April 20, 2010 - Olivut Resources Ltd. Grants Incentive Stock Options

OLIVUT RESOURCES LTD. GRANTS INCENTIVE STOCK OPTIONS

Toronto, Ontario April 20, 2010 – Olivut Resources Ltd. (“Olivut” or the “Company“ - TSX-V:OLV) announces that it has granted stock options to a Consultant of the Company pursuant to the Company’s stock option plan to purchase up to 35,000 common shares in the capital of the Company at an exercise price of $0.30 per common share.   The stock options shall expire on April 19, 2015.

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 over 2,000,000 acres in the HOAM Project in Canada’s Northwest Territories. The Company also has an Option Agreement with Orosur Mining Inc. whereby Olivut may earn up to 80% interest in diamond prospecting and exploration licenses located in northern Uruguay, 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. Actual results may differ materially from those indicated by such statements. 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.


Leni Keough,
President and Chief Executive Officer


For further information, please contact:
Leni Keough
President and Chief Executive Officer
Olivut Resources Ltd.
Telephone: (780) 866-2221

TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.