April 24, 2007 Upsized Private Placement

April 24, 2007
FOR: Olivut Resources Ltd.
TSX-V: OLV

Olivut Resources Ltd. Private Placement Upsized

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

Toronto, April 24, 2007 – Leni Keough, President and CEO of Olivut Resources Ltd. (“Olivut” or the “Company”) announces that Olivut’s best efforts private placement announced in a press release earlier today has been upsized from the original 3,715,000 units to 4,600,000 units (“Units”) as a result of strong investor demand.  The offering price remains C$1.75 per unit, for increased aggregate gross proceeds of C$8.05 million.  Each Unit will continue to consist of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share of the Company at an exercise price of C$2.00 per common share for a period of 24 months from the closing of the offering. Closing is expected to be on or about May 10, 2007.

Genuity Capital Markets, acting as lead agent and sole bookrunner, and a syndicate of agents including Canaccord Capital Corporation  (the “Agents”) will receive cash commission of 7.0 % of the gross proceeds raised in this upsized private placement and compensation warrants (the “Compensation Warrants”) entitling the Agents to purchase such number of common shares equal to 7.0% of the aggregate number of Units sold pursuant to the increased private placement. Each Compensation Warrant will entitle the Agents to purchase one common share of the Company at a price of $2.00 per common share for a period of 12 months following the closing.

The proceeds from the placement will be used to continue the exploration program on the HOAM project and for general corporate purposes.

Completion of the private placement is subject to certain conditions including, but not limited to all necessary approvals.  The private placement is being made in the provinces of British Columbia, Alberta and Ontario.  The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

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.

Leni Keough
President and Chief Executive Officer

For further information, please contact:

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

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