Olivut Resources Ltd. Share Option Grant

Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV), announces that it has granted stock options to certain Directors, Officers and Consultants of the Company pursuant to the Company’s stock option plan to purchase up to 1,275,000 common shares in the capital of the Company at an exercise price of $0.05 per common share.   The stock options will expire on October 28, 2029.

The grant of options is subject to regulatory approval, including approval of the TSX Venture Exchange.

Olivut is a diamond exploration company with a 100% mineral interest in the HOAM Project (the “HOAM Project”) and an option to earn 50% interest in the Seahorse Project, both projects being located 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:
Leni Keough 
President and Chief Executive Officer
Olivut Resources Ltd.
[phone]