Related: Abbas, Olmert agree on ceasefire

Israeli Prime Minister Ehud Olmert attends an Israeli Parliament session in Jerusalem Nov. 7, 2006. (Xinhua/Reuters/AFP Photo) Photo Gallery >>>

    JERUSALEM, Nov. 27 (Xinhua) -- Israeli Prime Minister Ehud Olmert said Monday that Israel is ready to free the Palestinian prisoners jailed in Israel in exchange for the return of Israeli soldier Gilad Shalit, local Ha'aretz said.

    "Israel is prepared to free many Palestinian prisoners,including those with heavy sentence, if the Gilad Shalit would be released in return," Olmert said while speaking at an annual memorial service for Israel's first premier David Ben-Gurion at Sde Boker in the Negev.

    He said that he has extended his hand in peace to the Palestinians, and that he hoped it would not remain unanswered.  

    As for the truce with the Palestinians, the prime minister said that Israel is willing to pull out from Palestinian territories,if the peace can be realized in this way.

    "We would like to pull out from considerable Palestinian territory and dismantle settlements in exchange for a real peace with the Palestinians," said Olmert.

    "You, the Palestinian nation in the east and west... stand at the crossroads of a historic declaration," he said, urging the Palestinians to make a choice between violence and peace.  

    Olmert's remarks on Monday was regarded as a major policy speech following a vulnerable truce was reached between Israel and the Palestinians.

    The truce went into effect on Sunday, ending a five-month Israeli military offensive in Gaza in the wake of the abduction of Shalit.

    However, only hours after the truce took effect at 06:00 a.m. (0400 GMT) on Sunday, Palestinian militants fired homemade rockets at the Israeli town of Sderot.

    Despite the Palestinian violation of the truce, Israeli Prime Minister Ehud Olmert has said that Israel would display "patience and restraint."

    But earlier in the day, Israeli troops in the West Bank shot dead two Palestinian militants, raising concerns over fate of the newborn truce. 

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