Nov.7, 2008 Olivut Resources successfully completes the 2008 drilling and exploration program for the HOAM Project, NWT

Toronto, November 7, 2008 – Olivut Resources Ltd. (“Olivut” or the “Company”– TSX-V: OLV) is pleased to announce the successful completion of the 2008 drilling program.  Kimberlite has been shipped to the Saskatchewan Research Council (“SRC”) for caustic fusion analysis.

Highlights of the 2008 program include the following:
Successful completion of the planned 2008 regional airborne, gravity and drilling programs
8 new kimberlite bodies discovered
23 drill holes completed
16 holes intersected  kimberlite
15 targets tested including 13 new targets
Increased the number of known kimberlite bodies discovered from 10 to 18
The 2008 regional airborne program successfully delineated numerous new targets that will require a follow-up helimag program in 2009 to establish drill prioritization.  In addition, untested priority helimag targets identified during the 2007 program are scheduled to be drilled during the next field season.

The 2008 drilling program successfully achieved the goal to complete at least 20 holes, weather and logistics permitting.  The focus of the drilling was on untested targets; two holes were drilled into previously identified kimberlite bodies intersected in 2007 in order to provide more information about those targets. The 2008 drilling supports the 2007 results indicating that the targets include both diatreme and dyke phases with volume potential.  Some of the other known kimberlite bodies also host multiple phases and additional drilling of these is warranted to ensure that they are properly evaluated.  The recovery of microdiamonds from the 2007 drill program is significant in that it proves that the mantle source being tapped is diamondiferous. Kimberlite recovered during the 2008 program has been sent to SRC for microdiamond recovery and results will be reported as they become available.

The Company at July 31, 2008 had working capital of $6.6M.  Olivut is well financed to continue through the 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.

Mr. Dale Mah, P.Geol., is Olivut’s qualified person as defined in National Instrument 43-101 for its exploration programs and has reviewed the technical information included in this press release. Mr. Mah is an employee of Olivut and is not considered independent of the Company.

Leni Keough, P.Geol.
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.