oym presentation london 19 may 2010

To avoid anyone interested missing my report I have
re-labelled my post accordingly. Sorry for any repetition.
coldcat

Presentation in London 19 May 2010

There were probably 150-200 people at 6 presentations from
mining companies. Of the 3 speakers I listened to, David Seton , Chairman of Olympus(OYM), gave a very clear and upbeat report on the growth in operational performance that OYM is going through. It was in comparison with other speakers who are in the early stages of starting exploration. So, the OYM story was listened to very closely.
David said in particulsr, that drilling on a sector within the Bau area was due to start within the next 10 days and the location was projected onto a screen, to which he commented that the sector was selected because there were very positive technical indications of gold ore just below the base where previous mining activities,
(by former owners),had ceased. My personal view was that they were very optimistic that quality ore would be found at this location.
They also put up slides of their gold production forecasts from 2010 ,to 2014 when the 300,000 oz of gold production level would be reached. I also felt that they were very confident of achieving this level. In answer to a question from the audience, Mr Seton confirmed that the cost of production was $450 per oz. BUT he went on to qualify this by stating that it was an overall cost per oz . and that when Phuoc Son mine came online in late 2010/2011 the current cost per oz could fall markedly as the $450 per oz reflected costs asociated with trucking of rock from the extraction point to the BM processing plant,currently.

So, in a nutshell, the presentation was in very optimistic
vein (sic), and reflected the management's success in achieving their forecasts and that they they intended to reach and hopefully surpass current forecasts.

Very impressive, IMHO. This is one to follow closely.

Coldcat
PS I have probably omitted a lot of comments on all their locations but as I was aware of these sites I was more interested in the imminent drilling at Bau and their view of the resources expected to be found there.