Jan. 23, 2008 Olivut Resources Ltd. Announces Changes To The Board Of Directors And Grant Of Stock Options

Toronto, January 23, 2008 – Olivut Resources Ltd. (“Olivut” or the “Company”– TSX-V: OLV) is pleased to announce the addition of Dr. Leon R. Daniels to the Board of Directors of the Corporation, subject to TSX-V approval.

Dr. Daniels has extensive diamond exploration and production experience spanning more than 30 years from 1976 to the present.  Early in his career, he discovered the diamondiferous Klipfontein kimberlite pipe in South Africa.  He worked for Falconbridge Exploration Botswana evaluating the 180 hectare (445 acres) crater facies M1 Kimberlite and conducted exploration which led to the discovery of at least three kimberlite fields in the Kalahari Dessert where he monitored exploration and bulk sampling drilling programs.  While working as part of the management team with the Trans Hex Group in Swaziland, he oversaw the evaluation and development of the Dokolwayo Diamond Mines.  Dr. Daniels has experience working in the active war zones of Angola where he was the Chief Geologist for Roan Selection Trust International, overseeing production of five alluvial mines including among other responsibilities, grade control and predictions, production and mining reconciliations, planning and supervision, river diversions and monitoring diamond population distribution.

Dr. Daniels also has worked on the Koidu kimberlites located in Sierra Leone, the Fort a la Corne kimberlites in Canada, the evaluation and development of the River Ranch kimberlite and the discovery and bulk sampling of a 5 hectare kimberlite diatreme and kimberlite dykes all in Zimbabwe.  Furthermore, he has been involved in diamond exploration and bulk sampling of kimberlites in Russia, evaluation of alluvial diamond deposits in South Africa, and exploration and development of properties in the Congo, Finland, the Kingdom of Lesotho, Australia, Zambia, Guinea, Mali and Sao Tome.  In addition, his experience includes marketing, valuating, processing, negotiating and liaising with surface rights owners and Black Economic Empowerment partners in South Africa.

He is Managing Director of Pangolin Gold (Pty) Limited, a company dedicated to the recycling of historical gold tailings dumps in Botswana; Director of Kimberlamp Exploration Zambia Limited exploring for diamonds in Zambia and President of Precambrico SA, exploring for gold in Uruguay.   He is a member of the Australian Institute of Geoscientists and the Prospectors and Developers Association of Canada.

Dr. Daniels obtained his PhD from the University of Cape Town, South Africa in 1991.  He has authored and co-authored numerous research papers relating to diamonds and associated minerals and the exploration and development of kimberlites in various areas.

Olivut will benefit greatly from Dr. Daniels’ extensive experience and looks forward to working with him.

Separately, Olivut regretfully accepts the resignation for personal reasons of Mr. Stephen Barley who has been a valuable member of the Board as Olivut became established during its first year as a public company.  The Board wishes to thank Mr. Barley for his contributions and direction over that period of time.

The Company also announces that, pursuant to the Company’s stock option plan, the continuation of which was approved by ordinary resolution of the shareholders at the Company’s annual general meeting of shareholders on January 18, 2008, it has granted to Dr. Daniels options to purchase up to 125,000 common shares in the capital of the Company.  The options are exercisable for a period of five years ending on January 18, 2013 and are exercisable at a price of $0.85 per common share, being the closing price of the Company’s common shares on the TSX-V on the date immediately preceding the grant.  The options vest as to one-third (1/3) one year after the date of grant, one-third (1/3) two years after the date of grant and the remaining one-third (1/3) three years after the date of grant.  The grant of options is subject to regulatory approval, including approval of the TSX Venture Exchange.

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.

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.