OLV Olivut Resources Ltd

Olivut Resources Ltd. ("Olivut" or the "Company")(TSX VENTURE:OLV) is pleased to
announce start-up of the $4.9 Million 2008 Exploration Program (the "Program")
on the HOAM project.


The Company is anticipating an exciting 2008 exploration year, given the
following combination of very encouraging results from 2007:


- discovery of seven new kimberlite bodies within a new kimberlite province in
Canada during Olivut's first exploration season


- recovery of microdiamonds indicating that the mantle in this area is
diamondiferous


- many additional untested drill targets

- relatively large size of geophysical targets

- very encouraging indicator mineral chemistry in the HOAM project area

The $4.9M 2008 Program will include extensive drilling as well as airborne
magnetic, helimag and gravity geophysical surveys. The intent of the drill
program is to complete 20-25 holes. These holes will be drilled into a
combination of previously untested targets as well as additional drilling of the
newly discovered kimberlites intersected in 2007. These previously drilled
targets include both diatreme and dyke bodies that appear to have volume
potential. One diatreme model target is in excess of 3 ha (greater than 7 acres)
and another occurrence exceeds 10 ha (greater than 25 acres). Given the inferred
size of the targets from their respective geophysical signatures, each of the
kimberlite bodies that was intersected in 2007 is considered to have the
potential to host multiple phases. As the seven new discoveries were penetrated
only by single drill holes, they must have additional holes drilled into them to
ensure that the targets are properly evaluated. The majority of the holes
planned for 2008 will be drilled into untested targets. Saskatchewan Research
Counsel ("SRC") caustic fusion results from the 2007 drill program, returned
three microdiamonds from two of the seven holes sampled. This is significant in
that it proves that the mantle source being tapped is diamondiferous and
supports the work program outlined above. The largest stone was recovered from
the 0.15 mm sieve. The two smaller diamonds were colorless, clear fragments and
the largest is a colorless, clear octahedron.


The 2008 Program will commence in April with a gravity survey over several
priority targets to provide additional information on the size and nature of the
intrusive bodies. In-fill regional airborne magnetics as well as detailed
helimag for target delineation will follow as the season progresses. Drilling is
expected to commence in June and continue through September.


The Company at January 31, 2008 has working capital of $8.2M and is well
financed to carry out the 2008 Exploration Program.


Olivut is a diamond exploration company with a 100% mineral interest in over
2,000,000 acres in the HOAM Project in Canada's Northwest Territories. 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.


Mr. Dale Mah, P. Geol., is Olivut's qualified person as defined in National
Instrument 43-101 for its exploration programs and has supervised the
preparation of the technical information included in this press release. Mr. Mah
is an employee of Olivut and is not considered independent of the Company.


Leni Keough, President and Chief Executive Officer

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