Olympus Pacific Minerals Inc.
TSX VENTURE : OYM
FRANKFURT : OP6

Olympus Pacific Minerals Inc.

September 12, 2005 14:09 ET

Olympus Pacific Closes Private Placement Of Approx. $6.0 Million

TORONTO, ONTARIO--(CCNMatthews - Sept. 12, 2005) -

NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES.

Olympus Pacific Minerals Inc. (TSX VENTURE:OYM)(FRANKFURT:OP6) is pleased to announce that it has closed its previously announced non-brokered private placement for gross proceeds of $5,983,500.00. A total of 19,945,000 common shares were issued at price of CDN $0.30 per common share. The common shares issued pursuant to the private placement are subject to a four-month hold period expiring January 10, 2006.

The net proceeds of the private placement will be used towards Olympus' development and exploration activities in Vietnam as well as to pay down the US $2.2 million loan facility arranged by Dragon Capital Markets earlier in the year for Olympus' 80% owned subsidiary and for general corporate purposes.

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 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 can be found at the Company's website, www.olympuspacific.com.



On behalf of the Board of
OLYMPUS PACIFIC MINERALS INC.

"David A. Seton"

David A. Seton
Chairman and Chief Executive Officer


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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Olympus Pacific Minerals Inc.
    David A. Seton
    Chairman and CEO
    (416) 572-2525 or Toll-Free: (888) 902-5522
    (416) 572-4202 (FAX)
    or
    Olympus Pacific Minerals Inc.
    Erik H. Martin
    CFO
    (416) 572-2525 or Toll-Free: (888) 902-5522
    (416) 572-4202 (FAX)
    info@olympuspacific.com
    www.olympuspacific.com