overruns or unanticipated costs and expenses, labour disputes and
other risks of the mining industry, failure of plant, equipment or processes to
operate as anticipated, permitting and land access time lines, development plans
being more time consuming or costly than expected as well as those risk factors
discussed in the Management Discussion and Analysis for the year ended May 31
2009 for UME and 31 December 2008 for Fortune Valley available at www.sedar.com.
Although UME and Fortune Valley have attempted to identify important factors
that could cause actual actions, events or results to differ materially from
those described in forward-looking information, there may be other factors that
cause actions, events or results not to be anticipated, estimated or intended.
There can be no assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such information. UME and Fortune Valley undertake no obligation
to update forward-looking information if circumstances or management's estimates
or opinions should change except as required by applicable securities laws. The
reader is cautioned not to place undue reliance on forward-looking information.

About UME

UME operates the San Gregorio gold mine in Uruguay which produced 70,000 ounces
of gold in the year to May 31, 2009.

UME`s medium term business plan in San Gregorio in Uruguay focuses on combining
lower grade open pit resources with higher grade underground resources. Based on
known resources UME is targeting a 5 plus year mine plan averaging 60,000 ounces
per annum.

A prefeasibility study on the Arenal Deeps project was released on August 4,
2009. This study was based on NI43-101measured and indicated resources of
3,164,000 tonnes at 2.21 g/t Au for 224,000 ounces of gold at a 1.5 g/t Au cut
off. Since the completion of this resource estimate an on-going infill drill
program (refer press releases dated September 9, 2009, August 4, 2009 and July
8, 2009) has delivered better grades and thicknesses than reflected in the
resource model and is expected to increase the grade of the resource. Definition
drilling is expected to be completed by January 2010 with a revised resource
estimate expected to be released in February 2010. Underground development is
targeted to commence in mid 2010.

UME has been actively pursuing acquisition opportunities in Latin America with a
view to acquiring assets with near term production and a minimum resource of
500,000 oz. To date a number of opportunities have been identified, including
Fortune Valley, that UME expects will generate growth.

As at August 31 2009 UME had a cash of $US 8.1 million and net current assets of
$US 19.2 m. UME has no debt and hedging.

Additional information about UME is available at www.uruguayminerals.com.uy

About Fortune Valley

Fortune Valley is a exploration company focused on creating shareholder wealth
through the development of high quality gold assets in Chile and Argentina.
Fortune Valley`s principal properties are the Pantanillo project and the Anillo
project. Fortune Valley shares are listed on the TSX Venture Exchange.

The Pantanillo property is located in the prolific Maricunga Gold Belt in Region
III of Chile, which currently has two operating gold mines, La Coipa and
Maricunga, and several major gold projects in development stage, including
Lobo-Marte, Pantanillo, Cerro Casale, La Pepa, Volcan and Caspiche. Combined
geological resources in the belt are more than 45 million ounces of gold.

Historical geological work on the Pantanillo property by Anglo American
(1992-2005) and Kinross Gold (2005-2008) has defined a potential mineral deposit
estimated to be in the range of 82 to 125 million tonnes grading 0.83 to 0.73
g/t gold using a 0.6 to 0.5 g/t cut-off for the lower and higher tonnage
estimates respectively, which is equivalent to 2.18 to 2.95 million ounces of
contained gold. This preliminary assessment was made by Kinross Gold and was
estimated based on a total of 8,398 meters of reverse circulation drilling and
diamond drilling. In accordance with disclosure guidelines in "National
Instrument 43-101 Standards of Disclosure for Mineral Projects" the potential
quantity and grade is conceptual in nature with insufficient exploration to
define a mineral resource and it is uncertain if further exploration will result
in the target being delineated as a mineral resource. Fortune Valley must spend
US$4,000,000 on development work and make cash payments of US$850,000 over a
period of three years to earn a 100% interest in the property. An initial cash
payment of US$100,000 has been made. Fortune Valley are required to pay a 3.5%
net smelter returns royalty on future production from the property. An annual
minimum royalty of US$300,000 is payable in years four and five, increasing to
US$1 million from year six.

The Anillo property comprises 30,600 hectares exploration concessions located
directly north of Yamana`s world class El Peñon gold-silver mine in Region II,
Northern Chile. The El Peñon mine has combined measured and indicated resource
and reserves of 3 million ounces of Au and 99 million ounces of Ag, as reported
in December 2008. The mine exploits a number of principle veins which trend
approximately North-South, with the Angosta discovery only 3 kilometres south of
the Anillio property. The Anillo property is part of a farm-in agreement with
copper giant Corporación Nacional del Cobre de Chile (Codelco). Fortune Valley
is obligated to spend $US 3 million on exploration over 4 years and deliver a
bankable feasibility study in the following 2 years to earn 65% in the project.

As at June 30, 2009, Fortune Valley had cash of $C 4,000 and a working capital
deficiency of $C 583,227. Subsequent to this date $C 251,912 of current
liabilities to related parties have been settled with the issue of 4,984,400
common shares. As at June 30, 2009 Fortune Valley had property plant and
equipment of $C 574,198.

Additional information on Fortune Valley is available at
www.fortunevalleyresources.com

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.

Uruguay Mineral Exploration Inc
David Fowler, CEO: + 598 2 6016354;
david.fowler@ume.com.uy
or
Tony Shearer, Chairman: +44 20 7602 1570;
tonyshearer@btinternet.com
or
Matrix Corporate Capital LLP
Louis Castro, +44 20 3206 7209
or
Tim Graham, +44 20 3206 7206;
Tim.Graham@matrixgroup.co.uk

Copyright Business Wire 2009