Jan. 10, 2007 Olivut Resources Ltd. (formerly Arrabbiata Capital Corp.) Receives Final TSX Venture Exchange Approval

January 10, 2007: Olivut Resources Ltd. (formerly Arrabbiata Capital Corp. (“Olivut“) is pleased to announce that the TSX Venture Exchange (the “Exchange”) has issued final approval of its previously announced business combination with Olivut Investments Ltd. that was completed on January 8, 2007 (the “Business Combination Transaction”).

Concurrent with the completion of the Business Combination Transaction, C$3,047,500 raised through a subscription receipt private placement completed in September 2006 were released from escrow.

The shares of Olivut now trade under the name Olivut Resources Ltd., a Tier 2 Issuer, under the trading symbol “OLV” as of today’s date.

The Board of Directors of Olivut is now comprised of the following people: Leni Keough, Sharon Dowdall, Craig Reith, Sargent Berner and Stephen Barley.  The management team consists of Leni Keough as President and CEO and Ian Shaw as Chief Financial Officer.

Olivut is a diamond exploration company with a 100% mineral interest in over 2,000,000 acres in the highly 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.  A field program to evaluate targets will commence in the spring.

Leni F. Keough, President & CEO comments: “We’ve put in place an excellent technical team and will continue to focus this talent on the HOAM Project.  We believe we’re in the best place we’ve been as a team for over 10 years and are making excellent progress.”

Paul Pitman, P.Geo., an independent geological consultant to Olivut and a qualified person as defined by National Instrument 43-101, prepared the technical report in respect of the HOAM Project dated March 15, 2006.

Further information in respect of the Business Combination Transaction, Olivut’s HOAM Project and the Technical Report is included in the Filing Statement of Olivut (under the name “Arrabbiata Capital Corp.”) dated December 8, 2006, available through SEDAR (at www.sedar.com) under the listing of public documents of Olivut.

The Exchange has in no way passed upon the merits of the Business Combination Transaction and has neither approved nor disapproved the contents of this press release.

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.