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The Kings announced the moves on the first day they opened training camp Saturday.
Hill is a 6-foot-8 forward who played at Stanford from 2005-2009. In four games this season with the Texas Legends of the NBA Developmental League, he averaged 14.8 points and 7.5 rebounds.
Oliver is a 6-foot-4 guard. He finished his college career at San Jose State last season after starting out at Washington. He averaged 24 points a game as senior. Oliver also played in Greece and in high school in nearby Modesto, Calif.
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