Toronto, January 31, 2012- Olympus Pacific Minerals Inc. Chief Executive Officer, John Seton, is pleased to announce continuing exploration success and substantial progress with feasibility studies for startup mining in the Jugan Sector of the Company’s Bau Central property in Sarawak, East Malaysia.
1. Bau Central in-fill and step-out drilling continues to upgrade and expand the Jugan open-pit resource. Recent results include:
JUDDH-11: 78.30m @ 2.01 g/t Au.
JUDDH-23: 38.10m @ 3.91 g/t Au.
JUDDH-31: 40.00m @ 3.99 g/t Au (including 17.00m @ 5.69 g/t Au).
2. A new resource estimate scheduled for release in first quarter 2012.
3. Bau Central is on schedule for completion of a definitive mining feasibility study by year end 2012.
4. Geological studies reveal exciting additional potential at depth and in peripheral zones.
5. Metallurgical studies to determine the optimum gold recovery process routeare in progress.
View Full Press Release & Drill Tables >> http://www.olympuspacific.com/news/Olympus-Confirms-Mineralisation-Widths-Of-Up-To-78-Meters-At-Bau-Central-Gold-Project
OLYMPUS PACIFIC MINERALS INC.
Chief Executive Officer
For further information contact:
James W. Hamilton,
Vice-President Investor Relations
T: (416) 572-2525 or TF: 1-888-902-5522
F: (416) 572-4202
The technical information in this press release has been prepared under the supervision of 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. 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 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 programmes; difficulties in arranging contracts for drilling and other exploration and development services; dependency on equity market financings to fund programmes 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 materialise, 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.