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

Olympus Pacific Minerals Inc.

October 05, 2005 09:30 ET

Olympus Pacific Commences US$3.25 Million Exploration Program

TORONTO, ONTARIO--(CCNMatthews - Oct. 5, 2005) - Olympus Pacific Minerals Inc. (TSX VENTURE:OYM)(FRANKFURT:OP6) announced today that approximately US $3.25 million has been budgeted for exploration programs in S.E. Asia over the next 12 months. The majority of the funds will be directed toward the Bong Mieu and Phuoc Son Gold Properties which are located in central Vietnam. Significant discoveries have been delineated on both of these properties.

Phuoc Son Gold Property

An exploration drill program totalling 4000 metres has recently commenced on the Phuoc Son Gold property which contains two known deposits and is located along the Phuoc Son Suture which also hosts Oxiana's 5.1 million oz. gold equivalent Sepon deposit (Oxiana Presentation, September 27, 2005) to the east in Laos.

Recent drill results at Phuoc Son have shown that both the deposits are open along strike and hold considerable upside potential. Significant recent drill results (OYM press release dated July 13, 2005) include:

- Hole 132 drilled south of the current North deposit resource outline intersected high-grade mineralization assaying 134.72 g/t gold over 2.51 metres.

- Hole 127 drilled in the South deposit area intersected mineralization assaying
23.97 g/t gold over 4.7 metres.

This drill program will aim to expand the resource estimates (OYM press releases dated May 18, 2005 and March 23, 2005) and investigate, for the first time, a new parallel trend that has been identified approximately 1 kilometre to the east where field work, including soil geochemical surveys, geophysics (magnetics and self-potential) and trenching, has confirmed a major west-dipping shear zone that hosts significant thicknesses of vein quartz (+8m). This trend is of similar magnitude as the current trend.

Planned drill program of:

1. Current area of proven deposits:

- follow up the above high-grade intersections along strike which has the potential to significantly expand the resource base of both deposits.

- test strike extension for two new target areas which have similar anomalous soil geochemical and geophysical signatures as the known deposits.

2. East Trend:

- 4 to 6 wide spaced exploration holes are planned as a first pass evaluation of this new structure/setting on the property.

Bong Mieu Gold Property

Exploration:

The drilling program is currently being planned and will be announced shortly.

Pilot Plant:

Construction has been completed at the Bong Mieu pilot plant and commissioning of the plant has commenced. The plant is expected to be fully functional within the next few weeks and will commence production at the planned rate of 500 tpd. Initially low grade material will be used to settle in the plant. Already more than three months of ore has been mined and placed on the stockpile ready for processing. The average grade of the ore on the stockpile is in the order of 3 g/t.

Olympus Pacific Minerals Inc., as first mover in Vietnam, is positioned to become a leading gold explorer in Southeast Asia. Olympus is committed to its vision of making major discoveries in the region and increasing shareholder value.

Unless otherwise noted, the technical information in this release has been prepared and/or reviewed by Mr. Roger Dahn, Vice President Exploration and/or Mr. Rod Murfitt, Director General Vietnam of Olympus Pacific Minerals Inc., who are Qualified Persons as defined by National Instrument 43-101. The Company employs a quality control program designed by Mr. Murfitt to ensure best practices in sampling and analysis of drill core and rock samples. Mr. Murfitt, a qualified person under NI 43-101, reviews all assay results prior to public release. 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.



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Additional information about the Company's properties and Olympus can
be found at www.olympuspacific.com or by reviewing some of Olympus'
most recent press releases:

PHUOC SON OLYMPUS PACIFIC INTERSECTS HIGH GRADE
GOLD MINERALIZATION AT DAK SA July 13/05

OLYMPUS PACIFIC - INDEPENDENT POSITIVE
PRELIMINARY ASSESSMENT STUDY
FOR DAK SA DEPOSIT RECEIVED May 18/05

BONG MIEU OLYMPUS PACIFIC UPDATES EXPLORATION AT
PHUOC SON AND BONG MIEU May 24/05

CORPORATE JON MORDA JOINS OLYMPUS' BOARD OF
DIRECTORS Sept 30/05

OLYMPUS PACIFIC CLOSES PRIVATE
PLACEMENT OF APPROX. $6.0 MILLION Sept 12/05

OLYMPUS PACIFIC ANNOUNCES APPOINTMENT
OF COLIN PATTERSON July 15/05

OLYMPUS PACIFIC COMPLETES US $2 MILLION
DEBT FINANCING June 14/05

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Please see Attached Figures by clicking on the following link: http://www.ccnmatthews.com/docs/opmfigures.pdf

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 Seton
    Chairman & CEO
    (416) 572-2525 or (888) 902-5522
    (416) 572-4202 (FAX)
    or
    Olympus Pacific Minerals Inc.
    Erik H. Martin
    Chief Financial Officer
    (416) 572-2525 or (888) 902-5522
    (416) 572-4202 (FAX)
    or
    Olympus Pacific Minerals Inc.
    Suite 500, 10 King Street East
    Toronto, Ontario M5C 1C3
    info@olympuspacific.com
    www.olympuspacific.com