Olympus Completes an Additional Tranche of the Bau Acquisition and Extends Terms of Remaining Tranches
Published : January 24, 2012
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TORONTO, ONTARIO--(Marketwire - Jan. 24, 2012) - Olympus Pacific Minerals Inc. (News - Market indicators)(OTCQX:OLYMF)(FRANKFURT:OP6)(ASX:OYM) Chief Executive Officer John Seton announces that the Company has completed tranche 3b acquiring a further 2.72% in the Bau Gold Project, East Malaysia by payment of USD$3m taking its total ownership of the Joint Venture Company, North Borneo Gold Sdn Bhd to 83.25%.

In order to apply additional resources towards development at the Bau Gold Project which is currently in full feasibility with the objective of achieving a favourable development decision targeting stage one production of 100,000 oz of gold per annum by 2014 (see Olympus press release dated September 8, 2011), the parties also entered into a variation agreement on January 20, 2012:

  • extending the timing of the payments and settlement of the remaining USD$11m due under tranches 3c, 4a and 4b to acquire a further 10.3% interest in North Borneo Gold as indicated in the table below culminating in a total interest of 93.55%; and
  • extending until January 21, 2013 the date for satisfaction of the condition precedent required for settling Tranche 3c.

There is no increase in the overall amount payable by Olympus.

    Purchase
Price
  Original
Purchase
Date
  Revised
Purchase
Date
  North
Borneo Gold
Class A
Shares
  Company's
Effective
Holdings
Tranche 3c   $ 2,000,000   4/20/2012   1/28/2013   4,500   85.05%
Tranche 4a   $ 3,000,000   12/14/2012   9/13/2013   7,000   87.85%
Tranche 4b   $ 6,000,000   7/15/2013   1/21/2014   14,250   93.55%

Background to the Bau Gold Project

The Bau property is a brown-field project, spread over a large geographic area in which the Company owns rights to mining tenements covering much of the historic Bau Goldfield in Sarawak, East Malaysia.

The Bau Goldfield lies within the Borneo metalliferous belt, which contains many other important gold mining camps, including Kelian, Mamut and Masupa.

The geology and mineralization of the Bau Goldfield have been compared with that of the Carlin District of Nevada, USA (cumulative production > 60M oz).

The property was acquired pursuant to the Company's merger with Zedex Minerals Ltd. in 2009 (see Olympus press release dated December 17, 2009).

About Olympus

Olympus is a diversified gold company focused on four advanced properties; the Bau Goldfield in East Malaysia, the Bong Mieu and Phuoc Son mines in Central Vietnam, and Capcapo in the Philippines.

The Company expects to substantially expand its combined gold production capacity by 2014. East Malaysia is the primary focus, and Phase One of Bau Central is now in full feasibility phase. Vietnam's production and development activities will provide cash to assist in funding a portion of its future development expenditures. Olympus also expects an increase of its attributed gold resources through continued exploration on the advanced properties having demonstrably large upside potential.

Olympus Pacific Minerals Inc.

John A. G. Seton, Chief Executive Officer

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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 producing mines and exploration 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 that 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; and 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's 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 in the jurisdictions within which the Company operates 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.



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)
info@olympuspacific.com
www.olympuspacific.com
Data and Statistics for these countries : Malaysia | Philippines | Vietnam | All
Gold and Silver Prices for these countries : Malaysia | Philippines | Vietnam | All

Olympus Pacific Minerals Inc.

PRODUCER
CODE : OYM.TO
ISIN : CA68162Q2027
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Olympus Pacific is a gold producing company based in Canada.

Olympus Pacific produces gold, lead, silver, tungsten and zinc in Vietnam, and holds various exploration projects in Malaysia and in Philippines.

Its main assets in production are BONG MIEU and PHUOC SON in Vietnam and its main exploration properties are TIEN THUAN, NA PAI and TIGER MOUNTAIN in Vietnam, BAU MALAYSIA in Malaysia and CAPCAPO in Philippines.

Olympus Pacific is listed in Australia, in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 72.0 millions as of today (US$ 66.5 millions, € 48.0 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 1.20, and its lowest recent point on October 24, 2008 at CA$ 0.04.

Olympus Pacific has 378 781 000 shares outstanding.

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2008 Annual report
Annual Report 2007
Financings of Olympus Pacific Minerals Inc.
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6/20/2012Announces Chief Operating Officer's Resignation
1/17/2012Appoints Mr. Kevin Tomlinson as Director and Deputy Chair Re...
8/22/2011Restructures Management Team and Appoints New Chief Operatin...
8/20/2007Appoints Vice President Exploration and Vice President Finan...
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9/25/2012As we go deeper=2C the grade gets higher
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3/16/2011(Phuoc Son)Receives Trucking Permit Extension
3/4/2011(Phuoc Son)Releases Video Update On Phuoc Son Gold Plant
2/24/2011(Phuoc Son)Prepares to Commission Its Second Gold Plant at Phuoc Son
2/22/2011(Phuoc Son)Signs Refining Agreement With Vietnamese Firm
4/1/2008(Phuoc Son) Receives Positive Independent Technical Report On Feasibili...
1/15/2008(Phuoc Son)Doubles Resource To 637,000 Oz At The High Grade Phuoc Son G...
11/6/2007Continues To Extend High-Grade Gold Intersections At Phuoc S...
10/9/2007(Bong Mieu)Announces Increased Gold Equivalent Resource Of 833,500 Oz. ...
9/18/2007(Phuoc Son)Drill Results Continue To Show High-Grade Gold Mineralizatio...
8/14/2007(Phuoc Son)Drill Results Yield Additional High-Grade Gold
7/26/2007(Phuoc Son)Further High-Grade Mineralization Within North Extension of ...
6/25/200750 Metre Stepout Intersects High-grade Gold & Copper at Capc...
5/23/2007(Phuoc Son)Recent results phuoc son
4/24/2007Drilling Intersects 94 Meters of Gold and Copper at Capcapo,...
Corporate news of Olympus Pacific Minerals Inc.
11/8/2012is simplifying its capital structure.
11/6/2012Proposes Amendments to Simplify Capital Structure
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9/5/2012FORMER FREEPORT=2DMcMORAN COPPER & GOLD VP EXCITED BY BAU GO...
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8/1/2012s Second Quarter Gold Production and Changes Its Financial Y...
5/23/2012=E2?? BAU GOLD PROJECT CONTINUES TO DELIVER POSITIVE DRILL R...
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4/3/2012Drills 52.7m @ 4.64 g/t Au at Bau
3/5/2012Expands Global Gold Resource to 4.53 Million Ounces
2/15/2012Enhances Board Independence
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1/24/2012Completes an Additional Tranche of the Bau Acquisition and E...
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5/5/2011Announces Closing of Private Placement of CAD$15 Million of ...
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1/3/2008Information Now Available Through S&P Market Access Program
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7/25/2007$25,000,000 Short Form Financing
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7/3/2007s' Announces Pricing of $25,000,000 Prospectus Offering
6/27/2007Board Approves Shareholder Rights Plan
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