Olivut Resources Ltd. Provides Update on South America Projects

TORONTO, ONTARIO -- (Marketwire - Nov. 29, 2011) - 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



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



Contact

Olivut Resources Ltd.
Leni Keough, President and Chief Executive Officer
(780) 866-2226
www.olivut.com