Olympus Pacific Minerals Inc operates gold mines in Vietnam and is advancing another project in Southeast Asia. It obtained its first Vietnamese property from Robert Friedland in 1996 and has since established two gold processing plants there. The company holds projects in Malaysia and the Philippines as well. Its Bau Gold Field project in Malaysia currently shows over 2 million ounces of gold resources and may become its most significant asset. Olympus aims to increase its annual gold production to 100,000 ounces by 2013 through expansion of its Vietnamese operations and development of the Bau project.

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The Golden East
Olympus Pacific Expands in SE Asia
~ By Greg Klein - October 19 2011
It was 1996. While struggling to revive an inactive Vancouver Stock Exchange- Bau drill results released October 4 include
listed company, David Seton encountered two formidable forces—legendary
mining promoter Robert Friedland and the Vietnamese government. Now Fried- 4.53 grams per tonne gold over 47.4 metres
land is the billionaire CEO of Ivanhoe TSX:IVN, Vietnam has two additional gold (including 21.5 g/t over 3 metres)
mines, and the once-inactive company, Olympus Pacific Minerals Inc TSX:OYM, 4.79 g/t over 40 metres
runs those mines as it advances another Southeast Asian project to feasibility. (including 16.51 g/t over 2.2 metres)
24.07 g/t over 8.6 metres
(including 48.47 g/t over 3.9 metres)
7.35 g/t over 15.9 metres
(including 18.16 g/t over 5 metres)
8.56 g/t over 6 metres
(including 21.69 g/t over 2.3 metres)
“We expect to have a five-million-ounce-plus resource in the next year-and-a-
half to two years,” Hamilton adds. “There was large, historic mining but it was
very shallow, less than 100 metres. In every historic pit we’ve identified fairly
large anomalies at 300 to 700 metres depth. Cameco TSX:CCO [the last project
operator] probably couldn’t see this with the software that was available in
the 1980s. The property is unique in that we’ve identified six different types of
mineralization. We’re about 30 kilometres from Kuching, which is the capital of
Sarawak, and we have all the infrastructure in place—roads, an English-speak-
ing population, 0% royalties on gold, low corporate income tax for the first five
years of production. We’re pretty excited about this property, and we think that’s
where our future is.”
“We bought the first property in central Vietnam from Robert Friedland when he
was Indochina Goldfields,” says James Hamilton, VP of Investor Relations for Bau’s timeline projects an updated resource estimate late this year or early next,
Olympus Pacific. “When we took over, we didn’t realize what he’d been telling feasibility completed by late 2012 and an annual 100,000 ounces of gold produc-
the Vietnamese. We walked in there and only had a small resource. But they tion in the Jugan sector alone by 2014.
expected a full gold factory to be built right away. We said, ‘You can’t do that,
you have to do all this drilling and go into feasibility.’ They said, ‘We don’t care, But enthusiasm for Malaysia didn’t preclude expansion to the Philippines. The
Friedland told us we’re going to get a gold-processing plant.’ We were kind of Capcapo Discovery is the object of a four-part JV signed last September, in
coerced into building a plant. It was very premature to what we’d planned to do. which Olympus may earn a 60% interest. Olympus conducted due-diligence drill-
But it did pay off because we got access to a second property where we’ve just ing in June 2007 and plans a new drill campaign once work has completed with
commissioned a state-of-the-art facility. It’s a fairly high-grade deposit and it’s a a government agency that represents indigenous peoples.
real cracker of a plant. It’s been in commission since July and we’re already over
90% recoveries.” “The geology on this property is fabulous,” Hamilton says. “It’s large copper-
gold-type porphyry and epithermal systems. It’s about 100 kilometres north of
With initial production of 500 tonnes a day, the Phuoc Son Gold Plant can be ex- the Baguio-Mankayan Gold Fields, which have production, historic and current
panded to 1,000 tpd to accommodate ore from both the Phuoc Son and nearby resources totalling over 60 million ounces. We’re pretty excited about this one as
Bong Mieu gold mines. The latter, an open pit/underground operation currently well, but it’s early stage.”
using the “kind of coerced” plant, has measured and indicated resources of
175,876 ounces and an inferred resource of 212,930 ounces. At press time the company had 380.67 million shares trading at $0.30 for a
$114.2 million market cap.
The Phuoc Son underground mine has measured and indicated resources of
179,719 ounces and an inferred resource of 478,744 ounces. Exploration contin- “We’re probably in the best shape we’ve ever been in our corporate history,”
ues on both properties. Hamilton says. “We’ve diversified out of Vietnam; we’ve got about 20 million cash
“
and gold [as of October 5]; we’re expanding production; we’re in feasibility in Bau.
Olympus holds an 80% interest in Bong Mieu while the national and local gov- If the market ever wakes up, I think we’re going to be re-rated.”
ernments each hold 10%. The company holds 85% of Phuoc Son, with a local
partner holding the rest. Together, the two mines are forecast to produce 40,000
to 45,000 gold ounces this year, a 45% increase over 2010.
We expect to have a five-million-
“We’ll move that up to 70,000 ounces next year and 100,000 in 2013,” says Ham- ounce-plus resource in the next
ilton. “Vietnam produces operating cash that we can re-invest in our other areas. year-and-a-half to two years
Bau in Malaysia, we feel, is much bigger and much more attractive.”
The Bau Gold Field currently shows a resource of 563,900 gold ounces indicat- – James Hamilton
ed and 1.89 million gold ounces inferred. Olympus holds 80.53% of the project
with an option to increase that to 93.55% by 2012.
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