Olympus Pacific Minerals Inc.
FRANKFURT : OP6
TSX : OYM

Olympus Pacific Minerals Inc.

November 02, 2006 14:47 ET

Olympus-Continues Further Vietnam Exploration Success

TORONTO, ONTARIO--(CCNMatthews - Nov. 2, 2006) - Olympus Pacific Minerals Inc. (TSX:OYM)(FRANKFURT:OP6) -

HIGHLIGHTS:

- Drilling intersects significant Gold-Tungsten mineralization at Bong Mieu.

- Surface work outlines new areas of mineralization highlighting the Property's excellent, near surface potential for additional major discoveries and resource expansion.

- Continues on from recent exploration success at Company's second project at Phuoc Son.

Olympus Pacific Minerals Inc. (TSX:OYM)(FRANKFURT:OP6) is pleased to report significant exploration results from ongoing exploration on the Bong Mieu Gold property.

Drill Program

Olympus has recently completed 3,020 metre drill program consisting of 66 shallow holes in the Bong Mieu East deposit area. Drilling results from the program indicate:

- significant tungsten mineralization is associated with the gold bearing zone,

- gold-tungsten (W) grades up to 21.5 g/t gold, 0.79% W for a 30.12 g/t gold equivalent grade over 4.0 metres,

- the associated tungsten greatly enhances the potential value of the mineralization, and

- 275 metre step-out (hole 183) to the north of the BM East deposit encountered similar gold mineralized lithologies, thus significant untested potential exists to the north.

Representative material from both sulfide and oxide ore types has been sent to SGS Lakefield Research (Lakefield) in Canada for preliminary metallurgical test-work. The results of the metallurgical test-work and the updating of the Bong Mieu East resource estimates will be released once available.

The mineralization is hosted by highly altered, veined and sulfide bearing skarn, granite gneiss and schist rocks that dip moderately to the northeast. Assay highlights from the recent phase of drilling are outlined in the table attached to this release. Tables of complete drill assay results can be viewed at http://www.ccnmatthews.com/docs/East-Deposit-Drilling-program.pdf

Surface Exploration

Field exploration programs consisting of geological mapping, prospecting and trenching on the property has identified three new areas of favorable alteration and mineralization warranting further detailed exploration work and drill testing. These surface results indicate the excellent, large-scale, near surface potential of the property.

- Trenching programs returned results of 1.86 g/t gold over 14.0 metres and 8.43 g/t gold over 5.0 metres (Thac Trang NE).

- Surface sampling over a 450 metre by 200 metre area has outlined significant alteration with anomalous gold values including 26.90 g/t gold from grab samples
(Northwest Prospects).

- Channel sample results include 56.90 g/t gold over 1.2 metres and 12.54 g/t gold over 0.70 metres (South Trend Prospects).

- The Company's President, Colin Patterson, said "the ongoing exploration success at Bong Mieu continues to support our decision to build the Bong Mieu Central plant as a pilot operation. We have proven we can operate in Vietnam and that validates our team and the country. Now, as we don't know how large this project could ultimately be, we will need to carefully evaluate any operational expansion plans to ensure that future production capacities are maximized.

- "The real exploration potential of our properties is now being shown." Patterson added, "the company can look forward to realizing the full value of its world-class exploration assets in the region."

The Company's 80% owned Bong Mieu Gold property is located in central Vietnam. Bong Mieu to date contains three known deposits and is located along the Phuoc Son-Sepon Suture hosting such world-class deposits as Oxiana's Sepon deposit to the east.

Olympus Pacific Minerals Inc., as first mover in Vietnam, is positioned to become a leading gold producer and 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, a Qualified Person as defined by National Instrument 43-101. The Company employs a quality control program to ensure best practices in sampling and analysis of drill core and rock samples. 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.

To view a map of the Bong Mieu Gold Property Plan please click on the following link: http://www.ccnmatthews.com/docs/Bong-Mieu-MAP.pdf

Brief highlights of the surface exploration areas are below:

Thac Trang NE

Located along the 6km long North trend which also hosts the BM East deposits and the Northwest area prospects. Trenching programs returned results of 1.86 g/t gold over 14.0 metres and 8.43 g/t gold over 5.0 metres. Two short drill holes (TTNE 1 & 2) were completed to evaluate the trench area. Significant alteration was encountered with the best assay intervals being 0.56 g/t gold over 0.90 metres and 0.58 g/t over 0.70 metres.

Northwest Prospects

Also on the westerly extension of the North Trend, sampling over a 450 metre by 200 metre area has outlined significant alteration with anomalous gold values to 26.90 g/t gold in outcrop and float. Of the 84 grab samples collected in this area over 40% returned anomalous values greater than 0.20 g/t gold. Of these samples, 30% were great than 1.0 g/t gold with highs of 3.19 g/t, 5.31 g/t, 6.46 g/t, 7.73 g/t, 11.70 g/t and 26.90 g/t gold.

South Trend Prospects

Sampling of mineralization recently exposed by local artisan activity returned high grade results from two separate vein systems along the South Trend. The South Trend also hosts the Bong Mieu underground deposit (Nui Kem) and the Central deposit. From Area A, significant channel sample results include 56.90 g/t gold over 1.2 metres and 12.54 g/t gold over 0.70 metres. Activities in Area B, located approximately 1500 metres to the west, have exposed what is interpreted to be the westerly extension of the main Nui Kem orebody on surface. The exposed vein returned assay results of 11.74 g/t gold over 1.0 metres and 2.78 g/t gold over 0.5 metres.

To view a map of the East Deposit Plan please click on the following link:
http://www.ccnmatthews.com/docs/East-deposit-gold.pdf




East Deposit Area -- Assay Highlights
-------------------------------------
--------------------------------------------------------------------------
HOLE Easting Northing From Core Au W Au Equivalent (A)
Width (includes W value)
(UTM) (UTM) (m) (m) (g/t) (%) (g/t)
--------------------------------------------------------------------------
HRDD168 224471 1705188 10.0 4.0 21.5 0.79 30.12
--------------------------------------------------------------------------
HRDD169 224442 1705230 11.0 6.0 3.43 0.26 6.27
--------------------------------------------------------------------------
HRDD170 224407 1705269 28.0 4.0 5.42 0.21 7.71
--------------------------------------------------------------------------
HRDD174 224492 1705200 17.5 4.85 2.48 0.14 4.01
and 32.0 3.0 2.7 0.15 4.34
--------------------------------------------------------------------------
HRDD176 224514 1705213 30.0 2.0 1.77 0.33 5.37
and 33.0 5.0 2.02 0.21 4.31
--------------------------------------------------------------------------
HRDD177 224484 1705167 0.0 4.0 1.57 0.07 2.33
--------------------------------------------------------------------------
HRDD178 224422 1705220 0.0 10.0 2.36 0.4 6.73
and 11.0 2.0 2.43 0.22 4.83
--------------------------------------------------------------------------
HRDD180 224386 1705256 13.0 3.0 1.31 0.22 3.71
--------------------------------------------------------------------------
HRDD181 224463 1705244 16.0 9.0 3.08 0.21 5.37
and 29.0 1.0 15.4 0.54 21.29
--------------------------------------------------------------------------
HRDD183 224791 1705528 74.3 2.0 1.26 ---- ----
(240(degrees)
Az @ -60
(degrees))
--------------------------------------------------------------------------
HRDD186 224367 1705244 11.0 3.0 7.18 0.4 11.55
--------------------------------------------------------------------------
HRDD192 224441 1705143 10.0 2.0 3.25 0.58 9.58
--------------------------------------------------------------------------
HRDD193 224339 1705232 0.0 3.0 1.2 0.16 2.95
and 9.0 2.0 2.38 0.24 5.00
--------------------------------------------------------------------------
HRDD194 224371 1705198 0.0 4.0 2.05 0.11 3.25
and 8.0 4.9 1.41 0.47 6.54
and 14.6 4.55 2.23 0.14 3.76
--------------------------------------------------------------------------
HRDD200 224351 1705185 5.0 1.2 2.97 0.1 4.06
and 7.9 3.1 2.87 0.25 5.60
--------------------------------------------------------------------------
HRDD201 224299 1705261 17.0 4.0 2.74 0.2 4.92
and 12.0 2.5 3.37 0.21 5.66
--------------------------------------------------------------------------
HRDD205 224292 1705315 21.0 3.0 3.19 0.24 5.81
--------------------------------------------------------------------------
HRDD208 224222 1705332 0.0 4.0 6.82 0.21 9.11
--------------------------------------------------------------------------
HRDD210 224259 1705269 5.0 3.0 2.71 0.24 5.33
--------------------------------------------------------------------------


Notes:

(1) - All holes were drilled at an inclination of -90 degrees unless otherwise stated.

(2) - Based on current geological interpretation of the drilling results, true widths approximately reflect 85% core widths. Additional drilling is required before definitive true widths can be determined.

(3) - All assays were performed by the Mineral Assay and Service Co. Ltd. (MAS Laboratory) located in Bangkok, Thailand using the Fire Assay method on 50 grams of prepared sample. The MAS Laboratory is certified by the Thailand Department of Industrial Works and Ministry of Industry.

(A)- Gold Equivalent g/t values including tungsten (W) credits was calculated at a gold price of $575 US per ounce and tungsten price of $160 US per mt (metric tonne unit) which reflects the 2 year mid-price of the APT European free market quote as supplied by the Metal Bulletin.

Contact Information

  • Olympus Pacific Minerals Inc.
    David Seton
    Chairman & CEO
    (416) 572-2525 or Toll Free: 1-888-902-5522
    (416) 572-4202 (FAX)
    or
    Olympus Pacific Minerals Inc.
    Jim Hamilton
    Corporate Communications Manager
    (416) 572-2525 or Toll Free: 1-888-902-5522
    (416) 572-4202 (FAX)
    Website: www.olympuspacific.com