Olivut Resources Ltd.

Olivut Resources Ltd.

May 26, 2009 09:30 ET

Olivut Resources Ltd. Announces Signing of Option Agreement with Uruguay Mineral Exploration Inc.

TORONTO, ONTARIO--(Marketwire - May 26, 2009) - Olivut Resources Ltd. ("Olivut" or the
"Company") (TSX VENTURE:OLV) is pleased to announce that it has signed an Option Agreement with Uruguay Mineral Exploration Inc. ("Uruguay Minerals" or "UME")(TSX VENTURE:UME)(LSE:UGY) whereby Olivut may earn up to 80% interest in diamond
prospecting and exploration licenses (the "Properties") located in northern
Uruguay, South America. These Properties are held by Cinco Rios S.A., a wholly
owned subsidiary of UME. Olivut must incur a minimum expenditure of
$CDN250,000 by June 1, 2010 and a total of $CDN750,000 by December 31, 2011 in
order to acquire a 51% interest in the Properties. Olivut will act as operator
for the exploration program.

Uruguay is an agriculture based society and relatively little exploration
has been conducted in the region. A combination of excellent geochemistry and
geophysical targets will provide the focus of initial exploration efforts that
are planned to include sampling, geophysics and drilling. Management looks
forward to developing the diamond potential of this area and is anticipating a
productive initial season. The stable craton of Uruguay is consistent with
that of southern Africa. UME is focused on gold exploration and welcomes the
opportunity to have a partner with extensive diamond expertise work on these
targets. Furthermore, the partnership will benefit from having an Olivut
director who is a resident of the country.

Olivut is a diamond exploration company with a 100% mineral interest in
over 2,000,000 acres in the HOAM Project in Canada's Northwest Territories.
Please visit www.olivut.com for detailed corporate and project information.

Uruguay Minerals, incorporated in Canada, is a gold producer and
exploration company focused on identifying and developing mineral
opportunities in Latin America. The Company operates the only producing gold
mine in Uruguay (San Gregorio Mine). UME also is the leading mineral
exploration company in the country and has assembled an exploration portfolio
based on gold, base metals and diamond prospects. Please visit
www.uruguayminerals.com for detailed corporate and project information.

This communication to shareholders and the public contains certain
forward-looking statements. Actual results may differ materially from those
indicated by such statements. All statements, other than statements of
historical fact, included herein, including, without limitations statements
regarding future production, are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.

Contact Information

  • Olivut Resources Ltd.
    Leni Keough, P.Geol.,
    President and Chief Executive Officer
    (780) 866-2226
    Uruguay Mineral Exploration Inc.
    Tony Shearer
    +44 (0)20 7602 1570
    Uruguay Mineral Exploration Inc.
    David Fowler
    + 598 2 6016354
    Investor Relations in North America:
    Breakstone Group
    Susan Borinelli
    (646) 330-5907