July 18, 2007 Olivut Resources Ltd. Initiates Drill Program , HOAM Project, NWT


Toronto, July 18, 2007 – Leni Keough, President and CEO of Olivut Resources Ltd. (“Olivut” or the “Company”) is pleased to provide a 2007 exploration program update.

The approved $4 million exploration program is currently underway, and approximately $900,000 has been spent on regional airborne, helimag and drilling programs.   A low level helicopter magnetic survey has been completed over targets established from results of the previous regional airborne geophysical surveys.  The helimag program was successful in confirming magnetic anomalies and allowing for a more detailed analysis to aid in drill target prioritization and modeling of these features.

Drilling on the HOAM project commenced in June 2007 on anomalies prioritized from helimag surveys.   A small diameter (BTW), light weight, heliportable drill has been utilized successfully at several sites. Several holes were completed through overburden and sufficient core was recovered to allow for evaluation of target material.  We are pleased with the capability of the drill for testing priority anomalies.

The HOAM project area is geographically extensive (~200 x 450 km) and the 2007 program is designed to evaluate anomalies that may reflect several different potential kimberlite clusters. The Company plans to drill 25 targets throughout the HOAM project area, weather and logistics permitting. Larger targets will require multiple holes for proper evaluation.  The actual number of holes drilled will be determined by the length of the field season.

Drill core samples will be evaluated petrographically to determine the type of rock intersected in each hole as material becomes available.  Portions of any core intercepts determined to be kimberlitic will be submitted for microdiamond analysis by caustic fusion processing.  Results of analyses will be released on a timely basis throughout the course of the drilling program as they become available and shareholders will be updated further as the program progresses.
The program is scheduled to be completed before the end of the year, weather and logistics permitting.   Please visit www.olivut.com for detailed corporate and project information.

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.  Prior to the 2007 exploration program, Olivut had spent over $7 million assessing the diamond potential of the property, including extensive geophysics and geochemistry.

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. is a Qualified Person as defined by National Instrument 43-101 and has reviewed the contents of this press release.  Mr. Rick Kemp is the project geologist supervising the field work.

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.