OLV Olivut Resources Ltd

Olivut Resources Ltd. ("Olivut" or the "Company") (TSX VENTURE:OLV) is pleased
to provide an update for the Itapoty and Rivera Diamond Projects, South America.



Highlights include the following: 

Itapoty Diamond Project, Paraguay



--  22 macro diamonds recovered from 14 stream sediment samples 
--  detailed magnetic survey underway 



Rivera Diamond Project, Uruguay



--  6 month extension granted for Phase 1 exploration earn-in expenditure 
--  ground magnetometer survey in progress to prioritize drill targets 



ITAPOTY Diamond Project

On July 6, 2011 the Company announced that it had signed an option agreement
("the Option") with Latin American Minerals Inc. ("LAT") (TSX VENTURE:LAT) and
certain of its Paraguayan subsidiaries to explore the Itapoty Diamond Project
area located in central Paraguay, South America.


A sampling program was completed in July, 2011. Sixty-five samples were taken
with the majority from heavy mineral trap sites in streams. Fourteen stream
sediment samples yielded 22 diamonds ranging in size from 0.5mm to 2.4mm. The
largest stone weighs 0.07 carats. The majority of the stones are octahedrons,
tetrahexahedrons and fragments and are predominantly colourless, transparent and
inclusion free. The sampling was conducted over a previously recognized trend of
recovered diamonds. Samples were treated in LAT's laboratory in Paraguay and the
results were confirmed by Olivut's Sr. Technical Advisor, Dr. Malcolm McCallum.


In late September, a detailed ground magnetic survey commenced and is expected
to continue for several more weeks. Additional surveying will be considered upon
completion and analysis of this initial survey. A stream sediment/colluvium
sampling program will be conducted to constrain the potential source area(s) of
the results of the 2011 program and the 37 macro diamonds (1-2mm) and kimberlite
indicator minerals recovered from previous LAT sampling programs. The diamond
distribution suggests multiple local sources and surface features of most of the
diamonds indicate a proximal source. The regional and local structural setting
is considered to be favourable for kimberlite pipe emplacement. A drill program
will be planned for the first quarter in 2012 to test targets defined by the
geophysical and sampling programs.


Olivut has the option to earn 50% of the Itapoty Diamond Project by expending
CDN$250,000 in the first 12 months and an additional CDN$750,000 in the
following 18 months. Olivut is the operator of the project. 


RIVERA Project

A six month extension has been granted to complete the Phase 1 earn-in
expenditure commitment of CDN$750,000.


A detailed ground magnetic survey is in progress over 17 aeromagnetic and
geomorphological targets. These survey results together with recently received
soil geochemistry data will be used to prioritize drill targets. Land owner
agreements have been finalized to allow drilling to commence once prioritization
is complete. 


The coincidence of abundant kimberlite indicator minerals, including one micro
and one macro diamond, geophysical targets and anomalous soil geochemistry in a
structural corridor is considered to be very encouraging. The presence of
ultramafic material in one of the 2010 drill holes, supports the probability
that kimberlite exists in the project area. No verifiable kimberlites have been
discovered to date in the project area which is located on the stable Rio de la
Plata craton. This craton is consistent with cratonic regions in southern Africa
within which diamondiferous kimberlites are present. 


Olivut is operator for the Rivera Project that is governed by the terms of an
Option Agreement with Orosur Mining Inc. ("Orosur" or "OMI") (TSX VENTURE:OMI). 


Olivut is a diamond exploration company with a 100% mineral interest in over
144,000 acres in the HOAM Project in Canada's Northwest Territories and the
options as described above with OMI and LAT. 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.


Martin Jackson MAusIMM, 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

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