OLIVUT ANNOUNCES CHANGE TO ANNUAL GENERAL AND SPECIAL MEETING LOCATION

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

TORONTO, March 17, 2020 (GLOBE NEWSWIRE) -- Olivut Resources Ltd. ("Olivut" or the "Company") (TSXV:OLV) announces today that its annual general and special meeting (the "Meeting") of holders of common shares of the Company, which was originally to be held on March 25, 2020 at 2:00 p.m. (Eastern Time) at the offices of Stikeman Elliott LLP will now be held at the Company's offices on March 25, 2020 at 12:30 p.m. (Mountain Time).

Due to ongoing concerns regarding the Coronavirus (COVID-19) and to mitigate risks to the health and safety of our communities, other shareholders, employees and other stakeholders, the Company strongly encourages that all shareholders wishing to listen to the Meeting do so by calling the number below. The Company strongly encourages that all shareholders vote prior to the Meeting. We intend to hold the Meeting in person; however, we are actively monitoring the current Coronavirus (COVID-19) outbreak. In light of the rapidly evolving news and guidelines related to the Coronavirus (COVID-19) outbreak, we ask that, in considering whether to attend the Meeting, shareholders follow the instructions of the Public Health Agency of Canada (https://www.canada.ca/en/public-health/services/diseases/coronavirus-disease-covid-19.html) and all additional provincial and local instructions. We ask that shareholders not attend the Meeting in person if experiencing cold or flu-like systems, or if a shareholder or someone the shareholder has been in close contact with has travelled to/from outside of Canada within the 14 days prior to the Meeting.

Shareholders are reminded that there are a number of voting methods available to them, including:

• Submitting a proxy over the internet at www.investorvote.com;
• Submitting a proxy by telephone (North America ? 1-866-732-8683 or Internationally ? 312-588-4290); and
• By mail, fax or email by completing and returning a signed proxy using the instructions provided in the Company's Form of Proxy, which has been made available on SEDAR.

Shareholders may use the following information to listen to the Meeting via conference call:

Dial-In Numbers:

Toll-Free: 1-800-969-9731
Confirmation Code: 2960893

The Meeting will be held on March 25, 2020, at 12:30 p.m. (Mountain Time) at the offices of the Company located at:

14 Mountain Park Properties
27010 Highway 16
Jasper East, Alberta

The Company has filed an amended notice of meeting and notice of availability of proxy materials on SEDAR and both have been made available to shareholders for download. Anyone not attending the Meeting in person will not be able to participate.

The Company apologizes for any inconvenience this may cause.

Olivut is a diamond exploration company with a 100% mineral interest in the HOAM Project (the "HOAM Project") and an option to earn 50% interest in the Horton Project, both projects being located in Canada's Northwest Territories. 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 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 anticipate in such statements.

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.