Olympus Pacific Minerals Inc.
FRANKFURT : OP6
TSX : OYM

Olympus Pacific Minerals Inc.

April 17, 2007 13:00 ET

Olympus-Drilling to Commence on Two New Zones at Bong Mieu

TORONTO, ONTARIO--(CCNMatthews - April 17, 2007) - Olympus Pacific Minerals Inc. (TSX:OYM)(FRANKFURT:OP6) -

HIGHLIGHTS:

- A new upper vein above the Bong Mieu underground has been identified with surface mineralization including 68.6 g/t gold and 26.8 silver over 1.2 meters.

- Mineralization consists of a shallow dipping vein zone intermittently exposed over a 650 meter strike length.

- In the Northwest area prospect sampling over a 450 meter by 200 meter area has outlined significant alteration with anomalous gold values to 26.90 g/t gold in outcrop and float.

- First phase drill programs planned to test continuity of these near surface targets.

Bong Mieu Gold Property

- Mr. Roger Dahn, VP Exploration expects a delay in preparing the updated resource statement from our successful 3,020-meter drill program at Bong Mieu East Deposit. The delay is due to minor revisions being made within the initial report that was submitted to Micon International. The NI 43-101 resource update is expected to be available within the next 4 to 6 weeks.

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

BM UNDERGROUND

Follow-up of high-grade mineralization identified on the south trend which hosts the BM underground deposit (OYM press release dated November 2, 2006) has returned encouraging results. The vein zone, as intermittently exposed on surface, has now been defined over 650 meters of strike length.

Assay highlights from the geological mapping and sampling of recent local artisan exposures include individual chip samples of 68.6 g/t gold over 1.2 meters, 24.7 g/t gold over 1.4 meters and 17.0 g/t gold over 1.2 meters from Adit D.

A first phase drill program consisting of nine shallow holes will be completed to test the continuity of this near surface mineralization. The zone is located approximately 100 meters above the main Bong Mieu underground deposit (Nui Kem). This confirms expectations that there are a number of parallel horizons to the main zone.

The average grade of the vein zone is summarized below, complete assay results are outlined in the attached table and figure.



Adit A: 6.04 g/t gold and 5.52 g/t, silver over 0.84 meters.
Adit B: 6.69 g/t gold and 9.00 g/t silver over 1.10 meters
Adit D: 30.76 g/t gold and 14.12 g/t silver over 0.97 meters
Adit G: 12.65 g/t gold and 2.98 g/t silver over 0.45 meters
Adit H: 10.39 g/t gold and 3.66 g/t silver over 0.47 meters
Adit I: 2.99 g/t gold and 1.00 g/t silver over 0.50 meters
Adit K: 2.55 g/t gold and 2.55 g/t silver over 0.50 meters
Adit L: 10.34 g/t gold and 5.94 g/t silver over 0.47 meters


The mineralized vein zone is hosted within altered metasediments and trends roughly east - west. The zone is shallow dipping (20 to 40 degrees) to the south.

BONG MIEU NW.

Also targeted for exploration drilling is the Northwest area prospect where sampling over a 450 meter by 200 meter area has outlined significant alteration with anomalous gold values to 26.90 g/t gold in outcrop and float (OYM Press Release November 2, 2006). The Northwest prospect is situated on the 6km long North trend which also hosts the BM East deposits and Thac Trang NE occurrence. http://www.ccnmatthews.com/docs/oym0417.pdf

The Company's 80% owned Bong Mieu Gold property is located in central Vietnam. Bong Mieu to date contains three known gold 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, 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.

OLYMPUS FOFI DISCLAIMER

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act, including statements concerning our plans at our Vietnamese mineral projects, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, failure to establish estimated resources or to convert resources to mine able reserves; the grade and recovery of ore which is mined varying from estimates; capital and operating costs varying significantly from estimates; delays in obtaining or failure to obtain required governmental, environmental or other project approvals; changes in national and local government legislation or regulations regarding environmental factors, royalties, taxation or foreign investment; political or economic instability; terrorism; inflation; changes in currency exchange rates; fluctuations in commodity prices; delays in the development of projects; shortage of personnel with the requisite knowledge and skills to design and execute exploration and development programs; difficulties in arranging contracts for drilling and other exploration and development services; dependency on equity market financings to fund programs and maintain and develop mineral properties; risks associated with title to resource properties due to the difficulties of determining the validity of certain claims and other risks and uncertainties, including those described in each management discussion and analysis. In addition, forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; the availability of permits and surface rights; access to financing, equipment and labour and that the political environment within Vietnam will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information

  • Olympus Pacific Minerals Inc.
    David Seton
    Chairman & CEO
    (416) 572-2525 or Toll Free: 1-888-902-5522
    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