Olympus Pacific Minerals Inc.
TSX : OYM

Olympus Pacific Minerals Inc.

November 28, 2006 12:48 ET

Olympus Drilling Once Again Doubles Strike Length at High Grade Phuoc Son Property

TORONTO, ONTARIO--(CCNMatthews - Nov. 28, 2006) - Olympus Pacific Minerals Inc. (TSX:OYM) -

HIGHLIGHTS:

- North deposit strike length doubled to 600 metres and remains open to the north and south

- Feasibility Study now being re-assessed with view to increasing production capacity.

Olympus Pacific Minerals Inc. (TSX:OYM) is pleased to report further positive drill results from ongoing exploration on the Phuoc Son Gold property. The Company plans continued step-out drilling.

At the North deposit, four 50 to 100 metres step-out holes have extended the mineralized zone an additional 300 metres north of hole 179 which returned 10.99 over 3.01 metres (OYM Press release dated September 26, 2006). A highlight of the step out drilling is hole 204, the most northern, with assays of 38.81 g/t gold over 1.25 metres. The deposit currently has a defined strike length of 600 metres and remains open.

Olympus President, Colin Patterson, said, "In light of the continuing exploration success, the Feasibility Study, which is nearing completion, is being re-assessed with a view to increasing through-put capacity."

VP-Exploration, Roger Dahn, added, "Phuoc Son continues to deliver on its considerable potential. The high hit rate and continuity of mineralization confirms our belief that this is a large system."

Assay highlights from the recent phase of drilling are outlined in the table below and set out in the follow link http://www.ccnmatthews.com/docs/oymmap2.pdf.



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North Deposit
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HOLE ID From (m) To (m) Core Width (m) Gold Grade (g/t)
Uncut
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DSDH 196 316.20 318.00 1.80 4.28
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DSDH 199 232.15 234.00 1.85 8.18
and 244.70 245.00 0.30 7.38
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DSDH 203 249.15 251.75 2.60 0.56
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DSDH 204 270.65 271.90 1.25 38.81
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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, core widths approximately reflect true 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
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The Company's 85% owned Phuoc Son Gold property is located in central Vietnam. Phuoc Son to date contains two known deposits (North and South deposits) and is located along the Phuoc Son-Sepon Suture that hosts 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, and 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.

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)
    Email: info@olympuspacific.com
    Website: www.olympuspacific.com