Olympus Pacific Minerals Inc.
TSX : OYM

Olympus Pacific Minerals Inc.

December 18, 2006 13:00 ET

Olympus' Takeover Target Completes Stage 1 Exploration on Na Pai Gold Project, N. Vietnam

HIGHLIGHTS: - OLYMPUS' TAKEOVER TARGET COMPLETES STAGE 1 EXPLORATION AT THE NA PAI GOLD PROJECT.

TORONTO, ONTARIO--(CCNMatthews - Dec. 18, 2006) - Olympus Pacific Minerals Inc. (TSX:OYM), announced, on November 24, 2006, its intended takeover offer for ASX listed Zedex Mineral Limited, an Asian regional mineral explorer. To assist Olympus' shareholders to further understand the scope of Zedex's exploration assets, we have provided a link http://www.ccnmatthews.com/docs/1218zdx.pdf to that company's recent press release (December 14, 2006) regarding its Na Pai Gold Project in N.Vietnam.

It is noted, that the scientific or technical information in the original Zedex press release has been prepared under the 2004 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code) which is similar to the National Instrument 43-101 " Standards of Disclosure for Mineral Projects" in Canadian jurisdictions. Unless, otherwise noted, the technical information in the original Zedex release dated, December 14, 2006, has been reviewed by Mr. Roger Dahn, Vice President Exploration, a Qualified Person as defined by National Instrument 43-101."

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

OLYMPUS FOFI DISCLAIMER

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act or forwarding- looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 of the United States, 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 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. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information

  • Olympus Pacific Minerals Inc.
    David Seton
    Chairman & CEO
    (416) 572-2525 or Toll Free: 1-888-902-5522
    (416) 572-4202 (FAX)
    or
    Olympus Pacific Minerals Inc.
    Jim Hamilton
    Corporate Communications Manager
    (416) 572-2525 or Toll Free: 1-888-902-5522
    (416) 572-4202 (FAX)
    Email: info@olympuspacific.com
    Website: www.olympuspacific.com