April 11, 2013 - OLIVUT RESOURCES LTD. FUNDING UPDATE

OLIVUT RESOURCES LTD. FUNDING UPDATE

Toronto, April 11, 2013 – Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV) announces that pursuant to the terms of the Securities Purchase Agreement (the “Agreement”) dated March 12, 2013 to raise up to $18 million over approximately the next 36 months in a tranched placement of securities to the Canadian Special Opportunity Fund, L.P. (“CSOF”), CSOF has elected not to receive common shares as repayment for the initial $200,000 tranche funding received on March 13, 2013. In accordance with the terms of the Agreement, at the Company’s election the initial $200,000 tranche financing that would otherwise be repayable to CSOF will instead be set off against the prepayment due in connection with a subsequent cash advance under the Agreement. Therefore, the $200,000 of common shares to repay this initial cash advance that were initially expected to be issued on April 9, 2013 are now expected to be issued on May 10, 2013.

The terms of the Agreement permit the Company to take into account current market conditions to avoid excessive dilution.

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.

Copies of the qualifying base shelf prospectus dated March 11, 2013 and the prospectus supplement dated March 12, 2013 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.

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

For further information, please contact:
Leni Keough

President and Chief Executive Officer
(780) 866-2226

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.