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

Olympus Pacific Minerals Inc.

October 27, 2005 11:10 ET

Olympus Commissions Modern Gold Plant-Vietnam's First

TORONTO, ONTARIO--(CCNMatthews - Oct. 27, 2005) - Olympus Pacific Minerals Inc. (TSX VENTURE:OYM)(FRANKFURT:OP6) is pleased to announce that construction of the Bong Mieu gold mine has been completed on budget and on schedule.

The process plant is now being optimised and is expected to achieve the designed Stage 1 production capacity of 500 tpd in December this year weather permitting. Initial production will use relatively low-grade feedstock until the plant has settled in. Progressively higher-grade ores will be introduced, as plant throughput and gold recovery are brought up to design specifications. The Stage 2 production expansion to 800 tpd capacity is scheduled next year.

Importantly, the timely commissioning of the Bong Mieu mine will enable the previously reported US$3.25 million expansive exploration program on the Company's two flagship properties (OYM press release dated October 5, 2005) to be substantially funded from the projected net operating profit of US$350,000 per month.

The Company's CEO, David Seton, said, "Since only a very small part of the apparent exploration potential of the Company's two main properties at Bong Mieu and Phuoc Son has been tested to date by drilling, it is envisaged that this early commissioning of production operations will facilitate the extensive drilling program that these properties demand."

The Company's President, Colin Patterson, remarked, "I am extremely pleased that the first modern commercial-scale gold plant in Vietnam has been completed on budget and in such a short time. From the decision to mine to completion took only nine months. Even taking account of planned downtime due to the expected seasonal rains, the team expects to have the plant at designed capacity in December--that will be an excellent result."

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 value.

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.

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 (888) 902-5522
    or
    OLYMPUS PACIFIC MINERALS INC.
    Erik H. Martin
    Chief Financial Officer
    (416) 572-2525 or (888) 902-5522
    (416) 572-4202 (FAX)
    info@olympuspacific.com
    www.olympuspacific.com