Nov. 19, 2007 Olivut Resources Ltd. Completes Hoam Project 2007 Drill Program and Submits Samples for Processing
Toronto, November 19, 2007 – Olivut Resources Ltd. (“Olivut” or the “Company” — TSX-V: OLV) is pleased to provide a 2007 exploration update of the HOAM Project. The Phase 1 drilling program to test some of the priority targets is now complete. Samples of ultramafic intrusive rock have been sent to Saskatchewan Research Council “SRC”.
Initial interpretation of recovered ultramafic core material, indicates that some is of favourable mantle origin. Identification of pelletal lapilli in certain core samples suggests diatreme facies occurrence. The Company has submitted samples for caustic fusion digestion based on the many features present in these rocks that are common to kimberlite intrusions. While samples are being processed by SRC, petrography and mineral chemistry will be ongoing to ascertain the composition and mineral potential of the intrusive mineral assemblages. Management is extremely pleased with such encouraging results so early in its first drill program. A total of 24 holes into 18 targets was drilled from late June until the end of October despite extremely challenging weather and logistical conditions.
The Company is also pleased to report that bedrock was intersected in fourteen holes. Recovery of the core has been excellent. Half of the holes that reached bedrock contain ultramafic intrusives and recovery of these phases exceeds 90%.
The approved $4 million exploration budget included regional airborne, helimag and drilling over this geographically extensive project area. The 2007 field portion of each of these programs is now completed. 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.
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.
President and Chief Executive Officer
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Olivut Resources Ltd.
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