Olivut Makes Offering of Flow-Through Shares and Common Shares by Way of Private Placement

TORONTO, ONTARIO--(Marketwire - Dec. 15, 2011) - Olivut Resources Ltd. (the "Company" or "Olivut") (TSX VENTURE:OLV), in a non brokered private placement and subject to regulatory approval, proposes to issue (i) up to 1,600,000 common shares in the capital of Olivut to be issued on a flow-through basis (each, a "FT Share") at a price of $1.25 per FT Share; and (ii) up to 909,090 common shares in the capital of Olivut (each, a "Common Share") at a price of $1.10 per Common Share.

Proceeds of the placement of FT Shares will be applied to costs related to the Company's HOAM project in Northwest Territories, Canada and proceeds of the Common Shares for costs related to its South American projects and general corporate purposes.

Olivut is a diamond exploration company with a 100% mineral interest in the HOAM Project in Canada's Northwest Territories and option agreements with Orosur Mining Inc. whereby Olivut may earn up to 80% interest in diamond prospecting and exploration licenses located in northern Uruguay, South America and with Latin American Minerals Inc. and certain of its Paraguayan subsidiaries to explore the Itapoty Diamond Project located in central Paraguay, South America. 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.

Leni Keough, President and Chief Executive Officer