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

Olympus Pacific Minerals Inc.

August 19, 2005 14:59 ET

Olympus Pacific To Raise Up To CDN $6.3 Million

TORONTO, ONTARIO--(CCNMatthews - Aug. 19, 2005) -

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

Olympus Pacific Minerals Inc. ("Olympus") (TSX VENTURE:OYM)(FRANKFURT:OP6) is pleased to announce, subject to regulatory approval, a non-brokered private placement (the "Private Placement") to raise gross proceeds of up to CDN $6.3 million. A total of 21 million common shares are being offered at a price of CDN $0.30 per common share. The net proceeds of the Private Placement will be used towards Olympus' exploration activities in Vietnam and for general corporate purposes.

The Private Placement is expected to close shortly after receipt of regulatory approval.

Olympus also announces that its Board of Directors has authorized the issuance of 6,230,000 stock options to its directors, officers, employees and key consultants. All options will be exercisable at a price of $0.32.

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