Business
Olivut Resources Ltd. announces signing of option agreement with Uruguay Mineral Exploration Inc.
TORONTO, May 26 /CNW/ - Olivut Resources Ltd. ("Olivut" or the "Company" - TSX-V: OLV) is pleased...
About this update from Olivut Resources Ltd.
[{"type":"text","content":"\n\n\n\nTORONTO, May 26 /CNW/ - Olivut Resources Ltd. ("Olivut" or the "Company"\n- TSX-V: OLV) is pleased to announce that it has signed an Option Agreement\nwith Uruguay Mineral Exploration Inc. ("Uruguay Minerals" or "UME" - TSX-V:\nUME and LSE: UGY) whereby Olivut may earn up to 80% interest in diamond\nprospecting and exploration licenses (the "Properties") located in northern\nUruguay, South America. These Properties are held by Cinco Rios S.A., a wholly\nowned subsidiary of UME. Olivut must incur a minimum expenditure of\n$CDN250,000 by June 1, 2010 and a total of $CDN750,000 by December 31, 2011 in\norder to acquire a 51% interest in the Properties. Olivut will act as operator\nfor the exploration program.\n\n\nUruguay is an agriculture based society and relatively little exploration\nhas been conducted in the region. A combination of excellent geochemistry and\ngeophysical targets will provide the focus of initial exploration efforts that\nare planned to include sampling, geophysics and drilling. Management looks\nforward to developing the diamond potential of this area and is anticipating a\nproductive initial season. The stable craton of Uruguay is consistent with\nthat of southern Africa. UME is focused on gold exploration and welcomes the\nopportunity to have a partner with extensive diamond expertise work on these\ntargets. Furthermore, the partnership will benefit from having an Olivut\ndirector who is a resident of the country.\n\n\nOlivut is a diamond exploration company with a 100% mineral interest in\nover 2,000,000 acres in the HOAM Project in Canada's Northwest Territories.\nPlease visit www.olivut.com for detailed corporate and project information.\n\n\nUruguay Minerals, incorporated in Canada, is a gold producer and\nexploration company focused on identifying and developing mineral\nopportunities in Latin America. The Company operates the only producing gold\nmine in Uruguay (San Gregorio Mine). UME also is the leading mineral\nexploration company in the country and has assembled an exploration portfolio\nbased on gold, base metals and diamond prospects. Please visit\nwww.uruguayminerals.com for detailed corporate and project information.\n\n\nThis communication to shareholders and the public contains certain\nforward-looking statements. Actual results may ...