Olivut Resources Ltd. Receives Partial Preliminary Results From Hoam Project

Olivut Resources Ltd. ("Olivut" or the "Company") (TSX VENTURE:OLV) announced
today that preliminary chemical and caustic fusion results have been received
for the first batch of samples submitted for analysis.


The samples consisted of material from two separate bodies that were each tested
with a single drill hole. Abundant pyrope garnet and picroilmenite grains were
recovered from several core intervals and the chemistry indicates kimberlite as
do analyzed grains of olivine, chrome diopside and phlogopite. HDM Laboratories
in Loveland, Colorado ("HDM") has conducted a preliminary petrographic
assessment confirming a diatreme facies kimberlite interpretation. Management is
highly encouraged by this confirmation of kimberlite in the initial two holes
tested from its first year drill program. Approximately 210 kg of material from
75 metres of core from one hole in a pipe-like body, as well as a 24 kg sample
of host-rock fragment dominated breccia from another target, were analyzed by
Saskatchewan Research Council ("SRC") for microdiamonds. No diamonds were
recovered; however, one of these targets exceeds 3 ha ( greater than 7.4 acres)
and further drilling will be done to ascertain if more favourable phases may be
present in this relatively large body. Additional drilling will also be required
to better define and test the second target that lies on a dyke system.


Ultramafic core material from five additional probable kimberlitic targets
currently is being evaluated chemically and petrographically by HDM and
approximately 250 kg of representative samples have been submitted to SRC for
microdiamond evaluation. Results of analyses will be released on a timely basis
as they become available.


A Phase II drill program is being planned to continue this preliminary field
investigation of targets during the Company's next fiscal year. Continued
evaluation and interpretation of the regional airborne, helimag and drilling
results is ongoing to help establish a comprehensive understanding of the region
encompassed by this large project area, for which only limited geological data
are available.


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.


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.


Paul Pitman (P.Geo.), a Qualified Person as defined by National Instrument
43-101, has reviewed the contents of this press release.


Leni Keough President and Chief Executive Officer