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Olympus To Raise Up To $12 Million By Private Placement
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Not For Dissemination In The United States Or For Distribution To Us
News Wire Services.

TORONTO, February 26, 2007 -- Olympus Pacific Minerals Inc. (the
"Company") (TSX: OYM). David Seton, Chairman and CEO of the Company, is
pleased to announce that the Company has arranged a non-brokered
private placement, of up to 21,428,571 shares (the "Shares") at a price
of $0.56 per share, for gross proceeds of up to C$12,000,000 (the
"Offering").

All Shares issued in the Offering will have a hold period in Canada of
four months from the closing of the Offering. The expected date of the
closing is March 19, 2007.

The net proceeds from the Offering are intended to be used for ongoing
exploration, feasibility studies and development work on the Company's
mineral projects and for general corporate purposes.

The Offering is subject to acceptance for filing by the TSX of the
Offering on behalf of the Company and receipt of any required
regulatory approvals.

This press release does not constitute an offer to sell, or a
solicitation of an offer to sell, any of the foregoing securities in
the United States. None of the foregoing securities have been and, nor
will they be, registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is
available.

For further details on the Company, readers are referred to the
Company's web site at www.olympuspacific.com and the Company's Canadian
regulatory filings on SEDAR at www.sedar.com

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, Chairman & CEO Jim
Hamilton, Corporate Communications Manager T: (416) 572-2525 or TF:
1-888-902-5522 F: (416) 572-4202

www.olympuspacific.com
Olympus Pacific Minerals Inc.

The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
release, which has been prepared by management.

This press release is not, and is not to be construed in any way as, an
offer to buy or sell securities in the United States.

OLYMPUS FOFI DISCLAIMER
Certain of the statements made and information contained herein is
"forward-looking information" within the meaning of the Ontario
Securities Act or forwarding- looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934 of the United
States, 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.

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Copyright (c) 2007 OLYMPUS PACIFIC MINERALS INC. (OYM) All rights
reserved. For more information visit our website at
http://www.olympuspacific.com/ or send
mailto:inforequest@olympuspacific.com
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