Olivut Resources Ltd. 2012 Drilling Intersects Kimberlite

Olivut Resources Ltd. ("Olivut" or the "Company") (TSX VENTURE:OLV) provides an
update on the successful 2012 drilling program for the HOAM Project, Northwest
Territories.


The field portion of the 2012 drilling program was completed in September and
resulted in a new kimberlite discovery. Eleven holes were drilled on eight
previously untested targets. Drilling was focused on magnetic anomalies
identified by ongoing analyses of detailed airborne magnetic surveys of
prospective new target areas. The discovery hole intersected kimberlite at 32
metres and was stopped in kimberlite at 120 metres. Caustic fusion analysis to
determine diamond content will be conducted on 245 kilograms of kimberlite core
by Saskatchewan Research Council. The Company will report the results when they
become available. 


The Company's success in the HOAM project area has resulted in the discovery of
29 kimberlites to date. Although some of the kimberlites are microdiamond
bearing, they do not contain the extremely positive diamond inclusion field
indicator mineral populations (including G10 garnets) that occur in regional
stream sediment and till samples. The sources for these indicator minerals
remain to be found. Based on the indicator mineral chemistry, geophysics and
drill results, management believes that there is a high probability that
economic kimberlite pipes will be discovered in the project area. Additional
studies are on-going. 


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 an
agreement with Latin American Minerals Inc. and certain of its Paraguayan
subsidiaries to explore the Itapoty Diamond Project located in central Paraguay,
South America. 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, a Qualified Person as defined by National Instrument 43-101, has
reviewed the contents of this press release. 


Leni Keough, P.Geo., President and Chief Executive Officer