Olympus' High Grade Intersections Open And Extend Phuoc Son Deposit-Structure Now Shown To Extend Over 2.5 KM.TORONTO -- Olympus Pacific Minerals Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:OYM OYM Office of Youth Ministry OYM Open Your Mind )(FRANKFURT:OP6) announced results from ongoing exploration programs on the Company's 85 percent owned Phuoc Son Gold project located in central Vietnam. Phuoc Son Gold Property - Eleven exploration holes totalling 2160 metres have now been drilled at Phuoc Son which to date contains two known deposits (North and South deposits) and is located along the Phuoc Son-Sepon Suture suture /su·ture/ (soo´cher) 1. sutura. 2. a stitch or series of stitches made to secure apposition of the edges of a surgical or traumatic wound. 3. to apply such stitches. 4. hosting such world-class deposits as Oxiana's Sepon deposit to the east. Recent drill results have continued to extend the North Deposit mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. along strike and confirm that the deposit remains open over a strike length of 1 km. Drilling 500m to the south intersected the same structure with alteration Modification; changing a thing without obliterating it. An alteration is a variation made in the language or terms of a legal document that affects the rights and obligations of the parties to it. and veining vein·ing n. Distribution or arrangement of veins or veinlike markings. present and, thus in conjunction with the South deposit, has shown the deposit trend to continue for over 2.5 kilometres. - Holes 146, 137, and 138 drilled south of the current North deposit resource intersected high grade mineralization assaying 6.86g/t over 9.45 m (incl. 11.35g/t over 4.6 m), 9.78 g/t gold over 1.65 metres, 20.35 g/t gold over 0.57 metres. - The above holes were drilled to follow up mineralization assayed from hole 132 of 134.72 g/t gold over 2.51 metres in hole 132 (OYM press release dated July 13, 2005). The Company plans to update the North Deposit resource estimates to incorporate these new drill results. South Deposit Drilling Increases Measured and Indicated resource by 21%. Updated resource estimates on the South Deposit, based on successful in-fill drilling results included 8.85 g/t gold over 5.2 metres, 11.13 g/t gold over 8.0 metres, 39.28 g/t gold over 3.05 metres and 23.97 g/t gold over 4.70 metres in holes 121, 122, 126 and 127, respectively, (OYM press release dated July 13, 2005) showing: - approx. 21% increase in the measured and indicated resource categories; and - improved definition in the mineralization and confidence in grade distribution within select areas of the deposit, a prerequisite pre·req·ui·site adj. Required or necessary as a prior condition: Competence is prerequisite to promotion. n. for upgrading these resource areas to the indicated category suitable for inclusion in a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. . The new resource estimate incorporates data from an additional 13 infill in·fill n. 1. The use of vacant land and property within a built-up area for further construction or development, especially as part of a neighborhood preservation or limited growth program. 2. , delineation and metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. holes totaling 2,016 metres that were completed since the original NI 43-101 resource estimate by Watts, Griffis and McOuat Limited in January 30, 2004. The updated resource estimates are set out in the attached tables. Mineralization in the deposit areas are predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. hosted within quartz veins and intense silica silica or silicon dioxide, chemical compound, SiO2. It is insoluble in water, slightly soluble in alkalies, and soluble in dilute hydrofluoric acid. Pure silica is colorless to white. replacement zones contained within an altered sequence of sedimentary sed·i·men·ta·ry also sed·i·men·tal adj. 1. Of, containing, resembling, or derived from sediment. 2. Geology Of or relating to rocks formed by the deposition of sediment. schist schist (shĭst), metamorphic rock having a foliated, or plated, structure called schistosity in which the component flaky minerals are visible to the naked eye. , marble and minor ultramafic ul·tra·maf·ic adj. Ultrabasic. ultramafic Containing mainly mafic minerals. Used of igneous rocks and often used interchangeably with ultrabasic. Dunite is an ultramafic rock. and mafic rocks mafic rock In geology, any igneous rock dominated by the silicates pyroxene, amphibole, olivine, and mica. These minerals are high in magnesium and ferrous iron, and their presence gives mafic rock its characteristic dark colour. It is usually contrasted with felsic rock. that dip moderately to the west. Complete assay results from the Phuoc Son drilling are set out on the attached tables. Diagrams showing the location of the drill holes together with a copy of this release and additional Olympus Pacific information can be found at the Company's website, www.olympuspacific.com . Olympus Pacific Minerals Inc. as first mover mover /mov·er/ (moo´ver) that which produces motion. prime mover a muscle that acts directly to bring about a desired movement. in Vietnam, is positioned to become a leading gold explorer in Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. . 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 Bangkok (băng`kŏk'), Thai Krung Thep, city (1990 pop. 8,538,610), capital of Thailand and of Bangkok prov., SW Thailand, on the east bank of the Chao Phraya River, near the Gulf of Thailand. , Thailand, performs sample preparation and analyses Mineral resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity selectivity /se·lec·tiv·i·ty/ (se-lek-tiv´i-te) in pharmacology, the degree to which a dose of a drug produces the desired effect in relation to adverse effects. selectivity 1. , mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized cat·e·go·rize tr.v. cat·e·go·rized, cat·e·go·riz·ing, cat·e·go·riz·es To put into a category or categories; classify. cat as mineral reserves. There is also no certainty that these inferred resources will be converted to measured and indicated categories through further drilling, or into mineral reserves once economic considerations are applied. STATEMENTS CONTAINED IN THIS RELEASE THAT ARE NOT HISTORICAL FACTS ARE FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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 Oct 5/05
EXPLORATION PROGRAM
OLYMPUS PACIFIC INTERSECTS HIGH GRADE GOLD July 13/05
MINERALIZATION AT DAK SA
OLYMPUS PACIFIC - INDEPENDENT POSITIVE May 18/05
PRELIMINARY ASSESSMENT STUDY FOR DAK SA RECEIVED
BONG MIEU BONG MIEU GOLD MINE COMMENCES COMMERCIAL Dec 8/05
PRODUCTION
OLYMPUS ANNOUNCES PLAN FOR BONG MIEU GOLD Nov 17/05
EXPLORATION PROGRAM
OLYMPUS PACIFIC-POSITIVE INDEPENDENT PRE- Nov 4/05
FEASIBILITY STUDY RECEIVED FOR HO GAN DEPOSIT/
DETAILED ENGINEERING AND EQUIPMENT SELECTION
COMMENCES
OLYMPUS COMMISSIONS MODERN GOLD PLANT-VIETNAMS Oct 27/05
FIRST
OLYMPUS PACIFIC UPDATES EXPLORATION AT PHUOC SON May 24/05
AND BONG MIEU
CORPORATE JON MORDA JOINS OLYMPUS' BOARD OF DIRECTORS Sept 30/05
OLYMPUS PACIFIC CLOSES PRIVATE PLACEMENT OF Sept 12/05
APPROX. $6.0 MILLION
OLYMPUS PACIFIC ANNOUNCES APPOINTMENT OF July 15/05
COLIN PATTERSON
OLYMPUS PACIFIC COMPLETES US $2 MILLION DEBT June 14/05
FINANCING
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See Attached Tables and Figures
ASSAY RESULTS
Drill Program Results
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HOLE ID From To Core Width Gold Grade
(m) (m) (m) (g/t) Uncut
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NORTH DEPOSIT AREA
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DSDH 130 (a) 88.00 95.25 7.25 2.28
including 94.50 95.25 0.75 4.79
110.05 110.40 0.35 17.00
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DSDH 132 (a) 52.00 54.51 2.51 134.72
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DSDH 137 84.00 84.40 0.40 4.83
91.15 92.20 1.65 9.78
including 91.65 92.20 0.55 28.40
97.98 98.40 0.42 11.70
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DSDH 138 75.00 77.50 2.50 1.28
103.35 104.22 0.57 20.35
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DSDH 144 66.5 67.3 0.80 2.58
87.25 88.98 1.73 1.23
91.15 91.76 0.61 1.03
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DSDH 146 30 meter wide anomalous zone contained discrete
higher grade intervals as follows:
85.45 91.0 5.55 1.63
Including 88.5 89.42 0.92 5.05
96.45 105.9 9.45 6.86
Including 97.55 102.15 4.60 11.35
110.34 110.64 0.3 17.6
113.00 116.3 3.30 3.98
Including 115.13 115.6 0.47 12.80
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DSDH 147 153.85 154.17 0.32 3.75
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Notes: (a)- Drill results released by OYM on May 24, 2005 and/or July 13, 2005. (1) - All holes were drilled at an inclination inclination, in astronomy, the angle of intersection between two planes, one of which is an orbital plane. The inclination of the plane of the moon's orbit is 5°9' with respect to the plane of the ecliptic (the plane of the earth's orbit around the sun). of -90 degrees. (2) - Based on current geological interpretation of the drilling results, core widths approximately reflex true widths. Additional drilling is required before definitive true widths can be determined. (3) - All assays were performed by the Mineral Assay and Service Co. Ltd. (MAS Laboratory) located in Bangkok, Thailand using the Fire Assay method on 50 grams of prepared sample. The MAS Laboratory is certified See certification. by the Thailand Department of Industrial Works and Ministry of Industry. To view the Phuoc Son Property Map please click on the link below: http://www.ccnmatthews.com/docs/oly.jpg
PHUOC SON UPDATED RESOURCE STATEMENTS
South Deposit (Bai Dat) Measured and Indicated Resources
(using a 4.5 g Au/t cutoff)
Prepared by Olympus - (October 2005)
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Deposit Measured Indicated Measured and Contained
Indicated Gold
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Tonnes Grade Tonnes Grade Tonnes Grade Ounces
g Au/t gAu/t g Au/t
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South
Deposit 51,400 20.31 151,600 18.49 203,000 18.95 124,000
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(a) South Deposit (Bai Dat) Inferred Resource
(using a 4.5 g Au/t cutoff)
Prepared by Olympus - (October 2005)
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Area Inferred Contained Gold
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Tonnes g Au/t Ounces
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South Deposit 83,000 18.12 48,000
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(a) Inferred resources are in addition to measured and indicated
resources
The mineral resource estimates for the North and South Deposits at Phuoc Son (all of which employ a cutoff grade of 4.5 g Au/t) are shown below. The North Deposit resource has not been updated to incorporate the positive results from recent drilling.
Summary of Phuoc Son Gold Project Mineral Resource Estimates
Prepared by Olympus - (October 2005)
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Category/Deposit Tonnes Gold Grade Contained Gold
(g/t) (oz)
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Measured & Indicated Resources
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South Deposit (Bai Dat)(b) 203,000 18.95 124,000
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North Deposit (Bai Go) 153,000 8.87 44,000
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Total Measured & Indicated
Resources 356,000 14.62 168,000
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Additional Inferred
Resources(a):
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South Deposit (Bai Dat)(b) 83,000 18.12 48,000
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North Deposit (Bai Go) 73,000 7.10 17,000
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Total Additional Inferred
Resources(a) 156,000 12.96 65,000
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(a) Inferred resources are in addition to measured and indicated resources. (b) Updated by Olympus (October 2005) from the prior resource estimated by Watts, Griffis and McOuat Limited and published in a Technical Report dated January 30, 2004 that can be found in the Company's filings at www.sedar.com . The WGM WGM Whispering Gallery Mode (microresonators) WGM Women's Grandmaster WGM Work Group Manager WGM World Gone Mad (Austin, Texas drum and bugle corps) WGm West Germanic (linguistics) review and report were carried out and prepared in compliance with standards of National Instrument 43-101 in terms of structure and content and the Mineral Resource audit and classification were carried out in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the provisions of NI 43-101 guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. and the Council of the Canadian Institute of Mining, Metallurgy and Petroleum The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) is a technical society of professionals in the Canadian minerals, metals, materials and energy industries. It was founded in 1898. In 2006, the organization had 12,000 national members. definitions. THE TSX VENTURE EXCHANGE TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. HAS NOT REVIEWED AND DOES NOT ACCEPT RESP RESP Response RESP Registered Education Savings Plan (Canada) Resp Responsibility Resp Respektive (Sweden: respectively) Resp Respiration RESP Respironics, Inc. ONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Olympus Pacific Minerals Inc. (TSX VENTURE:OYM) (FRANKFURT:OP6) |
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