Jan. 9, 2008 Olivut Resources Ltd. Receives Partial Preliminary Results From HOAM Project

Toronto, January 9, 2008 – Olivut Resources Ltd. (“Olivut” or the “Company”– TSX-V: OLV) announced today that preliminary chemical and caustic fusion results have been received for the first batch of samples submitted for analysis.

The samples consisted of material from two separate bodies that were each tested with a single drill hole. Abundant pyrope garnet and picroilmenite grains were recovered from several core intervals and the chemistry indicates kimberlite as do analyzed grains of olivine, chrome diopside and phlogopite. HDM Laboratories in Loveland, Colorado (“HDM”) has conducted a preliminary petrographic assessment confirming a diatreme facies kimberlite interpretation.  Management is highly encouraged by this confirmation of kimberlite in the initial two holes tested from its first year drill program. Approximately 210 kg of material from 75 metres of core from one hole in a pipe-like body, as well as a 24 kg sample of host-rock fragment dominated breccia from another target, were analyzed by Saskatchewan Research Council (“SRC”) for microdiamonds.  No diamonds were recovered; however, one of these targets exceeds 3 ha (>7.4 acres) and further drilling will be done to ascertain if more favourable phases may be present in this relatively large body.   Additional drilling will also be required to better define and test the second target that lies on a dyke system.

Ultramafic core material from five additional probable kimberlitic targets currently is being evaluated chemically and petrographically by HDM and approximately 250 kg of representative samples have been submitted to SRC for microdiamond evaluation.  Results of analyses will be released on a timely basis as they become available.

A Phase II drill program is being planned to continue this preliminary field investigation of targets during the Company’s next fiscal year.  Continued evaluation and interpretation of the regional airborne, helimag 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.

Paul Pitman (P.Geo.), a Qualified Person as defined by National Instrument 43-101, 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.