Olympus' Bong Mieu Gold Mine Commences Production.

TORONTO -- Olympus Pacific Minerals Inc. (TSX VENTURE:OYM)(FRANKFURT:OP6) is pleased to announce that commissioning of the process plant at the Company's Bong Mieu Gold Mine has been successfully completed and that the mine has now entered commercial production.

The final plant commissioning was completed by specialist process engineers from Gekko Systems Pty Ltd (Gekko) of Australia. Gekko is a leading designer and manufacturer of modular mine processing equipment (www.gekkos.com).

Olympus' operations personnel have now assumed full operational control of the plant that will operate continuously on a 24-hour per day, 7-day per week basis.

As previously announced (OYM press release dated October 27, 2005), the plant is scheduled to achieve a designed start-up capacity of 500 tpd during December 2005. As soon as the plant consistently meets or surpasses the planned minimum gold metallurgical recovery rate, feedstock from a high-grade stockpile will be utilized to maximize the initial cash flow. Given the current buoyant gold price, this initial cash flow (Technical Report-September 2004 available at www.sedar.com) is expected to yield a net operating profit above the projected US$350,000 per month based on a gold price of US$450 per ounce.

Operating profits are largely earmarked for re-investment in exploration drilling designed to substantially expand current resource inventories and further explore and assess the potential of the Company's flagship gold properties-Bong Mieu and Phuoc Son.

During the first half of 2006, an expansion of the Bong Mieu process plant capacity from 500 tpd to 800 tpd is expected to be completed. Provision for further expansion in plant capacity have been incorporated within existing plant design.

Conceptual studies are now in progress to investigate the feasibility of underground production from an adjacent high-grade zone. If feasible, the Bong Mieu plant capacity may be further expanded to accommodate increased production at a (blended) head-grade substantially above the current open-pit ROM (run of mine) grade.

As previously reported (OYM press release dated October 5, 2005), a US$3.25 million exploration program will also be embarked upon early in 2006.

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

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

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.

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Additional information about the Company's properties and Olympus can
be found at www.olympuspacific.com or by reviewing some of Olympus'
most recent press releases:

PHUOC SON   OLYMPUS PACIFIC COMMENCES US$3.25 MILLION
             EXPLORATION PROGRAM                             Oct 5/05

            OLYMPUS PACIFIC INTERSECTS HIGH GRADE GOLD
             MINERALIZATION AT DAK SA                      July 13/05

            OLYMPUS PACIFIC - INDEPENDENT POSITIVE
             PRELIMINARY ASSESSMENT STUDY                   May 18/05
             FOR DAK SA DEPOSIT RECEIVED


BONG MIEU   OLYMPUS ANNOUNCES PLAN FOR BONG MIEU
             GOLD EXPLORATION PROGRAM                       Nov 17/05

            OLYMPUS PACIFIC-POSITIVE INDEPENDENT
             PRE-FEASIBILITY STUDY RECEIVED FOR HO
             GAN DEPOSIT/DETAILED ENGINEERING
             AND EQUIPMENT SELECTION COMMENCES               Nov 4/05

            OLYMPUS COMMISSIONS MODERN GOLD
             PLANT-VIETNAMS FIRST                           Oct 27/05

            OLYMPUS PACIFIC UPDATES EXPLORATION AT
             PHUOC SON AND BONG MIEU                        May 24/05

CORPORATE   JON MORDA JOINS OLYMPUS' BOARD
             OF DIRECTORS                                  Sept 30/05

            OLYMPUS PACIFIC CLOSES PRIVATE PLACEMENT
             OF APPROX. $6.0 MILLION                       Sept 12/05

            OLYMPUS PACIFIC ANNOUNCES APPOINTMENT OF
             COLIN PATTERSON                               July 15/05

            OLYMPUS PACIFIC COMPLETES US $2 MILLION
             DEBT FINANCING                                June 14/05
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Olympus Pacific Minerals Inc. (TSX VENTURE:OYM) (FRANKFURT:OP6)