REG-Uruguay Mineral Exploration Inc Uruguay Mineral Exploration Inc.: Reschedule of Definitive Agreement with Fortune Valley

* Reuters is not responsible for the content in this press release.

Mon Nov 2, 2009 2:00am EST 

http://www.businesswire.com/news/home/20091101005086/en

MONTEVIDEO, Uruguay--(Business Wire)--


Uruguay Mineral Exploration Inc. ("UME" or the "Company") (TSX VENTURE:UME)
(LSE:UGY), a South American gold production and exploration company, announced
today that the signature with Fortune Valley Resources Inc. ("Fortune Valley")
of the definitive agreement to combine their respective businesses has been
rescheduled for November 6, 2009, extending the deadline from October 30. 

Due diligence is still being undertaken by both parties and the parties expect
to sign the agreement on or before November 6, 2009. 

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.

 CONTACT:    Uruguay Mineral Exploration Inc.    
             David Fowler, CEO: 598 2 6016354    
             urumin@ume.com.uy                   
             or                                  
             Matrix Corporate Capital LLP        
             Louis Castro, +44 (0) 203 206 7209  
             or                                  
             Tim Graham, +44 (0) 203 206 7206    


Uruguay Mineral Exploration Inc 

Copyright Business Wire 2009
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