NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES

TORONTO, Dec. 22, 2020 (GLOBE NEWSWIRE) — Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV) is pleased to announce that the Company has closed a non-brokered private placement (the “Private Placement”) comprised of 5,000,000 common shares (the “Common Shares”) for proceeds of $400,000 at a price of $0.08 per Common Share. The Common Shares are subject to resale restrictions pursuant to applicable securities laws requirements and will not be freely tradable until four months after the date of issue.

One insider participated in the Private Placement, thereby making the Private Placement a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). Mr. Pierre Lassonde, as insider of the Company, purchased 1,250,000 Common Shares and owns or controls 8,097,000 common shares or approximately 12.9% of the total common shares issued and outstanding after the completion of the Private Placement. The Private Placement was unanimously approved by the directors of the Company. The Company is relying on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 because the fair market value of the issuance to Mr. Lassonde is less than 25% of the market capitalization of the Company.

Olivut will use the proceeds of the Private Placement for exploration and general corporate purposes.

The TSX Venture Exchange approved for listing the Common Shares issued under the Private Placement on December 22, 2020.

Olivut is a diamond exploration company with a 100% mineral interest in the HOAM Project (the “HOAM Project”) and a 50% interest in the Seahorse Project (the Seahorse project”), both projects being located in Canada’s Northwest Territories.

Numerous targets are drill ready on the HOAM Project and a detailed helimag program is proposed for additional regional geophysical anomalies. It is anticipated that many additional new targets will be added to the current list of priority drill targets. Completion of this work program is contingent on the raising of funds and the effects of the current Coronavirus pandemic particularly on planning and work in the Northwest Territories.

The Company considers the Seahorse Project to have the potential to host diamondiferous kimberlite bodies of significant size and perhaps other mineral deposits, based on a combination of: 2019 drill program results; favourable diamond stability indicator minerals found regionally and locally, including 18 macro diamonds found in regional samples to the west and northwest; specific geophysical targets; regional and local faults that would favour kimberlite emplacement; occurrence of diamondiferous kimberlites to the north and southeast, as well as other geochemical data in the area.

The Coronavirus pandemic and its effects particularly on planning and work in the Northwest Territories prevented any field work being conducted in 2020.

Please visit www.olivut.com for detailed corporate and project information.

This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

This press release contains forward-looking statements with respect to the Company, and matters concerning the raising of additional capital, the business, operations, strategy, and financial performance of the Company. Actual results may differ materially from those indicated by such statements. These statements generally, but not always, can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. 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. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the Company’s properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update such statements except as required by law.

Martin St. Pierre, P.Geophys., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this press release.

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

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CONTACT: For further information, please contact: Leni Keough President and Chief Executive Officer Olivut Resources Ltd. (780) 866-2226