Olympus Pacific Minerals Hires Local Vietnamese Firm to Conduct Tests on Gold Dore Refining

Olympus Pacific Minerals Inc. (TSX:OYM)(ASX:OYM)(OTCBB:OLYMF)(FRANKFURT:OP6) has announced that it has engaged a local Vietnamese firm to conduct tests on refining our gold doré to 99.99% Au as a result of the imposition of a new 10% export tax on gold products testing below the aforementioned purity levels.

The Company's aim is to have the local firm custom process our doré to 99.99% Au certification allowing us to export without incurring the new tax and adding value in-country using a local refiner. Preliminary testing has been encouraging and we are now continuing with replicated sampling over the next few weeks to ascertain the refiner's ability to deliver the consistent purity required for export. Olympus will announce when it expects to be in the position to export gold without the imposition of the new export tax.

Extended Trucking Permit

Olympus' trucking permit allowing the Company to transport Phuoc Son ore to the Bong Mieu Gold plant expired on December 31, 2010 (See Olympus Press Release dated December 6, 2010). The Company has requested an extended trucking permit until the new plant is commissioned later this year. Blending higher grade Phuoc Son with lower grade ore sourced from the Bong Mieu Underground mine maximizes the head grade and generates optimum cash flow for the Company during this transition period before the commissioning of Phuoc Son. Provincial authorities are making representation to the central government to extend the trucking permit with final approval expected around February 20, 2011.

Source: Olympus Pacific Minerals Inc.