Olympus Pacific Minerals Inc.
TSX VENTURE : OYM

Olympus Pacific Minerals Inc.

July 13, 2005 09:18 ET

Olympus Pacific Intersects High Grade Gold Mineralization at Dak Sa

TORONTO, ONTARIO--(CCNMatthews - July 13, 2005) - Olympus Pacific Minerals Inc. (TSX VENTURE:OYM)(FWB:OP6) announced today results from ongoing exploration programs on the Phuoc Son and Bong Mieu Gold Properties located in central Vietnam. To date, a total of five deposits have been delineated on these properties.

Phuoc Son Gold Property

Eleven exploration and in-fill holes totalling 1,918 metres have been drilled to upgrade and expand the resources of the Dak Sa underground project.

- Exploration and step-out drilling in the Dak Sa-2 (Bai Go) deposit area have successfully shown that the deposit remains open to the north and south.

- Drilling along strike to the north (hole 41) confirmed that the mineralized system remains open 50 metres and that the favourable ore host geology, alteration, veining and structure remain open 500 metres to the North (hole 131). A 1.0 kilometre strike length remains untested.

- Hole 132, drilled approximately 25 metres south of the current resource outline, intersected high grade mineralization assaying 134.72 g/t gold over 2.51 metres (3.93 oz./ton over 8.23 feet).

Hole 41 (originally drilled in 2000) located some 50 metres north of the deposit, was deepened by 58 metres. A 2.4 metre thick quartz vein zone that correlates with the deposit mineralization, returned assays of 26.3 g/t gold over 0.23 metres. Hole 68, which penetrated 3.49 g/t gold over 3.2 metres, including 6.58 g/t gold over 1.55 metres approximately 125 metres down-dip of hole 41-extension confirms that the mineralized system remains open to the north. (OYM press release dated May 24, 2005). Hole 131, drilled 500 metres further along strike to the north, penetrated a six-metre wide vein system at the equivalent geological contact that hosts the deposit. The vein system returned anomalous gold values in the 100 to 300 ppb range.

Results from the in-fill drilling on the Dak Sa-1 (Bai Dat) deposit include:

- 8.85 g/t gold over 5.2 metres, 11.13 g/t gold over 8.0 metres, 39.28 g/t gold over 3.05 metres and 23.97 g/t gold over 4.70 metres in holes 121,122, 126 and 127, respectively.

The program was designed to improve the definition of the mineralization and upgrade the confidence in grade distribution within select areas of the deposit, a prerequisite for upgrading these resource areas to indicated category suitable for inclusion in a feasibility study. Updated resource estimates are currently being completed.

These results demonstrate the excellent upside potential in the Dak Sa area.

Mineralization in the Dak Sa area is dominantly hosted within quartz veins and intense silica replacement zones contained within an altered sequence of sedimentary schist, marble and minor ultramafic and mafic rocks that dip moderately to the west.

Bong Mieu Gold Property

Five widely spaced exploration holes totaling 1,329 metres have been completed in the Bong Mieu-3 deposit located approximately 1.5 km from the Bong Mieu-1 (Ho Gan open-pit) deposit.

- The drill program has successfully confirmed the down-dip continuation of the main Bong Mieu-3 (Nui Kem) structure over a strike length of approximately 1.7 kilometres and to a depth of 250 metres below the deepest underground development level; and

- anomalous gold assays ranging from 1.65 g/t to 2.68 g/t.

The BM-3 structure was intersected in each hole and ranged from 1.0 to 3.5 metres in thickness. Hole 3 also penetrated a 4.0 metre thick altered zone on surface that assayed 3.96 g/t gold over 1.0 metre. Surface work is currently evaluating the extent of this shallow mineralized zone. The mineralization is dominantly hosted by quartz-sulphide veins and shear zones contained within a sequence of altered sedimentary schists that dip shallowly to the south.

Complete assay results from the recent Phuoc Son and Bong Mieu drilling are set out on the attached tables. The technical information in this release has been reviewed by Mr. Roger Dahn, Vice-President-Exploration of Olympus Pacific Minerals Inc., a Qualified Person as defined by National Instrument 43-101. Sketches showing the location of the drill holes together with a copy of this release and additional Olympus Pacific information can be found at the Company's website www.olympuspacific.com.

Olympus Pacific Minerals Inc. is an international mining exploration and development company focused on the exceptional mineral potential of Vietnam and the surrounding region.



On behalf of the Board of
OLYMPUS PACIFIC MINERALS INC.

"David A. Seton"

David A. Seton
Chairman


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.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred resources will be converted to measured and indicated categories through further drilling, or into mineral reserves once economic considerations are applied.

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.

See Attached Tables and Figures



Phuoc Son Gold Property (Dak Sa Project Area)

Dak Sa-2 (Bai Go) Deposit Area Drill Program Results
(greater than 1 g/t Gold)
------------------------------------------------------------
Gold
Core Grade
From To Width (g/t)
HOLE ID (m) (m) (m) Uncut
------------------------------------------------------------
DSDH 41 ext (a) 200.20 200.43 0.23 26.30
------------------------------------------------------------
DSDH 130 (a) 88.00 95.25 7.25 2.28
including 94.50 95.25 0.75 4.79
110.05 110.40 0.35 17.00
------------------------------------------------------------
DSDH 132 52.00 54.51 2.51 134.72
including 52.00 52.57 0.57 107.10
and 52.57 53.25 0.68 4.34
and 53.25 53.84 0.59 157.5
and 53.84 54.51 0.67 270.5

58.00 58.18 0.18 3.35
72.20 73.00 0.80 4.85
79.96 80.86 0.90 2.48
------------------------------------------------------------
Notes:
(a) - Drill results released by OYM on May 24, 2005.
(1) - All holes were drilled at an inclination of -90
degrees.
(2) - Based on current geological interpretation of the
drilling results, core widths approximately reflect true
widths. Additional drilling is required before definitive
true widths can be determined.
(3) - All assays were performed by the Mineral Assay and
Service Co. Ltd. (MAS Laboratory) located in Bangkok,
Thailand using the Fire Assay method on 50 grams of prepared
sample. The MAS Laboratory is certified by the Thailand
Department of Industrial Works and Ministry of Industry.
------------------------------------------------------------


Dak Sa-1 (Bai Dat) Deposit In-Fill Drill Program Results
(greater than 1 g/t Gold)
------------------------------------------------------------
Gold
Core Grade
From To Width (g/t)
HOLE ID (m) (m) (m) Uncut
------------------------------------------------------------
DSDH 121 109.5 114.7 5.20 8.85
------------------------------------------------------------
DSDH 122 98.00 106.00 8.00 11.13
------------------------------------------------------------
DSDH 124 163.65 166.65 3.00 4.89
including 164.30 164.85 0.55 16.20
------------------------------------------------------------
DSDH 125 207.2 207.4 0.2 4.06
------------------------------------------------------------
DSDH 126 168.35 171.4 3.05 39.28
------------------------------------------------------------
DSDH 127 218.5 223.2 4.70 23.97
------------------------------------------------------------
DSDH 128 218.85 219.3 0.45 17.90
------------------------------------------------------------
DSDH 129 183.00 185.50 2.50 5.07
------------------------------------------------------------
Notes:
(1) - All holes were drilled at an inclination of -90
degrees.
(2) - Based on current geological interpretation of the
drilling results, core widths approximately reflect true
widths. Additional drilling is required before definitive
true widths can be determined.
(3) - All assays were performed by the Mineral Assay and
Service Co. Ltd. (MAS Laboratory) located in Bangkok,
Thailand using the Fire Assay method on 50 grams of prepared
sample. The MAS Laboratory is certified by the Thailand
Department of Industrial Works and Ministry of Industry.
------------------------------------------------------------


Bong Mieu Gold Property

-----------------------------------------------------
BM-3 (Nui Kem) Deposit Area Drill Program Results
(greater than 1 g/t Gold)
-----------------------------------------------------
True
Width
Hole ID From (m) To (m) (m) g/t
-----------------------------------------------------
NKDD 001 198.20 199.50 1.30 1.71
301.25 302.40 1.15 1.65
-----------------------------------------------------
NKDD 003 0.00 4.00 4.00 1.21
including 1.50 2.50 1.00 3.96
-----------------------------------------------------
NKDD 004 197.50 198.00 0.50 2.20
-----------------------------------------------------
NKDD 005 223.10 224.05 0.95 2.68
-----------------------------------------------------
Notes:
(1) - All the holes were drilled to the north at an
azimuth of 0 degrees and inclined at -70 degrees.
(2) - Based on current geological interpretation of
the drilling results, core widths accurately reflect
true widths.
(3) - All assays were performed by the Mineral Assay
and Service Co. Ltd. (MAS Laboratory) located in
Bangkok, Thailand using the Fire Assay method on 50
grams of prepared sample. The MAS Laboratory is
certified by the Thailand Department of Industrial
Works and Ministry of Industry.
-----------------------------------------------------


NOTE: There are Figures available on CCNMatthews' website at:

http://www2.ccnmatthews.com/database/fax/2000/oym1.pdf

http://www2.ccnmatthews.com/database/fax/2000/oym2.pdf

http://www2.ccnmatthews.com/database/fax/2000/oym3.pdf

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Contact Information

  • Olympus Pacific Minerals Inc.
    Erik H. Martin
    Chief Financial Officer
    (416) 572-2525 or Toll-Free: 888-902-5522
    (416) 572-4202 (FAX)
    or
    Olympus Pacific Minerals Inc.
    David Seton
    Chairman
    +64 21 920458
    info@olympuspacific.com
    www.olympuspacific.com