Southeast Asia’s Gold Production and Exploration Company
Olympus Pacific Minerals Inc. is producing, and exporting gold from its Bong Mieu Gold Plant located in central Vietnam approximately 100 km from the port city of Da Nang. The company will continue to develop its core properties, Bong Mieu and the high-grade Phuoc Son Gold Property. Both properties are presently producing gold and have established NI 43-101 resources.
Olympus' primary goals and objectives in 2010;
- Complete the Phuoc Son Gold Processing Plant increasing annualized production
to 80,000 oz - Expand monthly cash flow contribution
- Budget US$3.5M for exploration and feasibility studies in Vietnam
(Phuoc Son, Bong Mieu, Tien Thuan) - Budget US$1.5M for exploration and feasibility studies in Bau
- Expand current net Resource Estimates of 2.4M oz by 1M ounces in 2010
The Team
Olympus has an experienced management team with a globally proven track record in gold mining and exploration. Management is solely dedicated to Olympus and exclusively focused on developing the company assets.
Funds
In the past, Olympus has been successful raising funds to meet its aggressive exploration and development targets. Raising capital and the cost of capital under today's economic climate has changed dramatically. Resource companies such as Olympus have found it expensive and restrictive to raise capital in these markets. Efforts in 2009 to expand production have been successful and the Company is now cash flow positive which will reduce the amount of capital necessary to fulfill our expansion plans over the next four years.
Production
Olympus is producing and shipping gold doré from its Bong Mieu Gold Plant and plans to increase exports steadily over the next several months contributing to positive cash flow. The Company announced the completion of the Phuoc Son Feasibility Study in April 2008 that recommends the development and construction of a gold processing plant capable of producing some 60,000 ounces of gold annually. The Company plans to continue the development and construction of Phuoc Son and Bong Mieu from the cash generated through the anticipated increased production from the Bong Mieu Gold Plant.
The Company is planning a full feasibility study to justify increasing Bong Mieu's annual production to 100,000 ounces of gold. Over the next three years, total gold production between Bong Mieu and Phuoc Son is forecasted at 160,000 to 170,000 ounces on an annualized basis.
Annualized Gold Production Targets
Exploration
Exploration success at Bong Mieu and Phuoc Son has been significant with recent resource updates; Bong Mieu on October 9, 2007 and Phuoc Son on January 15, 2008 and Bau (Phuoc Son) on June 25, 2010. (See Reserve and Resource Table PDF)
Olympus is finalizing budgets for exploration drilling in 2010 with programs planned for its four major projects; Phuoc Son, Bong Mieu, Tien Thuan (early exploration) and at Bau E. Malaysia. Total Resource Estimates for the Company in 2010 are targeted at some 3 million oz.
Feasibility studies are expected to start in 2010 at the Bong Mieu East Deposit and the Bau Gold Project, E. Malaysia
OTCBB: OLYMF, Frankfurt: OP6
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