OLV Olivut Resources Ltd

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Olivut Resources Ltd. ("Olivut" or the "Company") (TSX VENTURE:OLV) is pleased
to announce that it has closed a non-brokered private placement for aggregate
gross proceeds of $325,000 (the "Private Placement"). The Private Placement is
comprised of 342,105 flow-through common shares (the "FT Shares") for proceeds
of $325,000 at a price of $0.95 per FT Share. The FT Shares are subject to
resale restrictions pursuant to applicable securities laws requirements and will
not be freely tradable until April 13, 2013.


The Company paid a finder's fee of $3,000, equal to 1% of certain gross proceeds
of the Private Placement, to a registered dealer.


Olivut will use the proceeds of the Private Placement primarily to fund
exploration of its HOAM project in the Northwest Territories, Canada.


The TSX Venture Exchange approved for listing the common shares issued under the
Private Placement on December 11, 2012. 


One insider participated in the Private Placement, thereby making the Private
Placement a "related party transaction" as defined under Multilateral Instrument
61-101 - Protection of Minority Security Holders in Special Transactions ("MI
61-101"). Ms. Leni Keough, President and Chief Executive Officer and a director
of the Company, purchased 26,316 FT Shares and owns or controls 1,986,071 common
shares or approximately 5.8% of the total common shares issued and outstanding
after completion of the Private Placement (or 3,548,571 common shares
representing approximately 9.9% of the issued and outstanding common shares
assuming the exercise of convertible securities already owned by Ms. Keough
entitling her to acquire 1,562,500 common shares upon conversion). The Private
Placement was unanimously approved by the directors of the Company, with Ms.
Keough disclosing her interest and abstaining from voting with respect thereto.
The Private Placement was exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 as neither the fair market value
of any common shares issued to or the consideration paid by Ms. Keough exceeded
25% of the Company's market capitalization. 


Olivut is a diamond exploration company with a 100% mineral interest in the HOAM
Project in Canada's Northwest Territories and an option 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.


This news release is intended for distribution in Canada only and is not
intended for distribution to United States newswire services or dissemination in
the United States. The securities being offered have not, nor will they be
registered under the United States Securities Act of 1933, as amended, or any
state securities laws and may not be offered or sold within the United States or
to, or for the account or benefit of, U.S. persons absent U.S. registration or
an applicable exemption from the U.S. registration requirements. This release
does not constitute an offer for sale of securities in the United States.


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 anticipate in such statements.


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

FOR FURTHER INFORMATION PLEASE CONTACT: 
Olivut Resources Ltd.
Leni Keough
President and Chief Executive Officer
(780) 866-2226
www.olivut.com

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