OLV Olivut Resources Ltd

Olivut Resources Ltd. ("Olivut" or the "Company") (TSX VENTURE:OLV) announces
that, subject to regulatory approval, the Company will extend the expiry date of
2,300,000 common share purchase warrants (the "Warrants") scheduled to expire on
May 14, 2009 for a period of two years.


The Warrants were issued pursuant to a private placement completed by the
Company on May 14, 2007 for gross proceeds of $8,050,000. All Warrants issued
pursuant to the private placement remain unexercised. Company insiders hold
363,142 of the Warrants. Each Warrant provides the holder thereof with the right
to purchase one common share of the Company at an exercise price of $2.00 and
will expire, subject to regulatory approval, on May 14, 2011.


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.


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

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