The sides face each other this evening, with a spot in the quarter-finals up for grabs.
"We will enjoy it to the full and compete to the very end, just as we have done up until today, even though we know we're up against a very tough rival," Stuani told FIFA.com.
"Our hopes and expectations are still alive, and we'll do all we can to win this match.
"We will need to be fully focused. We know Colombia are playing really well, but we are confident in our own abilities. It will be a fiercely-disputed game right until the final whistle."
Stuani has scored four goals in 13 games for Uruguay, though he has failed to find the net in three appearances at the World Cup.