Olympus Pacific Minerals Inc.
FRANKFURT : OP6
TSX : OYM
OTC Bulletin Board : OLYMF

Olympus Pacific Minerals Inc.

August 20, 2009 09:00 ET

Olympus Receives an Extended Mining Licence at Phuoc Son

TORONTO, ONTARIO--(Marketwire - Aug. 20, 2009) - Olympus Pacific Minerals Inc. (TSX:OYM)(OTCBB:OLYMF)(FRANKFURT:OP6) (the "Company" or "Olympus") -

Mr. David Seton, Chairman, and Chief Executive Officer of Olympus, is pleased to announce that on August 13, 2009 Vietnam's Minister of Mineral Resources and Environment extended the term of the Company's Joint Venture's Mining License 116/GP-BTNMT to July 31, 2011. The original licence was issued on January 23, 2006 for the exploitation of the Dak Sa Gold Mine, Phuoc Duc Commune, Phuoc Son District, Quang Nam Province.

Olympus is now applying for an additional Mining Licence to allow further development outside the extended licence. The new extended mining licence specifically permits Phuoc Son ore to be processed through the Bong Mieu Plant until the end of 2010 at which time the Joint Venture is required to have completed construction of its planned Phuoc Son production facilities.

The Company is presently working on a plan with officials from the Province of Quang Nam to enable continuous trucking of ore from Phuoc Son to Bong Mieu until December 2010 at which time the Company expects to have completed construction of its Phuoc Son plant.

Olympus is a gold exploration and production company employing some 480 employees of which 90% are Vietnamese. Once the Phuoc Son Gold Plant is fully completed, the Company will employ approximately 800-900 workers offering good wages and benefits in the safest possible work environment. The Company believes in Corporate Social Responsibility and cares about the employees and the people who live and work around the mining operations. The Company has contributed to the community in many ways; road improvements, Clean water project (supplies clean water to 500 households) Women Wellness Programs, Agricultural Sustainability Programs, Academic Scholarships, Assistance for Minority Groups, Houses for the Poor and donations to various sport programs.

Olympus is an equal opportunity employer operating two gold mines in central Vietnam near the port city of Da Nang. The Company is a major employer in the area injecting some 20 million USD into the local economy during 2008.

OLYMPUS PACIFIC MINERALS INC.

David A. Seton, Chairman and Chief Executive Officer

OLYMPUS FOFI DISCLAIMER

Certain of the statements made and information contained herein is "Forward-looking information" within the meaning of the Ontario Securities Act, including statements concerning our plans at our Vietnamese mineral projects, which involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is the subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, failure to establish estimated resources or to convert resources to mineable reserves; the grade and recovery of ore which is mined varying from estimates; capital and operating costs varying significantly from estimates; delays in obtaining or failure to obtain required governmental, environmental, or other project approvals; changes in national and local government legislation or regulations regarding environmental factors, royalties, taxation or foreign investment; political or economic instability; terrorism; inflation; changes in currency exchange rates; fluctuations in commodity prices; delays in the development of projects; shortage of personnel with the requisite knowledge and skills to design and execute exploration and development programs; difficulties in arranging contracts for drilling and other exploration and development services; dependency on equity market financings to fund programs and maintain and develop mineral properties; risks associated with title to resource properties due to the difficulties of determining the validity of certain claims and other risks and uncertainties, including those described in each management discussion and analysis. In addition, forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; the availability of permits and surface rights; access to financing, equipment and labour and that the political environment within Vietnam will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information.

Contact Information

  • Olympus Pacific Minerals Inc.
    James W. Hamilton
    Vice-President Investor Relations
    (416) 572-2525 or Toll Free: 1-888-902-5522
    (416) 572-4202 (FAX)