OLIVUT RESOURCES LTD. GRANTS INCENTIVE STOCK OPTIONS

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Mar. 10, 2011 (Canada NewsWire Group) -- #ReleaseContent TABLE { BORDER-COLLAPSE: collapse } TR.cnwUnderlinedCell TD { BORDER-BOTTOM: #000000 1px solid } TR.cnwDoubleUnderlinedCell TD { BORDER-BOTTOM: #000000 3px double } TR.cnwBoldUnderlinedCell TD { BORDER-BOTTOM: #000000 3px solid } TD.cnwUnderlinedCell { BORDER-BOTTOM: #000000 1px solid } TD.cnwDoubleUnderlinedCell { BORDER-BOTTOM: #000000 3px double } TD.cnwBoldUnderlinedCell { BORDER-BOTTOM: #000000 3px solid } #ReleaseContent TABLE.cnwBorderedTable TD { BORDER-RIGHT: black 1px solid; PADDING-RIGHT: 2px; BORDER-TOP: black 1px solid; PADDING-LEFT: 2px; PADDING-BOTTOM: 2px; BORDER-LEFT: black 1px solid; PADDING-TOP: 2px; BORDER-BOTTOM: black 1px solid; BORDER-COLLAPSE: collapse } #ReleaseContent TABLE TD { PADDING-RIGHT: 2px; PADDING-LEFT: 2px; PADDING-BOTTOM: 2px; PADDING-TOP: 2px } TORONTO, March 10 /CNW/ - Olivut Resources Ltd. ("Olivut" or the "Company") (TSXV: OLV) announces that it has granted stock options to a Consultant of the Company pursuant to the Company's stock option plan to purchase up to 50,000 common shares in the capital of the Company at an exercise price of $1.70 per common share. The stock options shall expire on March 10, 2016. The grant of options is subject to regulatory approval, including approval of the TSX Venture Exchange. Olivut is a diamond exploration company with a 100% mineral interest in the HOAM Project in Canada's Northwest Territories. The Company also has an Option Agreement with Orosur Mining Inc. (TSXV: OMI) whereby Olivut may earn up to 80% interest in diamond prospecting and exploration licenses located in northern Uruguay, 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. Leni Keough President and Chief Executive Officer TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. Leni Keough President and Chief Executive Officer Olivut Resources Ltd. Telephone: (780) 866-2221

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