Olivut Resources Ltd. Funding Update

Olivut Resources Ltd. ("Olivut" or the "Company") (TSX VENTURE:OLV) is pleased
to provide a funding update.


The terms of the Securities Purchase Agreement (the "Agreement") dated March 12,
2013, between The Canadian Special Opportunity Fund, L.P. ("CSOF") and Olivut
provide the flexibility to alter tranche financing based on cash flow
requirements and current market conditions. Therefore, Olivut has elected to
reduce the funding at this time to avoid unnecessary dilution at current stock
prices. Accordingly, no securities will be issued to repay the $52,000 tranche
financing advanced on November 15, 2013 and these advanced funds will be used to
offset additional funding for the same amount requested on December 13, 2013.
The share issuance date for this tranche is anticipated to be January 13, 2013.
There were no shares issued to CSOF in the Company's financial quarter ended
October 31, 2013. 


Copies of the qualifying base shelf prospectus dated March 11, 2013, the
prospectus supplement dated March 12, 2013 and specific Pricing Supplements for
securities issued are available on SEDAR. These documents, as well as any
documents incorporated therein by reference may be obtained on request without
charge from Olivut, at its offices located at 27010 Highway 16, 14 Mountain Park
Properties, Jasper East, Alberta, or by faxing a written request to (780)
866-3713, by mail to P.O. Box 6690 Hinton, Alberta T7V 1X8 or by accessing the
disclosure documents available through the internet on the Canadian System for
Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.
Unless provided otherwise in a pricing supplement, the following is a
description of a purchaser's statutory rights:


Securities legislation in certain of the provinces of Canada provides purchasers
with the right to withdraw from an agreement to purchase securities. This right
may be exercised within two business days after receipt or deemed receipt of a
prospectus and any amendment. In several of the provinces, the securities
legislation further provides a purchaser with remedies for rescission or, in
some jurisdictions, revision of the price or damages if the prospectus and any
amendment are not delivered to the purchaser, provided that the remedies for
rescission, revisions of the price or damages are exercised by the purchaser
within the time limit prescribed by the securities legislation of the
purchaser's province. However, such rights and remedies will not be available to
purchasers of common shares distributed under the prospectus supplement because
the prospectus, the prospectus supplement and the relevant pricing supplement
will not be delivered to purchasers, as permitted under a decision document
issued by the Alberta Securities Commission on December 5, 2012. The securities
legislation further provides a purchaser with remedies for recession or, in some
jurisdictions, revisions of the price or damages, if the prospectus and any
amendment contain a misrepresentation, provided that the remedies for recession,
revisions of the price or damages are exercised by the purchaser within the time
limit prescribed by the securities legislation of the purchaser's province. Such
remedies remain unaffected by the non-delivery of the prospectus permitted under
the decision documents referred to above. The purchaser should refer to any
applicable provisions of the securities legislation of the purchaser's province
for the particulars of these rights or consult with a legal adviser.


On December 16, 2013 the Company filed the audited Financial Statements as at
and for the Years Ended October 31, 2013 and 2012 and the Management's
Discussion and Analysis for the year ended October 31, 2013. 


Olivut is a diamond exploration company with a 100% mineral interest in over
130,000 acres in the HOAM Project in Canada's Northwest Territories Please visit
www.olivut.com for detailed corporate and project information.


This press release contains forward-looking statements with respect to the
Company, and matters concerning the raising of additional capital, the business,
operations, strategy, and financial performance of the Company. Actual results
may differ materially from those indicated by such statements. These statements
generally, but not always, can be identified by use of forward-looking words
such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe"
or "continue" or the negative thereof or similar variations. 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.
Such forward-looking statements are qualified in their entirety by the inherent
risks and uncertainties surrounding future expectations, including that the
estimates and projections regarding the Company's properties are realized.
Forward-looking statements are based on a number of assumptions which may prove
to be incorrect. Unless otherwise stated, all forward looking statements speak
only as of the date of this press release and the Company does not undertake any
obligation to update such statements except as required by law.


Leni Keough, P.Geo.

President and Chief Executive Officer 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. 


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