Olivut Resources Ltd. Provides Shareholder Update

TORONTO, ONTARIO -- (Marketwire) -- 09/20/12 -- Olivut Resources Ltd. ("Olivut" or the "Company") (TSX VENTURE: OLV) provides comment on announcement made by the head of the Geological and Mineralogical Institute in Novosibirsk, Russia in response to shareholder inquiries.

The Company emphasizes that information provided by Russian scientists indicates the diamond resource, discovered in the 1970s, is for industrial applications. As reported by The Associated Press September 18, 2012, the "impact diamonds" have industrial applications but are of no use to jewelers.

The Company believes that the market for gem diamonds remains robust with solid, long term growth potential. Olivut is continuing to actively pursue its diamond projects in the Northwest Territories, Canada and South America.

Olivut is a diamond exploration company with a 100% mineral interest in over 142,000 acres in the HOAM Project in Canada's Northwest Territories and an 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 communication to shareholders and the public contains certain forward-looking statements. All statements, other than statements of historical fact, included herein, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events could differ materially from those anticipated in such statements.

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

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts:

Olivut Resources Ltd.

Leni Keough

President and Chief Executive Officer

(780) 866-2226
www.olivut.com