Olympus Pacific Minerals has increased its measured and indicated resource at the North Deposit on the 85% owned Phuoc Son Gold property located in Central Vietnam by 80%.

The measured and indicated resource at Phuoc Son now stands at 203,700 ounces at an average grade of 13.6 grams per tonne and comprises total measured resources of 70,950 ounces from 143,000 tonnes, grading 15.42 grams per tonne and indicated resources of 132,750 ounces from 323,000 tonnes, grading 12.79 grams per tonne.

The North Deposit (formerly referred to as Bai Go) remains open with substantial potential to add further resources.

The updated resource estimate was based on successful step-out drilling results completed in 2005 including 134.72 grams per tonne gold over 2.51 metres, 6.86 grams per tonne over 9.45 metres (including 11.35 grams per tonne over 4.6 metres), 9.78 grams per tonne gold over 1.65 metres, 20.35 grams per tonne gold over 0.57 metres in holes 132, 146, 137 and 138, respectively.

The new resource estimate completed by the company incorporates data from an additional nine step-out and infill holes totalling 1637 metres that were completed since the original NI 43- 101 resource estimate by Watts , Griffis and McOuat Limited in January 2004.

Resource increases announced during 2005 on the South Deposit drilling showed a 21% rise in the measured and Indicated categories.

An exploration drill program planned to total approximately 6000 metres began on April 24. The program utilises three diamond drill rigs and will continue step-out drilling the north and south extensions of the South Deposit, with the objective of significant resource upgrades; test the northern strike extent of the deposit trend which has a defined extent of over 1 kilometre and complete first pass drill evaluation of three newly delineated target areas which have similar anomalous soil geochemical and geophysical signatures as the known deposits.

One of these areas covers a new, parallel structure identified approximately 1km to the east of the known deposits. Field work, including soil geochemical surveys, geophysics (magnetics and self-potential) and trenching, has confirmed a major west-dipping shear zone that hosts significant thicknesses of vein quartz (+8m).

Phuoc Son to date contains two known deposits (North and South deposits) and is located along the Phuoc Son-Sepon Suture hosting such world-class deposits as Oxiana's Sepon deposit to the east.

Olympus Pacific Minerals, as first mover in Vietnam , is positioned to become a leading gold producer and explorer in South-east Asia .