Pierre Lassonde Increases Ownership in Olivut

About this update from Olivut Resources Ltd.

TORONTO, July 31 /CNW/ - Mr. Pierre Lassonde announced today that he has recently purchased 300,000 common shares of Olivut Resources Ltd. (TSX-V: OLV) (the "Company") through the facilities of the Toronto Stock Exchange Venture Exchange. As a result of this recent purchase, Mr. Lassonde currently owns or exercises control and direction over 2,938,571 common shares of the Company and 269,286 warrants exercisable at $2.00 per share until May 2009. Mr. Lassonde's current shareholdings represent approximately 9.3% of the current issued and outstanding common shares of the Company and 10.07% assuming the warrants are exercised. Mr. Lassonde has further advised the Company that he has acquired the additional 300,000 common shares for investment purposes. He has indicated that he will review his holdings from time to time and that he may increase or decrease his position as future circumstances may dictate.

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