DIVIDENDS AND SHARE REPURCHASE

Dividends paid by Uruguay Mineral Exploration Inc. are "eligible dividends" under Canadian tax law.

Period	Payment Date	Record Date	Rate (CAD)
Q2 Dividend 2008	11 April, 2008	25 March, 2008	0.02
Q4 Dividend 2007	26 October, 2007	12 October, 2007	0.035
Q2 Dividend 2007	12 April, 2007	22 March, 2007	0.02
Q4 Dividend 2006	27 October, 2006	13 October, 2006	0.035

SHARE REPURCHASE

In January 2008 UME commenced a Normal Course Issuer Bid ("NCIB") for its common shares ("Common Shares") through TSX-V and AIM markets.

The number of Common Shares sought will be dependent upon both their availability and price but will not exceed 2,446,313 Common Shares, which is equal to 5% of the total issued and outstanding Common Shares of the Company as of the commencement date. The shares purchased under the NCIB are cancelled immediately.

The brokers conducting the NCIB on behalf of the Company are CIBC World Markets plc in Canada and WH Ireland Stockbrokers Limited in the UK.

Shares repurchased as of June 12, 2008:

Period	Number of Shares	Purchase Price
January 22, 2008	13,000	3.46
January 23, 2008	37,000	3.46
February 14, 2008	30,400	3.21
May 6, 2008	8,000	2.61
May 9, 2008	9,800	2.64
May 9, 2008	1,000	2.80
May 13, 2008	31,200	2.80
May 28, 2008	24,900	2.86
May 29, 2008	25,100	2.86
June 3, 2008	39,400	2.81
June 5, 2008	1,000	2.81
June 5, 2008	1,000	2.75
June 11, 2008	52,400	2.84
TOTAL	274,200	Avrg. 2.97