09:50 AM EST - Uruguay Mineral Exploration Inc. : announced the initial NI 43-101 compliant Arenal Deeps resource estimated by Golder Associates S.A. A 3.16-million-tonne Measured and Indicated Resource below the designed limit of the open pit has been estimated at 2.21 g/t using a gold cut-off of 1.5 g/t. The open pit is expected to be completed to design by April 15, 2009. The company expects to release Golder's underground mining pre-feasibility study in June 2009, with an expected bankable feasibility study commencing thereafter. The objective is to generate a contribution to production within two years and to extend the mine life to beyond five years. In April 2009, UME plans to commence a 4,500-metre drill campaign to further define and increase this resource. A 15,000-metre infill drill program is planned pursuant to a positive prefeasibility study. Total cost of completing this work is estimated at $3 million U.S. and is expected to be funded from operating cash flow. Uruguay Mineral Exploration Inc.
shares V.UME are trading even at $0.33.
