Olivut Resources Ltd. Provides Exploration Update

Olivut Resources Ltd. ("Olivut" or the "Company") (TSX VENTURE:OLV) provides an
update for its exploration programs. 


The 2012 HOAM exploration program, reduced in scope and expenditure as a result
of world financial markets, resulted in the discovery of one new kimberlite from
11 holes drilled to test nine geophysical targets. Saskatchewan Research Council
reported no diamonds from 245 kilograms of kimberlite core submitted for caustic
fusion analysis. Information from the 2012 program has proved to be valuable in
prioritizing new targets for evaluation and possible drill testing. The Company
is currently conducting detailed geophysical analysis of its extensive regional
magnetic database. Based on positive results, additional airborne surveys are
warranted. Plans will be undertaken to conduct field work as financing and
weather permit. 


The HOAM Project covers a very large, underexplored region of the Northwest
Territories. Stream sediment and till sampling have identified areas with
extremely positive diamond inclusion field kimberlite indicator minerals
("KIMS"). To date, Olivut has discovered 29 kimberlites within this area.
Although some of the kimberlites are microdiamond bearing, none contain diamond
inclusion field minerals and the sources for these diamond associated KIMS
remain to be discovered. Based on the indicator mineral chemistry, geophysics
and drill results, management believes that there is a high probability for
discovery of economic kimberlite pipes. 


Planning is underway for the next phase of work on the ITAPOTY Diamond Project
in Paraguay. It is anticipated that a stream sediment/colluvium sampling program
will be undertaken to provide focus for further detailed geophysical surveys to
identify possible sources of diamonds and kimberlite indicator minerals
recovered from river gravels. To date, 37 macro diamonds between one and two
millimetres in size have been found. Diamond distribution and surface features
suggest multiple local sources. Regional geology is permissive for the
emplacement of kimberlite diatremes and dykes.


Olivut has the option to earn 50% of the ITAPOTY Diamond Project in accordance
with an agreement with Latin American Minerals Inc. ("LAT") (TSX VENTURE:LAT)
and certain of its Paraguayan subsidiaries. Olivut is the operator of the
project. 


Olivut is a diamond exploration company with a 100% mineral interest in over
142,000 acres in the HOAM Project in Canada's Northwest Territories and the
right to acquire a 50% interest in the Paraguay project under its option with
Latin American Minerals. 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., and Martin Jackson, MAusIMM, Qualified Persons as defined
by National Instrument 43-101, have reviewed the contents of this press release
for the HOAM Project and the ITAPOTY Project respectively. 


Leni Keough, P.Geo.

President and Chief Executive Officer 

FOR FURTHER INFORMATION PLEASE CONTACT: 
Olivut Resources Ltd.
Leni Keough
President and Chief Executive Officer
[phone]
www.olivut.com