Olivut Resources Ltd. Exploration and Funding Update

TORONTO, ONTARIO--(Marketwired - May 6, 2014) - Olivut Resources Ltd. ("Olivut" or the "Company") (TSX VENTURE:OLV) is pleased to provide an exploration and funding update.

Over the past several months, ongoing interpretation of the Company's extensive regional airborne geophysical database on the HOAM project has defined numerous new targets. These targets occur in areas up ice from high interest kimberlite indicator mineral (KIM) populations. The bedrock sources for these KIMs have not been identified by previous work. Detailed airborne magnetics will be carried out over the new targets and it is expected that many will be added to the list of priority targets that are slated to be tested by the next stage of drilling. Analysis of the regional geophysical data will continue for the next several months with completion of the work expected by mid-summer. Additionally, planning for the detailed airborne work is underway and some work may be conducted during the 2014 summer field season. Given current world market conditions for equity financing of junior companies, Management believes it is in the shareholders' best interest for the Company to maintain a conservative approach to exploration while continuing to advance its field projects. The ongoing geophysical analysis combined with the proposed detailed airborne survey work will define new priority drill targets and will place the Company in a strong position for when market sentiment improves and junior exploration programs such as drilling will be actively supported.

The terms of the Securities Purchase Agreement (the "Agreement") dated March 12, 2013, between The Canadian Special Opportunity Fund, L.P. ("CSOF") and Olivut provide the flexibility to alter tranche financing based on cash flow requirements and current market conditions. Therefore, pursuant to the terms of the Agreement, CSOF has advanced to the Company $48,000 for the next tranche financing for which it is anticipated shares will be issued on May 30, 2014. Also, as contemplated in and pursuant to the terms of the Agreement, CSOF has elected to redeem $150,000 of the $300,000 principal amount convertible security that was issued to it by Olivut on March 13, 2013, with such amount paid by Olivut in cash on April 29, 2014. The Company is pleased to be able to reduce the amount of the convertible debenture without further shareholder dilution.

Copies of the qualifying base shelf prospectus dated March 11, 2013, the prospectus supplement dated March 12, 2013 and specific Pricing Supplements for securities issued 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.

On December 16, 2013 the Company filed the audited Financial Statements as at and for the years ended October 31, 2013 and 2012 and the Management's Discussion and Analysis for the year ended October 31, 2013.

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. Please visit www.olivut.com for detailed corporate and project information.

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.

Paul Pitman, P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed the contents of this press release.

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.