Pierre Lassonde Increases Ownership in Olivut

    TORONTO, Oct. 23 /CNW/ - Mr. Pierre Lassonde announced today that he has
recently purchased 537,000 common shares of Olivut Resources Ltd. (TSX-V: OLV)
(the "Company") through the facilities of the TSX Venture Exchange.
    As a result of these recent purchases, Mr. Lassonde currently owns or
exercises control and direction over 4,175,571 common shares of the Company
and 269,285 warrants exercisable at $2.00 per share until May 2009. Mr.
Lassonde's current shareholdings represent approximately 13.19% of the current
issued and outstanding common shares of the Company and 14.04% assuming the
warrants are exercised. Mr. Lassonde has further advised the Company that he
has acquired the additional 537,000 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.

For further information:

For further information: Pierre Lassonde, c/o Suite 1900, Box 2005, 20
Eglinton Avenue West, Toronto, Ontario, M4R 1K8, Tel: (416) 480-6498

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