May 14, 2007 Olivut Resources Ltd. Announces Private Placement

PRESS RELEASE
For Immediate release
May 14, 2007
FOR: Olivut Resources Ltd.
TSX-V: OLV

Olivut Resources Ltd. Announces Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Toronto, May 14, 2007 – Leni Keough, President and CEO of Olivut Resources Ltd. (“Olivut” or the “Company”) is pleased to confirm the closing today of the private placement for the sale of 4,600,000 units at C$1.75 per unit (a “Unit) for gross proceeds of C$8,050,000 million with a syndicate of agents led by Genuity Capital Markets and including Canaccord Capital.

Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share of the Company at an exercise price of C$2.00 per common share for a period of 24 months from the closing of the offering.

All of the securities sold pursuant to the offering are restricted from resale until September 15, 2007.

The proceeds from the placement will be used to continue the exploration program on the HOAM project and for general corporate purposes.

Genuity Capital Markets and Canaccord Capital Corporation (collectively, the “Agents”) received a cash commission of 7.0 % of the gross proceeds and compensation warrants entitling the Agents to purchase such number of common shares equal to 7.0% of the aggregate number of Units sold pursuant to the increased private placement. Each Compensation Warrant will entitle the Agents to purchase one common share of the Company at a price of $2.00 per common share for a period of 12 months following the closing.

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.  Olivut has 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.

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.