Olympus Plans Toll Treatment of High Grade Phuoc Son Ore

Olympus Plans Toll Treatment of High Grade Phuoc Son Ore

Friday, August 29th 2008

Olympus Pacific Minerals Inc. announce that the Company has received approval from the Vietnamese authorities to toll treat Phuoc Son ore at its Bong Mieu plant. The Company will source high-grade ore from the Phuoc Son mine in a trial trucking and toll treatment operation. The anticipated increase in production will enable the Company to generate more internal cash flow that could partially or fully fund the development costs at its high-grade Phuoc Son Gold Property and will give the Company greater financing options in ongoing developments at both Phuoc Son and Bong Mieu.

High-grade sulphide ore from the Phuoc Son Gold Property will be trucked and toll treated at the Bong Mieu gold processing plant in trials that have recently commenced. Production trials will continue for 3 months enabling the Company to review operational costs and recoveries before further decisions are made with respect to plant upgrades and production increases.

The Phuoc Son project is located on a plate tectonic zone known as the Phuoc Son Suture Zone (“PSZ”) one of the most important structural controls of gold metallogeny in Central Vietnam. The PSZ hosts other significant deposits including Olympus Pacific’s Bong Mieu project, located some 75 kilometers east-south-east of Phuoc Son, with announced resources of 833,500 ounces gold equivalent and the Sepon project of Oxiana Limited, located some 100 kilometers to the NNW in Laos, which currently has resources of 3.8 million ounces gold and 0.9 million tonnes of copper.

Exploration on the Phuoc Son Property has revealed extensive hydrothermal gold and base metal mineralization related to the emplacement of high-level acid-intermediate intrusives. Numerous gold and polymetallic prospects with economic potential have been delineated within the property.

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.

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