Olympus Pacific Minerals Inc.

Olympus Pacific Minerals Inc.

July 15, 2005 17:34 ET

Olympus Pacific Announces Appointment of Colin Patterson

TORONTO, ONTARIO--(CCNMatthews - July 15, 2005) - Olympus Pacific Minerals Inc. (TSX VENTURE:OYM)(FRANKFURT:OP6) -

David A. Seton, Chairman of the Board of Olympus Pacific Minerals Inc., is pleased to announce the appointment of Colin David Patterson as President, replacing Joseph J. Baylis who has held the position since April 2003.

Mr. Patterson is a professional engineer with over thirty years in the mining industry, having worked extensively as Operations Manager and General Manager for some of the world's largest and successful mining operations in South Africa and Australasia. From 1991 to 2000, he was Managing Director of Emperor Mines that assumed control of Western Mining. Thereafter he has owned and managed a consulting firm involved in numerous projects for clients worldwide including South Africa, Australia, Vietnam, Fiji, Malaysia, China and Japan. In order to assume the role of President of Olympus Pacific Minerals Inc., he has resigned as of this date as Managing Director of Zedex Minerals (a 15.5% shareholder of OYM), a position he has held since January 2004. He is currently a non-executive Director of Odin Mining and Phoenix Gold Fund in Malaysia.

Mr. Patterson is a Chartered Professional Mining Engineer (Australia) and holds degrees in Mining Engineering from the University of Witswatersrand and Business Economics and Finance from the University of South Africa. He is a fellow of the Australian Institute of Mining and Metallurgy and a member of the South African Council of Professional Engineers.

"Colin's experience in the industry spans virtually every aspect from exploration, design and production to senior management and finance" adds David Seton, Chairman and CEO. "He has been credited for the successful turnaround of operations on the verge of closure to sustained profitability and we welcome him as the first of our deposits on the Bong Mieu Gold property enters production in the third quarter of this year."

The Board of Directors extends its appreciation to Joseph Baylis, who has stepped down as President and Chief Executive Officer and as a director, for his significant contributions during the past several years and is pleased that he will be available to Olympus on a consultancy basis. Mr. Baylis joined Olympus in April 2003 with the corporate objective of reorganizing and moving Olympus forward. During his tenure, the company has been repositioned with an experienced management team, significant exploration results obtained and the Bong Mieu Gold property now poised to commence production. Bong Mieu will be the first foreign, publicly owned mine to be brought into production in Vietnam since the country began to open its economy in 1986.

Olympus Pacific Minerals Inc. is an international mining exploration and development company focused on the exceptional mineral potential of Vietnam and the surrounding region. The Company's properties include the Phuoc Son and Bong Mieu Gold properties, which are both located in central Vietnam. To date, a total of five deposits have been delineated on these properties. Additional information about the Company's properties and Olympus Pacific can be found at the Company's website, www.olympuspacific.com.

Contact Information

  • Olympus Pacific Minerals Inc.
    David A. Seton
    Chairman & CEO
    (416) 572-2525 or Toll-Free: 888-902-5522
    Olympus Pacific Minerals Inc.
    Erik H. Martin
    Chief Financial Officer
    (416) 572-2525 or Toll-Free: 888-902-5522
    (416) 572-4202 (FAX)