Olympus Pacific Minerals Inc.

Published : September 12th, 2012

Milestone=3A Test Work Proves Metallurgical Viability At Jugan Hill=2C Bau Goldfield=2C East Malaysi

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             TSX:OYM     ASX:OYM     OTCQX:OLYMF     FSX:OP6
Olympus Pacific  Minerals Inc.   News Release

MILESTONE: TEST WORK PROVES METALLURGICAL VIABILITY AT JUGAN HILL, BAU GOLDFIELD, EAST MALAYSIA

Toronto, September 10, 2012 � Olympus Pacific Minerals Inc. (TSX & ASX: OYM, OTCBB: OLYMF, and Frankfurt: OP6) (the "Company" or "Olympus"),
Located in East Malaysia, Central Bau is a large and historic goldfield with an established NI 43101/JORC* gold resource. Currently Olympus controls  83% of the project which will increase to 93% over the next two years. For the past few months Olympus Pacific's team has been testing metallurgy of the Jugan Hill deposit** in the Bau goldfield as part of the feasibility study. The study is due for completion in 2013.  Jugan Hill is shaping up to be larger than was first foreseen; it's one of multiple gold prospects on the property and the first to undergo comprehensive metallurgy testing.  The company is pleased with the results of phase 1.

*M&I 913,500 oz Au (17,050,800 tonnes @ 1.67 g/t Au) Inferred 2,108,100 oz Au (50,062,000 tonnes @1.31 g/t Au)
**158,500 oz Au Measured ( 3,425,000 tonnes @ 1.44g/t Au), 500,600 oz Au Indicated ( 10,259,000 tonnes @ 1.52g/t)

Results of Phase 1 metallurgical testing

  • Overall potential for Pressure Oxidation is 98% gold recovery
  • Overall potential for Albion is 92% gold recovery
  • Flotation recoveries up to 95%
Note: Flotation concentrates were used to calculate recovery rates

Central Bau is known to be similar to the Carlin area in Northern Nevada, one of the largest gold producing areas in the world.  "One of our early challenges is to learn which process is best suited to the styles of ore in the goldfield, these tests are confirming our theories, and that's really encouraging."  Similar again to Carlin, Bau has a mixture of both refractory and non-refractory ore, Olympus is interested in selecting the process that maximizes recovery and minimizes costs as it moves ahead with its feasibility studies. "Although it's early days we feel the initial results speak for themselves.  A possible 90-98% oxidation recovery rate is as good as anyone might hope for." John Seton (CEO) also says "These test results will be a tremendous boon to the Bau project as some people felt the refractory ore complex would hinder development at Jugan Hill.  That's simply not the case, these results are proving to be industry standard or better. Proving that both Albion and  Pressure Oxidization are viable processes."

OYM has partnered with SGS laboratories, Perth, Australia who've undertaken grinding & flotation testing on a nearly half tonne core sample carrying an average grade of 2.7g/t Au taken from metallurgical drill holes at the Jugan Hill deposit.

Half of the floatation concentrates was used to complete three pressure oxidization tests and cyanide gold extraction. The remaining flotation concentrates was sent to Core Technologies/HrlTesting in Brisbane, Australia. There, the flotation concentrates was subjected to IsaMill fine grind and Albion leach test, followed by CIL gold extraction.

Important facts -  Phase 1

Grinding results
  • Ball mill and rod mill bond work indices are average
  • The abrasion index is very low - ore is a good candidate for SAG milling
Flotation results:
  • The rougher flotation can potentially recover 95% of the gold
Pressure Oxidation results on flotation concentrate
  • Using pressure oxidation at a relatively low temperature of 180�C - gold recovery of 98%
Albion recoveries on flotation concentrate
  • Using Albion process - gold recovery of 92%
Phase 2

In phase, two Olympus will send further drill-hole samples with a range of grades form 1.2g/t Au to 4.4 g/t Au to Core Technologies/HrlTesting for optimised grinding and flotation test work.
 
The same laboratories will begin optimized Albion test work on half the flotation concentrates. The other  half will undergo further Pressure Oxidization test-work at SGS.

Running concurrently will be detox and environmental tests as well as reagent consumption & equipment sizing as we move forward with the feasibility study.

Olympus is a diversified gold production and exploration company with three core assets located in East Malaysia and Vietnam and an exploration project in the northern Philippines. The Company has two producing gold mines in central Vietnam, which generates operating cash from current production. The Bau Gold Field is currently in full feasibility with an established N1 43-101/JORC resource that's expected to increase in the fourth quarter CY2012 resulting from the Company's current drilling program.

Olympus Pacific Minerals Inc.
John A.G. Seton,
Chief Executive Officer
For further information contact:
 
James W. Hamilton
Vice President
Investor Relations
 
Tel:  +1-416-572-2525
TF:   +1-888-902-5522
TF: +61 800-308-602 (Australia)
Fax:  +1-416-572-4202
 
ir@olympuspacific.com
www.olympuspacific.com

The technical information in this press release has been prepared under the supervision of Mr. Rod Murfitt who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM), a " Competent Person" , as defined in the 2004 Edition of the " Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserve"  and a " Qualified Person" as defined in National Instrument 43-101 � Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. Mr. Murfitt is a full-time consultant to the Company and is not " independent" within the meaning of National Instrument 43-101. Mr. Murfitt consents to the inclusion in this press release of the technical information, in the form, and context in which it appears.


Olympus FOFI Disclaimer
Certain of the statements made and information contained herein is "Forward-looking information" within the meaning of applicable securities laws, 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 released by the Company. 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 statements, which speak only as of the date they are made. 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.
Contact Information:

James W. Hamilton,
Vice-President, Investor Relations

500-10 King St., East
Toronto, ON., Canada, M5C 1C3

Office: (416) 572-2525
Toll Free: 1-888-902-5522
DESKTOP-TV
Speak online with Olympus' key management using our new online communication tool.

Register for Desktop TV �
FACEBOOK
See videos and photos on the gold properties and watch interviews with the management.

Visit our facebook page �

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Data and Statistics for these countries : Australia | Canada | Malaysia | Philippines | Vietnam | All
Gold and Silver Prices for these countries : Australia | Canada | 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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Annual reports of Olympus Pacific Minerals Inc.
2008 Annual report
Annual Report 2007
Financings of Olympus Pacific Minerals Inc.
5/10/2011Closes The Remaining Private Placement Financing Of US$14.6 ...
3/23/2011Announces A Capital Raise
2/26/2007To Raise Up To $12 Million By Private Placement
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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
3/5/2012Expands Global Gold Resource To 4.53 Million Ounces Bau Res...
9/30/2011(Capcapo)ANNOUNCES SIGNING OF FORMAL JOINT VENTURE AGREEMENT IN RESPE...
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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
9/20/2012Hits Higher Gold Grade at Jugan Hill, Bau, East Malaysia
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9/11/2012Happy with 90% =2D 98% Gold recovery rates at Jugan Hill
9/5/2012FORMER FREEPORT=2DMcMORAN COPPER & GOLD VP EXCITED BY BAU GO...
9/4/2012I Accept: Former Freeport-McMoRan Copper & Gold VP Excited b...
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...
5/22/2012' Bau Gold Project Continues to Deliver Positive Drill Resul...
4/5/2012Drills 52.7M @ 4.64G=2FT Au At Bau
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...
1/10/2012Exceeds Its 2011 Gold Production Target
12/22/2011Receives Certificate of Merit for Its Social Economic Contri...
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10/26/2011Featured In Australia=E2??s Paydirt - Gold Mining Journal
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9/8/2011Commences Malaysian Goldfield Feasibility
8/10/2011PUBLISHES FIRST EDITION COMPANY NEWSLETTER
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6/6/2011' CEO to Present at Euro Pacific Global Investment Conferenc...
5/5/2011Announces Closing of Private Placement of CAD$15 Million of ...
1/28/2011to Finalize In-Country Value Added Refining of Dor=C3=A9
3/26/2008Announces Management Reorganization
3/7/2008to Commence Trading in the US on OTCBB
2/4/2008Management Has Reorganized To Ensure Technical Success Over ...
1/3/2008Information Now Available Through S&P Market Access Program
1/3/20082008 Vancouver Resource Investment Conference
12/18/2007Special Meeting Adjourned
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10/2/2007Announces Strategic Exploration Plans
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9/13/2007The Denver Resource Expo
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8/27/2007Recent $25 Million Prospectus Offering Deposited In TD Bank....
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8/8/2007$25,000,000 Prospectus Offering — Receipt Issued for A...
8/2/2007$25 Million Prospectus Offering Amended Terms
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
5/4/2007Announces Board and Management Changes
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