Olivut Resources Ltd. Provides Shareholder Update

Olivut Resources Ltd. ("Olivut" or the "Company") (TSX VENTURE:OLV) provides
comment on announcement made by the head of the Geological and Mineralogical
Institute in Novosibirsk, Russia in response to shareholder inquiries.


The Company emphasizes that information provided by Russian scientists indicates
the diamond resource, discovered in the 1970s, is for industrial applications.
As reported by The Associated Press September 18, 2012, the "impact diamonds"
have industrial applications but are of no use to jewelers.


The Company believes that the market for gem diamonds remains robust with solid,
long term growth potential. Olivut is continuing to actively pursue its diamond
projects in the Northwest Territories, Canada and South America.


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. All statements, other than statements of historical
fact, included herein, are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements will prove to
be accurate and future events could differ materially from those anticipated in
such statements.


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