Olympus Pacific Minerals Inc.
FRANKFURT : OP6
TSX : OYM

Olympus Pacific Minerals Inc.

November 23, 2006 13:53 ET

Olympus Expands Regionally Into Northern Philippines

HIGHLIGHTS: - Capcapo gold property is strategically located north of the prolific Baguio-Mankayan Gold District which has combined production, current reserves and resources in excess of 60 million ounces of gold. - Field verification program includes trench channel sample results of 6.78 g/t Au over 20 meters '65 feet' - Philippine partner Abra Mining & Industrial Corporation 'AMIC' provides strong local partnership. - Drilling to start in the 1st quarter of 2007.

TORONTO, ONTARIO--(CCNMatthews - Nov. 23, 2006) - Olympus Pacific Minerals Inc. (TSX:OYM)(FRANKFURT:OP6) is pleased to announce that the Company has entered into an agreement, subject to completion of due diligence, whereby the Company and Philippine interests associated with the Company can earn a 60% interest in the Capcapo Project, located in Abra Province, Northern Luzon, Philippines.

Recent results from Olympus' field verification program of the main prospect returned channel sampling assays of 6.78 g/t gold and 8.36 g/t silver over 20 meters (65 feet) from previous excavated trenches. These assay results confirmed the surface mineralization documented by AMIC. In addition, other prospects on the property have been identified through previous reconnaissance work by AMIC.

To view the Project Location Map follow:

http://www.ccnmatthews.com/docs/olympus1123.pdf.

Roger Dahn, VP Exploration, states, "We are excited about the major potential at Capcapo and our strategic partnership with AMIC. This project area has all the similar characteristics as the Baguio District but has remained virtually unexplored to date. We see this land package and partnership as a long-term strategy for Olympus' exploration in the Northern Philippines. Also part of the agreement terms is a right-of-first refusal covering approximately 320 km2 of other AMIC/Jabel Corporation tenements within this highly prospective area."

AMIC's President and Chairman, Jeremias B. Beloy, states, "The entry of Olympus as AMIC's strategic partner signifies the crucial shift of mining activities from the southern part to the northern portion of the Philippines where it is most needed. With Olympus' strength and substance and AMIC's unwavering vision of progress for the region, there can only be greater times ahead not only for Abra Province but also for the Philippines. Finally, work can officially commence to tap the vast resources and potential riches of the property."

Olympus' Chairman, David Seton, said, "This acquisition, which we have been working on for over eight months, is an integral part of our strategy to become a significant regional explorer and developer. I believe our success in negotiating this truly exciting ground is due to our reputation gained by our development work at the Company's advanced projects at Bong Mieu and Phuoc Son in Vietnam."

The Capcapo project includes approximately 43 km2 of mining and exploration tenements held by AMIC and Jabel Corporation (JABEL) within Abra Province, Northern Luzon, Philippines. Road access to the project area is good. Principal terms of the agreement are:

1. Olympus and Philippine interests associated with the Company can earn a 60% interest in the Capcapo Project by making a series of staged cash and share payments to AMIC totaling US$1 million and completing exploration and/or development work totaling US$6 million prior to the 5th anniversary of signing.

2. Once vested, a Joint Venture will be formed to fund and manage the future exploration, development and production on the property.

3. Olympus and Philippine interests associated with the Company will have a right-of-first refusal covering approximately 320 km2 of other AMIC/JABEL tenements in the area.

4. An underlying royalty of 3% of the gross value of production or 6% of the annual profit of the Joint Venture, whichever is higher, shall be paid to JABEL commencing 1 year after full commercial production.

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. McPhar Geoservices (Philippines).Inc. in Makati City, Philippines, performed the 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