February 26, 2009 Olivut Resources Ltd. Provides Update and Plans 2009 Exploration Program

Toronto, February 26, 2009 – Olivut Resources Ltd. (“Olivut” or the “Company”– TSX-V: OLV) announced today that results have been received for samples submitted for analysis and planning is underway for the 2009 season.

Highlights of the 2008 Program include the following:
·         8 new kimberlite bodies discovered
·         351.4 kgs of kimberlite core submitted for fusion
·         15  separate bodies drilled
·         minor microdiamond recovery
·         additional high priority targets defined for future drilling
·         program completed on time and under budget
·         well financed to conduct ongoing exploration

The 2008 field program included airborne geophysics, gravity and diamond drilling.  Twenty-three holes were drilled into 15 targets, 13 of which were previously untested. The 2008 drill targets were selected based upon maximizing favourable logistics and cost effectiveness.  Many priority targets remain untested and will be drilled in following programs.

Both diatreme and dyke bodies that appear to have volume potential were tested and holes were drilled at different angles in several targets to assess the probability of multiple kimberlite phases. A petrographic evaluation of core material conducted by HDM Laboratories in Loveland, Colorado (“HDM”) indicates that the kimberlite bodies drilled are not the source of the extremely positive indicator mineral populations recovered from previous regional sampling programs in the district.   Management is encouraged by the confirmation of additional kimberlites in this relatively new province identified by the Company in its first season (2007), and looks forward to future testing of the many undrilled priority targets in the area. Material totaling 351.4 kg representing approximately 208 metres of core, from 16 holes in 10 targets, was analyzed by Saskatchewan Research Council (“SRC”) for microdiamonds.  Two microdiamonds were recovered from two separate bodies in close proximity that combined exceed 5 ha.  Further drilling is warranted to ascertain if more favourable phases may be present in these bodies as well as other larger targets.

A 2009 drill program is being planned to continue evaluation of this kimberlite province.  Interpretation of the regional airborne and helimag surveys, previous heavy mineral sampling programs, and drilling results is ongoing to help establish a comprehensive understanding of the region encompassed by this large project area, for which only limited geological data are available.

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.

Dale Mah (P.Geol.), a Qualified Person as defined by National Instrument 43-101, has reviewed the contents of this press release.

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.