March 17, 2009 Olivut Resources Ltd. Extends Warrant Expiry Date

Toronto, March 17, 2009 – Olivut Resources Ltd. (“Olivut” or the “Company”-- TSX-V: OLV) announces that, subject to regulatory approval, the Company will extend the expiry date of 2,300,000 common share purchase warrants (the “Warrants”) scheduled to expire on May 14, 2009 for a period of two years.

The Warrants were issued pursuant to a private placement completed by the Company on May 14, 2007 for gross proceeds of $8,050,000. All Warrants issued pursuant to the private placement remain unexercised. Company insiders hold 363,142 of the Warrants. Each Warrant provides the holder thereof with the right to purchase one common share of the Company at an exercise price of $2.00 and will expire, subject to regulatory approval, on May 14, 2011.

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.  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, P.Geol.
President and Chief Executive Officer

For further information, please contact:
Leni Keough

President and Chief Executive Officer,
Olivut Resources Ltd.
(780) 866-2226

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