Olivut Resources Ltd. Funding Update

TORONTO, ONTARIO--(Marketwired - May 14, 2013) - Olivut Resources Ltd. ("Olivut" or the "Company") (TSX VENTURE:OLV) announces that pursuant to the terms of the Securities Purchase Agreement (the "Agreement") dated March 12, 2013 to raise up to $18 million over approximately 36 months in a tranched placement of securities to the Canadian Special Opportunity Fund, L.P. ("CSOF"), CSOF was issued 712,504 shares of the Company on May 10, 2013 as repayment for the initial $200,000 tranche funding received on March 13, 2013 and rolled over to April 12, 2013. Also in accordance with the terms of the Agreement, CSOF has advanced to the Company $68,372.83 for the next tranche financing for which it is anticipated shares will be issued on June 11, 2013.

The terms of the Agreement permit the Company to take into account current market conditions to avoid excessive dilution.

Olivut is a diamond exploration company with a 100% mineral interest in over 130,000 acres in the HOAM Project in Canada's Northwest Territories and an agreement 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.

Copies of the qualifying base shelf prospectus dated March 11, 2013, the prospectus supplement dated March 12, 2013 and the Pricing Supplement dated May 10, 2013 are available on SEDAR. These documents, as well as any documents incorporated therein by reference may be obtained on request without charge from Olivut, at its offices located at 27010 Highway 16, 14 Mountain Park Properties, Jasper East, Alberta, or by faxing a written request to (780) 866-3713, by mail to P.O. Box 6690 Hinton, Alberta T7V 1X8 or by accessing the disclosure documents available through the internet on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com. Unless provided otherwise in a pricing supplement, the following is a description of a purchaser's statutory rights:

Securities legislation in certain of the provinces of Canada provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within two business days after receipt or deemed receipt of a prospectus and any amendment. In several of the provinces, the securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revision of the price or damages if the prospectus and any amendment are not delivered to the purchaser, provided that the remedies for rescission, revisions of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province. However, such rights and remedies will not be available to purchasers of common shares distributed under the prospectus supplement because the prospectus, the prospectus supplement and the relevant pricing supplement will not be delivered to purchasers, as permitted under a decision document issued by the Alberta Securities Commission on December 5, 2012. The securities legislation further provides a purchaser with remedies for recession or, in some jurisdictions, revisions of the price or damages, if the prospectus and any amendment contain a misrepresentation, provided that the remedies for recession, revisions of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province. Such remedies remain unaffected by the non-delivery of the prospectus permitted under the decision documents referred to above. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province for the particulars of these rights or consult with a legal adviser.

This press release contains forward-looking statements with respect to the Company, and matters concerning the raising of additional capital, the business, operations, strategy, and financial performance of the Company. Actual results may differ materially from those indicated by such statements. These statements generally, but not always, can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. 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. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the Company's properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update such statements except as required by law.

Leni Keough, P.Geo., President and Chief Executive Officer