May 18, 2007 Olivut Resources Ltd. Announces 2007 Exploration Program and Website Launch

May 18,2007
FOR: Olivut Resources Ltd.
TSX-V: OLV

Olivut Resources Ltd. Announces 2007 Exploration Program and Website Launch

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Toronto, May 18, 2007 – Leni Keough, President and CEO of Olivut Resources Ltd. (“Olivut” or the “Company”) is pleased to announce the 2007 exploration program and website launch for the Company. 

The approved $4 million exploration program is currently underway and approximately 30,000 line kilometers of regional airborne geophysical surveying has been completed with encouraging results.  Evaluation of anomalies will be conducted by low level helicopter magnetic surveys that are to commence later this month. Anomalies recognized from last year’s airborne surveys have been prioritized for drilling and the Company plans to drill approximately 25 of the best targets this field season, weather and logistics permitting.   A small diameter (BTW), light weight, heliportable drill will be utilized and preliminary holes are scheduled to be drilled up to 150 metre depths.  The drill targets range in size from approximately one to greater than ten hectares.  Larger targets will require multiple holes to test these anomalies.  The actual number of holes drilled will be determined by the length of the field season. 

The project area is geographically extensive (~200 x 450 km) and this program is designed to evaluate anomalies that may reflect different potential kimberlite clusters.  Variations in chemistry of indicator minerals recovered in different parts of the project area support the probability of multiple clusters.

Drill core samples will be evaluated petrographically to determine the type of rock intersected in each hole as material becomes available.  Portions of any core intercepts determined to be kimberlitic will be submitted for microdiamond analysis by caustic fusion processing.  Results of analyses will be released on a timely basis throughout the course of the drilling program as they become available.

The program is planned to be completed before the end of the year, weather and logistics permitting. 

A website is now available for Olivut Resources Ltd. and for detailed corporate and project information visit www.olivut.com.

Olivut is a diamond exploration company with a 100% mineral interest in over 2,000,000 acres in the prospective HOAM Project in Canada’s Northwest Territories.  Olivut has spent over $7 million assessing the diamond potential of the property, including extensive geophysics and geochemistry. 

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.

Paul Pitman, P.Geo. is a Qualified Person as defined by National Instrument  43-101 and has reviewed the contents of this press release.

Leni Keough
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.