Olympus Pacific Minerals Inc.
TSX VENTURE : OYM
FRANKFURT : OP6

Olympus Pacific Minerals Inc.

November 17, 2005 09:30 ET

Olympus Announces Plan For Bong Mieu Gold Exploration Program

TORONTO, ONTARIO--(CCNMatthews - Nov. 17, 2005) - Olympus Pacific Minerals Inc. (TSX VENTURE:OYM)(FRANKFURT:OP6) announced today that an exploration drill and trenching program is scheduled to commence in late November at the Company's Bong Mieu property. Approximately US$3.25 million has been budgeted for exploration programs in S.E. Asia over the next 12 months. The majority of the funds will be directed toward the Bong Mieu and Phuoc Son Gold Properties, located in central Vietnam near the port city of Danang. Exploration drilling is currently underway on the Phuoc Son Gold Property (OYM press release dated October 5, 2005). Significant discoveries have been delineated on both of these properties.

Bong Mieu Gold Property

An exploration drill program totalling 1700 metres is planned to commence on the Bong Mieu Gold property which contains three known deposits and is located along the Phuoc Son Suture which also hosts Oxiana's Sepon deposit.

The planned drill program will test newly outlined targets and the overall magnitude of mineralization in the Bong Mieu East area. Management views this program as a high priority due to the large size potential of the new targets. Bong Mieu East already hosts one known deposit and two significant gold showings which all remain open for expansion. An induced polarization (IP) geophysical survey completed in 2005 has identified numerous large anomalies with associated gold in soil, extensive surface alteration and gold showings. These untested new targets, situated within the proven Bong Mieu East gold trend, will be the focus of the upcoming drill program.

Planned drill program of:

1. Newly delineated targets

- Untested IP anomalies from 400 m to 1500 m in length and to 200 m in width.

- Targeted IP features have coincident gold soil anomalies, prospective calc-silicate alteration and/or surface mineralization.

- Float/sub-crop mineralization assaying 1.05 g/t gold, 6.20 g/t gold and 24.8 g/t gold from grab sampling.

2. Extension of existing known mineralization

- Strike and depth potential of two separate known gold occurrences are evident from the IP survey.

- Limited drilling, completed prior to the IP survey at the western end of a defined IP trend in excess of 1.5 km in strike length, has identified significant alteration of mineralization including 2.27 g/t gold over 5.3 metres and 16.16 g/t gold over 3.0 metres (OYM press release dated February 9, 2005).

- Significant previous results from the second occurrence include 2.71 g/t over 36 metres including 4.45 g/t gold over 18 metres from surface channel sampling and 11.69 g/t gold over 6.0 metres, 3.25 g/t gold over 8.0 metres and 4.35 g/t gold over 5.7 metres including 8.54 g/t gold over 2.45 metres in drill holes (OYM press release dated February 9, 2005).

Three shallow metallurgical holes totalling 90 metres are planned to permit the completion of preliminary metallurgical test work and economic studies on the known Bong Mieu East deposit.

Olympus Pacific Minerals Inc. as first mover in Vietnam, is positioned to become a leading gold explorer in Southeast Asia. Olympus is committed to its vision of making major discoveries in the region and increasing shareholder wealth

Unless otherwise noted, the technical information in this release has been prepared and/or reviewed by Mr. Roger Dahn, Vice President Exploration and/or Mr. Rod Murfitt, Director General Vietnam of Olympus Pacific Minerals Inc., who are Qualified Persons as defined by National Instrument 43-101. The Company employs a quality control program designed by Mr. Murfitt to ensure best practices in sampling and analysis of drill core and rock samples. Mr. Murfitt, a qualified person under NI 43-101, reviews all assay results prior to public release. Mineral Assay and Services Co. Ltd. located in Bangkok, Thailand, performs sample preparation and analyses

STATEMENTS CONTAINED IN THIS RELEASE THAT ARE NOT HISTORICAL FACTS ARE FORWARD-LOOKING STATEMENTS WHICH INVOLVE RISK AND UNCERTAINTIES, WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN THE FORWARD-LOOKING STATEMENTS. THE COMPANY RELIES UPON LITIGATION PROTECTION FOR FORWARD-LOOKING STATEMENTS.



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Additional information about the Company's properties and Olympus
can be found at www.olympuspacific.com or by reviewing some of
Olympus' most recent press releases:


PHUOC SON OLYMPUS PACIFIC COMMENCES US$3.25 MILLION Oct 5/05
EXPLORATION PROGRAM

OLYMPUS PACIFIC INTERSECTS HIGH GRADE July 13/05
GOLD MINERALIZATION AT DAK SA

OLYMPUS PACIFIC - INDEPENDENT POSITIVE May 18/05
PRELIMINARY ASSESSMENT STUDY FOR DAK SA
DEPOSIT RECEIVED

BONG MIEU OLYMPUS COMMISSIONS MODERN GOLD PLANT Oct 27/05
-VIETNAMS FIRST
OLYMPUS PACIFIC UPDATES EXPLORATION AT May 24/05
PHUOC SON AND BONG MIEU

CORPORATE JON MORDA JOINS OLYMPUS' BOARD OF DIRECTORS Sept 30/05

OLYMPUS PACIFIC CLOSES PRIVATE PLACEMENT Sept 12/05
OF APPROX. $6.0 MILLION

OLYMPUS PACIFIC ANNOUNCES APPOINTMENT July 15/05
OF COLIN PATTERSON

OLYMPUS PACIFIC COMPLETES US $2 MILLION June 14/05
DEBT FINANCING
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To view a map of the exploration program, please visit CCNMatthews' website and click on the following link:

http://www.ccnmatthews.com/docs/oym1117.pdf

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Contact Information

  • Olympus Pacific Minerals Inc.
    David Seton
    Chairman & CEO
    416-572-2525 or 1-888-902-5522
    or
    Olympus Pacific Minerals Inc.
    James (Jim) Hamilton
    Corporate Communications
    416-572-2525 or 1-888-902-5522
    416-572-4202 (FAX)
    info@olympuspacific.com
    www.olympuspacific.com