HISTORY

The Company was incorporated in October 1996 as 713257 Alberta Inc. pursuant to the Business Corporations Act (Alberta) and in January 1997 changed its name to Uruguay Goldfields Inc ("UGI") commencing exploration activities in the Minas de Corrales District within the Isla Cristalina Belt. Over the following five years the Company discovered a number of deposits close to the San Gregorio mine including Castrillón and Sobresaliente. In February 2002, it changed its name to Uruguay Mineral Exploration Inc., discontinued to act in Alberta and continued acting in Yukon.

In March 2000, the Common Shares of the Company were admitted for listing on the Canadian Venture Exchange. In June 2002, the Canadian Venture Exchange was acquired by the Toronto Stock Exchange and its name was changed to the TSX Venture Exchange, where the Company's common shares traded under the symbol "UME".

During the 2002 exploration program the company discovered what would later be defined as the Arenal deposit 4 km from the San Gregorio process plant and drilling continued until mid-2003.

In October 2003, the Company purchased the Uruguayan subsidiaries of Crystallex International Corporation for $US2 million in cash, payment of $US 2.7 million in outstanding debt and hedging obligations and the assumption of employee and environmental obligations. The assets acquired included a 1.2 million tonne per annum gold treatment facility and the San Gregorio Gold Project.

Immediately afterwards an intensive drilling campaign was initiated and dedicated to defining the Arenal ore body. The exploitation permit was received in September, 2004, and mining at the Arenal pit commenced in October 2004.

From February 1997 to December 31^st 2009 the San Gregorio plant has processed over 15M tones of ore and produced over 1M oz Au.

In 2010, Uruguay Mineral Exploration Inc and Fortune Valley Resources Inc. announced the completion of the plan of arrangement pursuant to which UME has acquired all of the issued and outstanding common shares of Fortune Valley in consideration for 0.4534 of one UME common share plus C$0.001 in cash for each common share of Fortune Valley. Following the passing of the resolution to change the name of the Company to Orosur Mining Inc. at the 2009 Annual General Meeting, in January 2010, common shares in the Company commenced trading under the name Orosur Mining Inc. for shares quoted on the TSX Venture Exchange and the AIM market of the London Stock Exchange. The assets acquired as part of the Fortune Valley acquisition include the Pantanillo property in the Maricunga Belt and the Anillo property 125 km east of Antofagasta in northern Chile.