Uruguay Mineral (SEE LSE:OMI) Share Discussion Threads

[stevea171] 09/1/2010 12:38

With the FV merger now completed we can look forward to the agreed exploration and development program on FV properties Pantanillo and Anillo to commence this month as announced last week.

A 4 month drill program at Pantanillo will be carried out commencing January to produce an independently estimated, NI 43-101 compliant resource by mid-2010 with a prefeasibility study to be performed by an independent consulting group starting in the second half of 2010. At Anillo it is planned to undertake surface geological mapping and sampling work over 6 months commencing February 2010 with drilling to commence by the end of 2010.

Pantanillo.
The Combined Company is planning a 35 – 40 hole (approximately 7,600m) infill drilling program on Pantanillo Norte between January and April 2010.
The purpose of the proposed drilling program is to:
(a) Infill drill on 50m line centers and 100m collar spacing, to better define the known oxide and mix ore mineralization. Previous drilling has been done on 100m line spacing.
(b) Validate previous exploration work of Anglo American plc and Kinross from 1997 – 1998 and 2005 – 2008 respectively.
(c) Delimit the ore deposit to the northwest and southeast.
(d) Produce an independently estimated, NI 43-101 compliant resource by mid-2010.
(e) Gather important geological, structural, assay, and metallurgical data upon which to base a prefeasibility study to be performed by an independent consulting group starting in the second half of 2010.

Priority field work in the following season (October 2010 to April 2011) will be guided by results of the pre-feasibility study but should also include the drilling of potential extensions to the known deposit by adjacent smaller high grade vein ("ledge") and breccia mineralization. Initial exploration of other targets on the property, namely Quebrada Pantanillo and the Oro 52 targets, will also commence.

Anillo.
The Combined Company is planning to undertake surface geological mapping and sampling work at Anillo, in order to confirm historical precious metal (Au-Ag epithermal vein and breccia) targets defined by previous companies. This work is planned to start as early as February 2010 and will continue into the second half of 2010.

A proposed exploration drilling program of approximately 20 holes (6,000m) will be planned based on local positive historical drilling and trenching done in the 1980's and 90's, previous surface work done by Fortune Valley, and planned field work to take place in early 2010. The current plan is to drill the precious metal vein targets at Anillo by the end of the 2010 calendar year.

Exploration during the 2011 season will be largely dependent on initial results from the 2010 surface and drilling work. If the exploration drilling from the 2010 season yields positive results, an additional drill campaign will be planned to follow up on such results.

[robson1974] 08/1/2010 19:42

nuts ! (but demonstrates the potential :-p )

[mschulz2] 08/1/2010 19:23

Silly quote 55/99 c (TSX-V:OMI)

[rivaldo] 08/1/2010 11:35

Thx steve - good news about Pantanillo drilling starting this month. We should get an RNS to that effect to kick things off.

[stevea171] 08/1/2010 09:49

Uruguay Mineral Exploration completes Fortune Valley acquisition, changes name to Orosur to reflect focus on S American gold
Friday, January 08, 2010

Uruguay Mineral Exploration (AIM: UGY, TSX-V: UME) has completed the acquisition of Fortune Valley (TSX-V: FVX) in a cash and share deal, also announcing a change in name to Orosur Mining and a change in its trading symbol to OMI, which will come into effect on 8 January on the TSX Venture Exchange and 11 January on the AIM market.

Fortune Valley will be acquired for 0.4534 of one UME share and C$0.001 in cash for each share of the company. The deal was approved by the Supreme Court of British Columbia and approval from Fortune shareholders received at a special meeting on 29 December.

As a result, UME acquired 34.77 issued and outstanding shares of Fortune for 15.76 million shares in UME and a cash consideration of C$34,772. Holders of Fortune Valley options are also entitled to receive 1 million shares in UME on exercise of 2.22 million Fortune Valley options.

"The completion of the Fortune Valley acquisition is a major milestone for UME in improving the company's growth profile in a recognized mining market such as Chile. Our exploration team has been established in Chile and drilling is planned to commence on the Pantanillo project during January 2010," said Chief Executive of UME, David Fowler.

The company said that the change in name from Uruguay Minerals to Orosur Mining reflected the broader focus on South America gold development rather than mineral exploration in Uruguay.

The merger will set up a Latin American operating gold producer, with a profile of at least 190,000 ounces over the four years to May 31, 2013. The open pit operations at the San Gregorio mine in Uruguay have the potential to significantly improve this production profile and reduce cash costs with the development of the Arenal Deeps underground deposit.

In Chile a planned exploration and development program will target the definition of an NI 43-101 compliant mineral resource. The program is expected to commence within 3 months of completing the transaction. The objective is to create a second production asset for the group within 3 to 4 years.

In addition to the new company's enhanced production capacity there is further growth potential from the combined exploration portfolio in Chile and Uruguay including the Anillo project in Northern Chile which neighbours the El Peñón mine operated by Yamana Gold Inc (LSE: YAU, NYSE: AUY).

[stevea171] 08/1/2010 08:13

All's Quiet On The Western Front, And The East Looks Pretty Snowed In Too Right Now
By Alastair Ford January 07, 2010

The early signs are that the first part of 2010 will shape up fairly well for mining companies. Miners were among the strongest performers on the FTSE as the trading year opened, and there's plenty of that hackneyed old product "cautious optimism" around, although the markets weren't exactly on fire. Copper's trading strongly, and gold is as robust as ever.

[stevea171] 08/1/2010 08:07

The good news apart from final completion of the FV merger was this:

"Our exploration team has been established in Chile and drilling is planned to commence on the Pantanillo project during January 2010".

No messing about. Drilling at Pantanillo to commence pronto ... !!

[sir beeksalot] 07/1/2010 20:10

Aye - i'm certainly excited about this one.

[rivaldo] 07/1/2010 18:38

The new EPIC won't come in here until the 11th January, so I s'pose we keep this thread going till then.

Good to see the acquisition complete now. Why they couldn't have waited until tomorrow morning to anounce it I don't know - I find morning RNS's get a bigger boost than those issued the previous evening.

Upwards and onwards!

[robson1974] 07/1/2010 17:18

UME 51/55c

so FVX goes out at 23.2 cents

[robson1974] 07/1/2010 17:14

i've set up a temporary thread here

until one of the blue posters wakes up

[robson1974] 07/1/2010 17:10

Could someone start a new thread under the new ticker OMI for Orusur Mining ?

[robson1974] 07/1/2010 17:07

Uruguay Mineral Exploration Inc. and Fortune Valley Resources Inc.Announce Completion of Plan of Arrangement




Change of Name from Uruguay Mineral Exploration Inc. to Orosur Mining Inc.




MONTEVIDEO, Uruguay and Vancouver, British Columbia - Uruguay Mineral Exploration Inc. ("UME" or the "Company") (TSX-V: UME; LSE:UGY) and Fortune Valley Resources Inc. ("Fortune Valley") (TSX VENTURE: FVX) today announce the completion of the previously announced plan of arrangement (the "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.




David Fowler, Chief Executive Officer of UME stated: "The completion of the Fortune Valley acquisition is a major milestone for UME in improving the Company's growth profile in a recognized mining market such as Chile. Our exploration team has been established in Chile and drilling is planned to commence on the Pantanillo project during January 2010".




The Arrangement was carried out pursuant to the provisions of the Business Corporations Act (British Columbia) and was approved by the Supreme Court of British Columbia and the affirmative vote of Fortune Valley's shareholders at a special meeting of the shareholders held on December 29, 2009. Pursuant to the Arrangement, UME acquired 34,772,025 issued and outstanding common shares of Fortune Valley (representing 100% of Fortune Valley's outstanding common shares) in consideration for the issuance of 15,765,638 common shares in UME and cash consideration in the aggregate amount of C$ 34,772. In addition, holders of Fortune Valley options are entitled to receive 1,008,815 UME common shares on exercise of 2,225,000 Fortune Valley options.




The Fortune Valley common shares are expected to be de-listed from the TSX Venture Exchange shortly after the date hereof.




Application has been made to the London Stock Exchange for the 15,765,638 new common shares in the Company issued pursuant to the Arrangement to be admitted to trading on AIM. It is expected that admission will become effective and dealings in the 15,765,638 new common shares will commence on AIM at 8.00 a.m. GMT on January 8, 2010. As a result of this issue of new shares pursuant to the Arrangement, the Company's share capital consists of 64,432,706 common shares. The Company does not hold any shares in treasury.




Holders of Fortune Valley common shares are reminded that, in order to receive the consideration to which they are entitled pursuant to the Arrangement, they should properly complete and execute, as soon as possible, the Letter of Transmittal delivered to them in connection with seeking the approval of the shareholders of Fortune Valley for the Arrangement, and present and surrender the certificate(s) representing their common shares in accordance with the Letter of Transmittal, to Computershare Investor Services Inc., the depositary for the Arrangement, at the address indicated in the Letter of Transmittal. Fortune Valley shareholders who have any questions or require more information with regard to the Arrangement or the receipt of UME common shares should contact:




Computershare Investor Services Inc.100 University Ave.9th Floor, North TowerToronto, Ontario M5J 2Y11-800-564-6253 (toll free in Canada and the United States)514-982-7555 (international direct dial)




Change of Name to Orosur Mining Inc.




Following the passing of the resolution to change the name of the Company to Orosur Mining Inc. at the Annual General Meeting held on October 13, 2009, the Company is pleased to announce that the common shares in the Company will commence trading under the name Orosur Mining Inc. with effect from January 8, 2010 for shares quoted on the TSX Venture Exchange and with effect from January 11, 2010 for shares quoted on the AIM market of the London Stock Exchange. The new TIDM of the Company on the London Stock Exchange and symbol on the TSX Venture Exchange will be 'OMI'. The new ISIN will be CA6871961059.




The Company's website address will remain as www.uruguayminerals.com until further notice.




David Fowler, Chief Executive Officer of UME stated: "The change in name to Orosur Mining Inc, reflects the broader focus of the Company on South America gold development rather than in Mineral Exploration in Uruguay.

[robson1974] 07/1/2010 14:36

that is what it normally means

[hoveite] 07/1/2010 14:31

Trading in FVX has been halted in Canada today pending its delisting. I hope this means that completion of the deal is getting very close!

[stevea171] 06/1/2010 15:02

Thanks rivaldo. As Skidaddle says, lets see what the next few days bring when the TSX should sign off to the merger etc and UGY may make a statement when the merger is 100% official. Can't see any hold ups but you never know ...

[somfawa] 06/1/2010 14:47

Nice, topped up this morning, already paying off. Price doesn't make sense.

[rivaldo] 06/1/2010 14:41

Excellent posts stevea171, thx. Have you been in touch with management at all about their plans for publicising what they've got? Might be worth a quick call or e-mail?

[robson1974] 06/1/2010 14:40

Forecast cash position in May ?

assuming average gold sale price of $1050 ? $22m
assuming average gold sale price of $1100 ? $25m

[skidaddle] 06/1/2010 14:29

I would hope he will once things have been "signed off".

[stevea171] 06/1/2010 14:28

Skidaddle. Yes, could be more to come ... !! ;-)

Just wish our accountant CEO would show some sales or marketing nouse and provide the market and institutions with an insight into what he has been buying and forward prospects.

[stevea171] 06/1/2010 14:24

robson.

$2-3 valuation would be 125-185p, twice your conversion! But UGY is now even better value and it can be seen why what seemed like an attractive price at the time was offered to Fortune Valley to merge.

With the subsequent surge in the gold price I suspect a much higher value would be placed on the Pantanillo property today.

[skidaddle] 06/1/2010 14:24

Looks like somebody likes your posts stevea171.

Some nibbling going on.