DIAMOND EXPLORER OLIVUT MAKES OFFERING OF FLOW-THROUGH SHARES AND COMMON SHARES BY WAY OF PRIVATE PLACEMENT

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Olivut Resources Ltd. (the “Company” or “Olivut”) (TSXV: OLV), in a non brokered private placement and subject to regulatory approval, proposes to issue (i) up to 1,600,000 common shares in the capital of Olivut to be issued on a flow-through basis (each, a “FT Share”) at a price of $1.25 per FT Share; and (ii) up to 909,090 common shares in the capital of Olivut (each, a “Common Share”) at a price of $1.10 per Common Share.

Proceeds of the placement of FT Shares will be applied to costs related to the Company’s HOAM project in Northwest Territories, Canada and proceeds of the Common Shares for costs related to its South American projects and general corporate purposes.

Olivut is a diamond exploration company with a 100% mineral interest in the HOAM Project in Canada’sNorthwest Territories and option agreements with Orosur Mining Inc. whereby Olivut may earn up to 80% interest in diamond prospecting and exploration licenses located in northern Uruguay, South America and with Latin American Minerals Inc. and certain of its Paraguayan subsidiaries to explore the Itapoty Diamond Project located in central Paraguay, South America.