TORONTO, ONTARIO--(Marketwire - Sept. 23, 2009) - Olympus Pacific Minerals Inc. (TSX:OYM - News; OTCBB:OLYMF - News; FRANKFURT:OP6 - News; the "Company" or "Olympus")
Mr. David Seton, Chairman, and Chief Executive Officer of Olympus, is pleased to announce that the Company received a renewed trucking permit from the Quang Nam People's Committee to toll treat high-grade ore from the Phuoc Son Gold Mine through their Bong Mieu Gold plant until the end of 2010. Toll treating Phuoc Son ore will allow Olympus to maximize gold production while simultaneously constructing its second gold processing plant at Phuoc Son scheduled for completion in the fourth quarter 2010 raising combined annualized production to 80,000 ounces by year-end 2010.
Olympus is positioned to further expand gold production in Vietnam from its core properties, Bong Mieu and Phuoc Son and has established a production time line that increases the Company's annualized production to 115,000 ounces gold by early 2012. The Company is also investigating further expansion in the S E Asian region.
Olympus expects third quarter production to be lower at Bong Mieu compared to its second quarter; the temporary suspension of trucking didn't allow the Company to transport Phuoc Son high-grade ore resulting in lower ore grades being processed at Bong Mieu. While negotiating the new trucking permit the Company stock piled 12,000 tonnes averaging 17g/t gold and expects to process this stock feed over the next quarter returning the Company to a cash flow positive position.
ZDX Price at posting:
8.5¢ Sentiment: LT Buy Disclosure: Held
