Olympus Intersects Further High-Grade Mineralization Within North Extension of Phuoc
Son Gold Deposit
HIGHLIGHTS:
- Continued step-out drilling has confirmed that the Dak Sa mineralized
structure extends more than 800 meters beyond the north limit of
previously defined JORC category resources in the Phuoc
Son Deposit.
- All holes drilled to date within this northern extension have
intersected significant alteration and mineralization.
- In addition to previously announced results, a further shoot of
potentially economic mineralization has been intersected in DSDH 217,
which recorded 20.74 g/t gold over 2.15 meters. Significant
mineralization has also been logged in DSDH 219, for which assay
results are currently pending.
- Ongoing drilling will continue to probe the extent and gold
grade distribution of the mineralized structure and also delineate the
geometry and extent of potentially economic mineralization intersected
by drilling to date.
TORONTO July
26 2007 - Olympus Pacific Minerals
Inc. (TSX: OYM) is pleased to announce continued success
from step-out drilling along the northern extension of the Phuoc Son Gold deposit. Since the May 22 release, five
further holes (DDH 214218) have been completed and two more (DDH 219-220)
are in progress.
Previously released results
include: 5.77 g/t gold over 1.21 meters and 3.84 g/t gold over 14.95 meters
including 8.56 g/t gold over 5.75 meters in holes 211 and 213,
respectively and 12.24 g/t over 1.95 meters, 6.94 g//t gold over 8.01 meters, 38.81
g/t gold over 1.25
meters and 8.18 g/t gold over 1.85 meters in
holes 210, 209, 204 and 199 (OYM Press Release dated May 22,
2007). Significant results to date from the
north extension drilling program are shown in the table below and in the
attached figure.
Phuoc Son Deposit
North Extension – Drill Program
|
HOLE ID
|
From (m)
|
To (m)
|
Intercept
Width (m)
|
Gold Grade (g/t)
|
DSDH 211
|
363.79
|
365.00
|
1.21
|
5.77
|
DSDH 212
|
237.40
|
238.15
|
0.75
|
2.37
|
|
289.00
|
293.25
|
4.25
|
0.86
|
including
|
292.60
|
293.25
|
0.65
|
3.20
|
|
300.00
|
301.90
|
1.90
|
0.45
|
|
315.00
|
317.00
|
2.00
|
1.09
|
DSDH 213
|
253.55
|
268.50
|
14.95
|
3.84
|
including
|
259.25
|
265.00
|
5.75
|
8.56
|
DSDH 214
|
191.00
|
192.00
|
1.00
|
0.29
|
|
201.00
|
202.15
|
1.15
|
0.16
|
|
277.50
|
278.10
|
0.60
|
0.33
|
DSDH 215
|
215.85
|
216.75
|
0.90
|
0.18
|
|
224.00
|
225.00
|
1.00
|
0.11
|
DSDH 216
|
318.50
|
321.00
|
2.50
|
0.29
|
|
328.00
|
329.50
|
1.50
|
0.32
|
|
332.00
|
334.00
|
2.00
|
0.20
|
|
336.00
|
337.00
|
1.00
|
0.10
|
DSDH 217
|
358.00
|
359.90
|
1.90
|
1.05
|
|
363.45
|
365.60
|
2.15
|
20.74
|
DSDH 218
|
Assay results pending
|
DSDH 219
|
Drilling in progress
|
DSDH 220
|
Drilling in progress
|
Notes:
(1) Unless otherwise stated, holes were drilled at an inclination of -90
degrees.
(2) Based on current geological interpretation of the drilling results,
intercept widths are approximate. Additional drilling is required before
definitive true widths can be determined.
(3) Grades are uncut.
(4) 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 by the Thailand Department of Industrial Works and
Ministry of Industry
North Extension drilling
results to date indicate considerable variation in both gold grade and
intercept width. Additional close-spaced drilling is required to delineate
the extent, geometry and average grade of potentially economic
mineralization that has been intersected by drilling to date.
The northern extension, which
still remains open along-strike and down-dip, is one of many such
structures that have fertile upside exploration potential within the Phuoc Son property.
The Company's 85% owned Phuoc Son Gold property is located in central Vietnam,
along the Phuoc Son-Sepon
Suture that hosts such world-class deposits as Oxiana's
Sepon deposit to the North. Two gold deposits
(North and South deposits) have to date been discovered and are currently
under mining development within the Phuoc Son
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.
For
further information contact:
David Seton, Executive Chairman
Jim Hamilton, Corporate Communications Manager
T: (416) 572-2525 or TF: 1-888-902-5522
or F: (416) 572-4202
Unless otherwise noted, the
technical information in this release has been prepared and/or reviewed by
Mr. Rod Murfitt, who is a Qualified Person as
defined by National Instrument 43-101. The Company employs a quality
control program to ensure best practices in sampling and analysis of drill
core and rock samples. 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.
Drill Layout Phuoc
Son North Deposit Extension
OLYMPUS FOFI DISCLAIMER
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 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.