OLYMUS PACIFIC MINERALS INC WKN: 856218
http://www.olympuspacific.com/s/Home.asp
Description
In central Vietnam, Toronto-based Olympus Pacific Minerals Inc continues with its exploration and development programmes for two gold projects, both within 100 km of the port city of Danang. At its 80%-owned Bong Mieu property, Micon International Ltd is carrying out a scoping study for open-pit development of the Ho Gan deposit, where there are measured and indicated resources of 687,000 t averaging 1.98 g/t Au. Two other deposits have been identified, Ho Ray and Nui Kem, and the company has recently announced the discovery of Thac Trang, some 400 m east of Ho Ray, where the gold is hosted in a veined
Mon Jan 16, 2006
Share Structure
Share Capital
Issued and outstanding: 133,116,200
Fully diluted: 144,798,200
Major Shareholders
Undiluted§
Dragon Capital
Including Vietnam country funds VEIL and VGF 41.07%
Zedex Minerals Limited 17.51%
Institutional Ownership
Total Institutional Ownership (approx.) 15%
Shares Listed
TSX Venture Exchange (TSXV): OYM
Frankfurt Stock Exchange: OP6
CUSIP: 68162Q
ISIN: CA68162Q2027
§
Ho Gan Deposit
On November 4, 2004, the Company announced the results of a positive independent pre-feasibility study completed by Micon International Limited ("Micon") for the Ho Gan open pit deposit (OYM Press Release dated November 4, 2004). Highlights of the Micon report at US $400 gold are set out below: (All dollar amounts are in US dollars unless otherwise noted.)
Pre-production Capital Cost $4,478,000
Cash Cost per Ounce (excl. royalties)
- Life of Mine $187.53
Total Production Cost per Ounce
- Life of Mine $209.79
Average Recoveries 81.5%
Total Production
- Life of Mine 53,759 ounces
Strip Ratio 1.1 to 1
Mine Life 38 months
Net Revenue $10,091,000
Pre Tax Net Cash Flow $4,956,000
Pay Back 17 months
Pre Tax NPV @ 10% $3,440,000
Pre Tax NPV @ 5% $4,122,000
Internal Rate of Return (pre tax) 86%
Ho Ray Deposit and the Thac Trang Discovery
Reconnaissance scale mapping and prospecting in late 2003 discovered both quartz vein and skarn style mineralization in the Thac Trang area (located approximately 400 metres to the east of the Ho Ray deposit) which returned chip samples grading up to 34.67 g/t gold over 0.5 metres. Additional trenching and drill road construction uncovered significant mineralization in this area hosted by veined and sulphide bearing skarn, granite gneiss and schist rocks. Surface chip sampling returned assay results of 2.71 g/t gold over 36 metres (118 feet) including 18 m @ 4.45 g/t gold from a bulldozed exposure. Results from diamond drilling during the second quarter of 2004 included 11.69 g/t gold over 6 metres and 3.31 g/t gold over 4.4 metres in Hole 143 (OYM Press Release dated July 8, 2004).
Diamond drill results from the current drill program have extended the Thac Trang gold bearing zone 325 metres to the southwest, giving the zone a total strike length of approximately 550 metres. Significant results include
3.25 g/t gold over 8.0 metres including 6.29 g/t gold over 3.0m, 1.91 g/t gold over 4.6 metres, 2.37 g/t gold over 7.0 metres including 4.67 g/t gold over 3.0 metres, and 4.35 g/t gold over 5.7 metres including 8.54 g/t gold over 2.45 metres in holes 150, 151, 154 and 155, respectively. The zone remains open along strike and has been tested to a maximum vertical depth of approximately 60 metres by hole 150 (3.25 g/t gold over 8.0 metres including 6.29 g/t gold over 3.0m) and hole 155 (4.35 g/t gold over 5.7 metres including 8.54 g/t gold over 2.45 metres). These holes highlight the potential of the zone at depth (OYM Press Release dated November 17, 2004).
Nui Kem Underground Deposit
Grade distribution and related studies of areas of higher grade mineralization that have the potential to be mined using underground methods have been completed to define and prioritize projected drill targets down-dip from the historic production stopes at Nui Kem.
Olympus Pacific Minerals owns 80% and the Company's Vietnamese partners own 20% of the Bong Mieu property.
Summary of Bong Mieu Gold Project Mineral Reserve and Resource Estimates
Diluted Proven and Probable Reserves (NI 43-101)*
Category/Deposit§Tonnes Gold Grade Contained
(g/t) Gold §
§(ozs)
Proven §
Ho Gan Open Pit (1) 189,200 2.74 16,666
Probable
Ho Gan Open Pit (1) 668,800 2.32 49,884
Proven plus Probable Ho Gan Open Pit (1) 858,000 2.42 66,550
Historical Resource Estimates**
Measured & Indicated Resources Additional Inferred Resources
Deposit Tonnes Gold Contained Deposit§Tonnes Gold Contained
§Grade Gold Grade Gold
§(g/t) (oz) (g/t) (oz)
Ho Ray Open Pit (2) 878,000 1.90 53,600 Ho Ray Open Pit (2) 1,380,000 1.80 79,800
Nui Kem Underground (3) 216,700 6.51 45,300 Nui Kem Underground (3) 1,220,000 8.1 317,300
Inferred resources are in addition to measured and indicated resources.
(1) Employed a lower 0.8 g/t grade cutoff and 10 g/t grade upper cutoff and 10% dilution (0.3 g/t au)
(2) Employed a lower 0.8 g/t grade cutoff and 10 g/t grade upper cutoff.
(3) Employed a lower 3.0 g/t grade cutoff and 30 g/t grade upper cutoff.
*These proven and probable reserve estimates were prepared by Micon International Limited ("Micon") in November 2004 and were prepared in accordance with National Instrument NI 43-101 and the Council of the Canadian Institute of Mining, Metallurgy and Petroleum definitions standards. The NI 43-101 compliant Technical Report, required by Canadian securities regulators, is available at www.sedar.com. In preparing these estimates Micon relied on mineral resource estimates prepared by Watts, Griffis and McOuat ('WGM") in accordance with National Instrument 43-101 and the Council of the Canadian Institute of Mining, Metallurgy and Petroleum definitions standards. A copy of the Technical Report titled "A Technical Review of the Bong Mieu Gold Project in Quang Nam Province, Vietnam dated September 17, 2004 by WGM can be found in the Company's filings at www.sedar.com.
Wed Mar 15, 2006
Olympus Successfully Exports First Gold Doré
TORONTO, March 15, 2006 - Olympus Pacific Minerals Inc. (TSXV: OYM, Frankfurt: OP6) is pleased to announce that its has successfully exported the first gold doré produced in Vietnam from its gold processing plant located near the Company's Bong Mieu Gold Mine. The gold doré was escorted by professional security personnel from the Bong Mieu Gold Mine through customs in Danang and onward to the gold refinery in Mendrisio, Switzerland where it will be refined into 99.999% gold. Olympus now expects to make monthly gold doré shipments as production increases and the plant becomes more efficient which will result in the Company reaching its projected US$350,000 monthly operating profit.
Olympus' operation personnel continues to fine tune the plant in order to capture maximum gold recoveries and expects to complete this process over the next two to three months. As soon as the plant consistently meets or surpasses the planned minimum gold metallurgical recovery rate, feedstock from a high-grade stockpile will be utilized to maximize the initial cash flow. Given the current buoyant gold price, this initial cash flow (see Technical Report dated September 2004 available at www.sedar.com) is expected to yield a net operating profit above the projected US$350,000 per month based on a gold price of US$450 per ounce. Operating profits are largely earmarked for re-investment in exploration drilling designed to substantially expand current resource inventories and further explore and assess the potential of the Company's flagship gold properties-Bong Mieu and Phuoc Son.
During the second half of 2006 an expansion of the Bong Mieu process plant capacity from 500 tpd to 800 tpd is expected to be completed. Provisions for further expansion in plant capacity have been incorporated into the existing plant design.
Conceptual studies are now in progress to investigate the feasibility of production at the high-grade Bong Mieu Underground. If feasible, the Bong Mieu plant capacity may be further expanded to accommodate increased production at a (blended) head grade substantially above the current open-pit ROM (run of mine) grade.
As previously reported (OYM press release dated October 5, 2005), a US$3.25 million exploration will also be embarked upon in early 2006.
Olympus Pacific Minerals Inc. as first mover in Vietnam, is positioned to become a leading gold explorer and producer 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 or James (Jim) Hamilton, Corporate Communications
www.olympuspacific.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Weitere Nachrichten:
February 24, 2006 Olympus Receives Conditional Approval for TSX Listing
February 23, 2006 Olympus to Raise up to C$10 Million by Private Placement
February 20, 2006 Olympus Closes Us$2 Million Debt Facility With Macquarie Bank February 17, 2006 Douglas Willock Joins Olympus' Board Of Directors
January 27, 2006 Olympus - Ivanhoe Debt To Be Acquired By Zedex
January 25, 2006 Olympus Receives Mining Licence for Second Gold Mine at Phuoc Son January 16, 2006 Olympus Pacific Reports Dragon Exercise Of 1,270,000 Warrants December 22, 2005 Olympus Enters into US$2 Million Convertible Debt Facility with Macquarie Bank
December 16, 2005 Olympus Appoints Corporate Communications Manager
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