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UME Quarterly Result Records Significant Milestone (part 1 of 2).

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M2 PRESSWIRE-30 April 2004-Uruguay Mineral Exploration Inc.: UME Quarterly Result Records Significant Milestone (part 1 of 2)(C)1994-2004 M2 COMMUNICATIONS LTD

RDATE:04292004

Calgary, Alberta CANADA /FSC/ - Uruguay Mineral Exploration Inc. (UME - TSX Venture), UME has released Quarterly statements for the third quarter, the first full quarter that the Company has been a gold producer - a significant milestone.

The exploration program continues to make good progress and additions to the management team have provided necessary strength now that the Company is a gold producer.

The financial statements and Production and Exploration Report for the third quarter of the year ending 31st May 2004 are attached and cover the 3 months ended 29th February 2004. Highlights are:

* Production for the quarter was 12,951 ounces of gold, realized from 173,623 tonnes of ore having a head grade of 1.80 g/tAu. Recovery averaged 94.2% and the average cash operating cost was US$305 per ounce of gold recovered.

* Sufficient ore has now been found at San Gregorio for management to be confident that the mill will have sufficient feed to maintain production until the Arenal deposit is introduced, which is expected to occur in the last calendar quarter this year.

* An Exploration Permit was granted over Arenal during April 2004. This grants the Company the right to proceed to a full production permit, which is in progress.

* Exploration on the Company?s nickel and copper projects continued to make very good progress. Systematic work has now developed a number of copper/gold drill targets in the Isla Patrulla area (specifically La Calera, Town and El Bragado, in addition to Texas), as well as nickel drill targets at Mal Abrigo and Yatay.

* Discussions have commenced with suppliers in respect of a detailed airborne gravity/magnetics survey of the Lascano target.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Note:

This release may contain certain forward-looking statements within the meaning of Section 21E of the United States Securities Exchange Act 1934, as amended.

Although Uruguay Mineral Exploration Inc. has taken all care in preparing this release, all statements included herein, other than statements of historical fact, including without limitation exploration results, resource estimates, projected programs and statements of objectives involve certain risks and uncertainties. Important factors that could cause actual results to differ materially from those in the forward looking statements contained herein, include among others, weather, access to property, drill availability, assay laboratory performance and availability of technical personnel.

Report from the Chairman

The financial statements and Production and Exploration Report for the third quarter of the year ending 31st May 2004 are attached and cover the 3 months ended 29th February 2004. As is noted in the Production and Exploration Report, this is the first full quarter that the Company has...

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