13th Oct 2009 07:00
Uruguay Mineral Exploration Inc ("UME" or the "Company") is pleased to announce results from the ongoing Arenal Deeps resource definition drilling program. Drill results continue to confirm and extend the independent resource estimated in April 2009.
David Fowler, Chief Executive Officer commented: "The Arenal Deeps definition drilling program continues to upgrade the main mineralized lode with better than modeled grades and thicknesses. Significant results from the additional seven holes reported include hole ALDD120 with 19.45 meters at 7.59 g/t Au and 10.25 meters at 5.8 g/t Au. We look forward to drilling the final 11,500 meters by January 2010, followed by an updated 43-101 resource estimate expected to be published in March 2010 which will enable the completion of a feasibility study in June 2010."
Significant intersections included:
| Hole ID | Au intercept (>1g/t) | From | ||
| ALDD116 | 7.55m @ 3.29g/t | 272.2 | ||
| ALDD118 | 6.8m @ 6.49g/t | 216.5 | ||
| ALDD118 | 1.5m @ 9.40g/t | 226.3 | ||
| ALDD118 | 7.95m @ 1.93g/t | 240.0 | ||
| ALDD120 | 19.45m @ 7.59g/t | 345.3 | ||
| ALDD120 | 10.25m @ 5.80g/t | 370.4 | ||
| ALDD120 | 7.2m @ 2.61g/t | 417.0 | ||
| ALDD120 | 5.1m @ 2.35g/t | 442.4 | ||
| ALDD121 | 9.1m @ 1.21g/t | 285.2 | ||
| ALDD121 | 3.2m @ 1.96g/t | 302.9 | ||
| ALDD122 | 2.5m @ 8.47g/t | 295.9 | ||
| Including | 0.85m @ 22.91g/t | 295.9 | ||
| ALRC377 | 2m @ 5.31g/t | 84 | ||
| ALRC380 | 2m @ 8.14g/t | 129 |
Intercepts are drill widths (approximate true thickness) and may include up to 2m of internal dilution by lower grade (
Holes ALDD116, ALDD118 & ALDD120 were drilled within the central portion of the main mineralized lode(s) and intersected better than previously modeled thickness and grades.
Holes ALDD119 & ALDD121 tested the narrower edges of the deposit and intersected thickness and grades anticipated by previous modeling.
Hole ALDD122 tested the down dip portion of the model and encountered a thin but high-grade portion of the mineralized structure.
Reverse Circulation drilling has been employed along the up dip portion of the mineralized body just below the final pit. This drill technique will be used to help define the up dip portion of the mineralized structures. Two diamond core rigs continue to drill the deeper portion of the Arenal Deeps deposit.
Geo-mechanical and metallurgical data and samples are being collected during the current program.
Approximately 13,500 drill meters have been completed to date and an additional 11,500 meters are currently scheduled to be completed by January 2010.
Qualified Person's Statement
The information presented in this press release was prepared by Devin den Boer, PGeo, exploration manager and has been reviewed and verified for compliance with NI 43-101 by Mr George Schroer, Vice President Exploration and a Certified Professional Geologist. (CPG-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. Mr. den Boer has a Bachelor of Science (Geological Sciences) Degree from the University of British Columbia and is a registered member of APEGBC. He has over 13 years of international experience in minerals exploration.
Forward Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including any information as to the future financial or operating performance of the Company, constitute "forward-looking statements" within the meaning of certain securities laws, including the "safe harbour" provisions of the Securities Act (Ontario) and the United States Private Securities Litigation Reform Act of 1995 and are based on expectations estimates and projections as of the date of this news release. There can be no assurance that such statements will prove to be accurate, such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements include, without limitation success of exploration activities; permitting time lines; the failure of plant; equipment or processes to operate as anticipated; accidents; labour disputes; requirements for additional capital title disputes or claims and limitations on insurance coverage. The Company disclaims any intention or obligation to update or revise any forward looking statements whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law.
ENDS
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.
| For further information, please contact: |
| Uruguay Mineral Exploration Inc |
| David Fowler, CEO: 598 2 6016354; [email protected] |
| Matrix Corporate Capital LLP |
| Louis Castro, +44 (0) 203 206 7209 |
| Tim Graham, +44 (0) 203 206 7206 |
| Investor Relations in North America |
| Susan Borinelli, Breakstone Group: +1 646-330-5907; [email protected] |
Copyright Business Wire 2009
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