Olympus Pacific Minerals Inc.

Olympus Pacific Minerals Inc.

November 09, 2006 10:52 ET

Olympus Opens Up Bong Mieu Underground With Exploration Decline

- Portal construction is underway for new underground access to the Bong Mieu Underground Deposit. - The mineralization is extensive, having a known strike length in excess of 2.0 kilometres. - Extensions to the deposit remain open down plunge and along strike.

TORONTO, ONTARIO--(CCNMatthews - Nov. 9, 2006) - Olympus Pacific Minerals Inc. (TSX:OYM)(Frankfurt:OP6) is pleased to report that construction of a new portal is well underway and that approximately 12 metres of excavation have been completed on the decline which will provide new access to the BM Underground deposit (Nui Kem) located along the South Trend at the Bong Mieu Gold Property. The underground development will total approximately 450 metres.

Once completed, the new underground development will provide a platform to allow underground exploration drilling of the down plunge extent of the deposit. Initially, this program will focus on the eastern portion of deposit but will be extended systematically along the entire 2 km strike length.

Country Manager, Charlie Barclay, said, "The development will have the added benefit of being able to access the old mine workings in order to mine existing ore which was left behind when the mine originally closed in 1942 as a result of the second world war. An ore block has already been prepared through the old accesses and early revenue will be generated once the new decline reaches the ore horizon.

Roger Dahn, VP Exploration, added, "We are very excited to be able to access this large and persistent structure from underground. Widely spaced surface exploration holes completed in 2005 have already successfully confirmed the down-dip continuation of the main deposit structure over a strike length of 1.7 kilometres. Proceeding with a combined underground and surface exploration approach will be the most cost effective method to define and further expand the large scale potential of this deposit. Plus, to have the development funded by opening the deposit for the Bong Mieu plant is just an exceptional opportunity. "

Surface exploration programs along the South Trend in 2007 will also test the large-scale potential of the mineralized trend by following up:

- The near surface extension of the deposit as indicated by recent assay results of 11.74 g/t gold over 1 metre from surface channel sampling located more than 300 metres west of the underground workings; and

- The occurrence of stacked high-grade mineralization including 56.90 g/t gold over 1.2 metres located about 100 metres vertically above the main deposit (OYM Press released dated Nov. 2, 2006).

To view Bong Mieu outline map and photo of Nui Kem portal construction in progress please follow the link http://www.ccnmatthews.com/docs/oym1109.pdf.

The Company has two major projects-the 85% owned Phuoc Son project and the 80% owned Bong Mieu Gold property-located in central Vietnam along the Phuoc Son-Sepon Suture. This Suture hosts other world-class deposits such as Oxiana's Sepon Deposit to the east. Bong Mieu to date contains three known deposits and Phuoc Son two known deposits.

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.

Resource Status Note: Updated by Olympus (March 2005) from the prior mineral resource estimates prepared by Watts, Griffis and McOuat ('WGM") in accordance with National Instrument 43-101 and the Council of the Canadian Institute of Mining, Metallurgy and Petroleum definitions standards. The resource totals include historical resource estimates. The Technical Report to accompany these historical resource estimates was the pre-feasibility study compiled in 1996 by Continental Resource Management Pty Ltd., acting as independent resource consultants. These estimates have been reviewed by Watts, Griffis and McOuat ("WGM") in 1997 and were found to have been carried out in a manner consistent with standard practice in the industry at the time. WGM considered the estimates to be relevant and of historic significance. A copy of the Technical Report titled A Technical Review of the Bong Mieu Gold Project in Quang Nam Province, Vietnam dated September 17, 2004 by WGM can be found in the Company's filings at www.sedar.com.

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.

Contact Information

  • Olympus Pacific Minerals Inc.
    David Seton
    Chairman & CEO
    (416) 572-2525 or Toll Free: 1-888-902-5522
    (416) 572-4202 (FAX)
    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