May 26, 2009 Olivut Resources Ltd. announces signing of Option Agreement with Uruguay Minerals Inc.

Olivut Resources Ltd. announces signing of option agreement with Uruguay Mineral Exploration Inc.

Toronto, Ontario May 26, 2009 – Olivut Resources Ltd. (“Olivut” or the “Company”-- TSX-V: OLV) is pleased to announce that it has signed an Option Agreement with Uruguay Mineral Exploration Inc. (“Uruguay Minerals” or “UME” – TSX-V: UME and 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.

For further information, please contact:

Olivut Resources Ltd.
Leni Keough, P.Geol.

President and Chief Executive Officer
(780) 866-2226

Uruguay Mineral Exploration Inc.
Tony Shearer, Chairman
+44 (0)20 7602 1570
or
David Fowler, CEO         
+ 598 2 6016354
or
Investor Relations in North America
Susan Borinelli, Breakstone Group
+1 646-330-5907

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.