OLV Olivut Resources Ltd

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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Leni Keough
President and Chief Executive Officer
(780) 866-2226

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