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

Olympus Pacific Minerals Inc.

March 31, 2006 15:16 ET

Olympus to Commence Trading on TSX & Announces Closing of C$15.66 Million Private Placement

TORONTO, ONTARIO--(CCNMatthews - March 31, 2006) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO US NEWS WIRE SERVICES.

Olympus Pacific Minerals Inc. (TSX VENTURE:OYM)(Frankfurt:OP6)(the "Company") is pleased to announce that the common shares of the Company will be listed and posted for trading at the opening of the Toronto Stock Exchange ("TSX") on Monday, April 3, 2006 under its current trading symbol, OYM. The Company's common shares will be delisted from the TSX Venture Exchange ("TSXV") at the end of trading on March 31, 2006.

The Company is also pleased to report that the brokered private placement, announced in its news releases of February 23, 2006 and March 20, 2006, closed today. The Company issued 27,000,000 common shares at $0.58 per share for gross proceeds of $15.66 million. The proceeds will be directed toward the rehabilitation of the Bong Mieu Underground, the development of the Dak Sa underground at the Phuoc Son property, exploration drilling, and general corporate purposes. All securities issued in connection with the private placement will be subject to a four-month hold period expiring on August 1, 2006.

Paradigm Capital Inc., M Partners Inc. and CIBC World Markets Inc. acted as agents for the financing and were paid a cash commission equal to 7% of the gross proceeds of the private placement and received compensation warrants equal to 7% of the aggregate number of common shares issued. Each compensation warrant is exercisable for one common share of the Company at $0.58 for a period of two years following closing.

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

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.

This press release does not constitute an offer to sell or a solicitation to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("the U.S. Securities Act") or any state securities law and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

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 TF: 1 (888) 902-5522
    (416) 572-4202 (FAX)
    or
    Olympus Pacific Minerals Inc.
    Erik H. Martin
    Chief Financial Officer
    (416) 572-2525 or TF: 1 (888) 902-5522
    (416) 572-4202 (FAX)
    or
    Olympus Pacific Minerals Inc.
    James (Jim) Hamilton
    Corporate Communications
    (416) 572-2525 or TF: 1 (888) 902-5522
    (416) 572-4202 (FAX)
    www.olympuspacific.com