TORONTO, ONTARIO--(Marketwire - Oct. 17, 2012) - Olivut Resources Ltd. ("Olivut" or the "Company") (News - Market indicators) provides an update on the successful 2012 drilling program for the HOAM Project, Northwest Territories.

The field portion of the 2012 drilling program was completed in September and resulted in a new kimberlite discovery. Eleven holes were drilled on eight previously untested targets. Drilling was focused on magnetic anomalies identified by ongoing analyses of detailed airborne magnetic surveys of prospective new target areas. The discovery hole intersected kimberlite at 32 metres and was stopped in kimberlite at 120 metres. Caustic fusion analysis to determine diamond content will be conducted on 245 kilograms of kimberlite core by Saskatchewan Research Council. The Company will report the results when they become available.

The Company's success in the HOAM project area has resulted in the discovery of 29 kimberlites to date. Although some of the kimberlites are microdiamond bearing, they do not contain the extremely positive diamond inclusion field indicator mineral populations (including G10 garnets) that occur in regional stream sediment and till samples. The sources for these indicator minerals remain to be found. Based on the indicator mineral chemistry, geophysics and drill results, management believes that there is a high probability that economic kimberlite pipes will be discovered in the project area. Additional studies are on-going. 

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. 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.

Paul Pitman, 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