Business
OLIVUT RESOURCES LTD. ANNOUNCES INTENTION TO EXPLORE DIAMOND PROPERTIES IN PARAGUAY, SOUTH AMERICA
Feb. 16, 2011 (Canada NewsWire Group) -- TORONTO, Feb. 16 /CNW/ - Olivut Resources Ltd. (&quo...
About this update from Olivut Resources Ltd.
[{"type":"text","content":"\n\n\n\n Feb. 16, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTORONTO, Feb. 16 /CNW/ - Olivut Resources Ltd. ("Olivut" or the\n "Company") (TSXV: OLV) is pleased to announce that it has signed a\n non-binding Letter of Intent ("LOI") dated February 15, 2011 with Latin\n American Minerals Inc. ("LAT") (TSXV: LAT) to explore the Itapoty\n Diamond Project located in central Paraguay, South America.\n\n\nThe Company is very pleased to be working on this new opportunity as it\n complements Olivut's existing portfolio of diamond exploration\n properties in Canada and Uruguay, South America. The Company will be\n able to utilize its team located in Montevideo, Uruguay to evaluate the\n potential of the Itapoty Diamond Property.\n\n\nHighlights of the Itapoty Diamond Project include:\n\n\n\nStream and rock sample results have yielded numerous Kimberlite\n Indicator Minerals (KIMs)\n\n\n37 diamonds have been recovered from the property by LAT\n\n\nDiamond distribution suggests local and multiple sources\n\n\nDiamonds found in coarse fraction (1-2 mm)\n\n\nSurface features of diamonds indicate proximal sources\n\n\nRegional and local geology supports emplacement of diatremes and dykes\n\n\n\nPursuant to the LOI, the Company and LAT have agreed to negotiate a\n binding agreement (the "Definitive Agreement") with respect to the\n Itapoty Diamond Project, anticipated to be finalized no later than\n March 31, 2011, and if executed, i...