February 23, 2011 - Olivut Resources Ltd. Corporate Update

OLIVUT RESOURCES LTD. CORPORATE UPDATE

Toronto, February 23, 2011 - Olivut Resources Ltd. ("Olivut" or the "Company") (TSXV:OLV) reports that there is no material information or change in operations to account for current stock market activity.

Olivut is a diamond exploration company with a 100% mineral interest in the HOAM Project in Canada's Northwest Territories.  The Company also has an Option Agreement with Orosur Mining Inc. (TSXV:OMI) 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 Kough
President and Chief Executive Officer

For further information, please contact:

Leni Keough
President and Chief Executive Officer
Olivut Resources Ltd.
Telephone: (780) 866-2221

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