December 15, 2011 - OLIVUT MAKES OFFERING OF FLOW-THROUGH SHARES AND COMMON SHARES BY WAY OF PRIVATE PLACEMENT

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

Toronto, December 15, 2011

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’s Northwest 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. 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.