This stock is coming alive after a long spell of stagnation. On the Board is John Morris (currently CEO of Chaco Resources, CHP ) and, as with CHP, UGY is also a stock well-regarded by probably the best mining and exploration broker in the City. Very little information on this one at this stage. Anyone else any information?

ss,

did you pick up any useful info from your meet?

razmum, no, I didn't, because the whole time was spent on another topic and they were pushed for time. I will be seeing them again in a few weeks and will re-try.

SS, What are your current views on SEO??

I'll add my comment razmum on SEO..........No, no.. a lot better options elsewhere like MYH,SID,WNG

sharesure- any news on UGY, have not followed this company on here. News flow looks very muted with little coming from the management at any time. Buy back of shares is one way to spend cash but I would have thought there were better uses, an acquisition of resources perhaps. I did see a brokesr report effectively saying that UGY is cheap and in play with mounting cash and nothing to spend it on. There must be many small caps with better prospects and no cash who would love to be in UGY,s cash position. I can name a few.

very active late today!!

can this make a comeback now?

Hi fellas

I bought a few today as I learn Mr Simon Cawkwell has bought in.. is this true..?

mitzy yes EVIL went long at about 2!

lol thats why he likes them.

Worth a punt? Promising drilling results just out today with conclusions as follows:

http://www.investegate.co.uk/Article.aspx?id=20090804143100Z...

"David Fowler, CEO of UME, commented, The Arenal Deeps prefeasibility study was based on data available as at April 7, 2009, and it excludes the holes drilled since then as well as taking a cautious view of some potential benefits that should be realized. Even so the technical and financial results of the prefeasibility study are very positive. They provide confidence that the mine life at San Gregorio will be extended and reinforce the potential for further underground discovery in the rest of the San Gregorio district. The infill drilling programme will continue through to January 2010, and UME believes that when all the drilling and the final feasibility study have been completed the grade of the Arenal Deeps resource will improve and the NPV of the project will show benefits considerably better than have been calculated to date. Results of the last four drill holes have been separately announced today.

http://www.investegate.co.uk/Article.aspx?id=20090804144700Z...

"Uruguay Mineral Exploration Inc ('UME' or the 'Company') a South America focused gold production and exploration company is pleased to report results from four additional drill holes completed in the Arenal Deeps deposit.

David Fowler, CEO of UME, commented, These additional drill results, together with the first six infill drill holes released on July 8, 2009, are not included in the results of the Prefeasibility Study released today. They have at a minimum confirmed the resource model and in most cases have intercepted better than expected grades and thicknesses such as drill hole ALDD108 which intercepted 26.2 meters at 13.76 g/t from 300.65 meters. The drill holes are part of an ongoing definition drill program, which is designed to upgrade the resource categories and collect geo-technical information for the feasibility study.

Paying off nicely - up from my 20p buy yesterday to 27p to buy now, but plenty more to come potentially imho.

Firstly, from a respected poster elsewhere it seems that "Likely cost for Arenal deeps $5.8m is a real bolt from the blue for me. Hinted at the AGM that it would come in cheaper than the $10-$15m mooted, but wasn't expecting $6m. Now seems certain can self finance."

Costs at only 50% or so of the anticipated level can't be bad!

Secondly, an excellent article on Minesite has just appeared:

http://www.minesite.com/nc/minews/singlenews/article/uruguay-minerals-goes-on-the-hunt-for-deals-as-it-looks-to-push-out-the-mine-life-at-san-gregorio-w.html

"August 05, 2009

Uruguay Minerals Goes On The Hunt For Deals, As It Looks To Push Out The Mine Life At San Gregorio With A Move Underground
By Alastair Ford

This is probably some of the better news that weve had in a while, says David Fowler, chief executive of Uruguay Mineral Exploration. Certainly investors in Uruguay Minerals havent had a great deal of good news to cheer about over the past few years, apart from the consistently strong gold price. But news of a positive pre-feasibility study on the Arenal Deeps project at the companys San Gregorio gold mining operation in Uruguay ought to go some way towards reversing that long-established trend.

The new study was undertaken by Golder Associates, and shows an increased mine life of seven years, and a cost per ounce of production of US$570. However, the study was based on a reserve that was calculated earlier in the year, and therefore doesnt take into account the recent drill results from Arenal Deeps which have included grades as good as 26.2 metres at 13.76 grammes per tonne gold. The results that are coming in from ongoing drilling indicate, to David Fowler at any rate, that grades might go up and that costs might come down significantly further, possibly to as low as US$500 in the new feasibility study thats currently in the preparation stage.

etc"