Olympia Resources has agreed to buy the land and equipment for a 15,000 tonnes/year zircon concentrate processing plant in Sampit in Central Kalimantan, Indonesia.

Construction of the processing plant is under way and will be completed and commissioned in November this year. The cost of the Sampit land and processing plant will be paid for out of existing cash reserves.

The 'turn-key' purchase of the Sampit zircon concentrate processing plant in will provide Olympia with gross sales revenue of up to Aus$10 million/year from November. At maximum production, the Sampit plant will produce a significant cashflow from zircon (10,000 tonnes/year), ilmenite (650 tonnes/year), rutile and leucoxene (400 tonnes/year), and gold (1000 ounces/year).

The Sampit plant will be followed by construction and operation of the Bati Bati plant, which will take Olympia's maximum production capacity in Kalimantan to 35,000 tonnes/year of zircon, 3500 ounces of gold plus by-product ilmenite, rutile and leucoxene.

Total gross sales revenue from both plants at maxiumum production will be Aus$35 million/year. Olympia is carrying out a major exploration program over the next six months in Central Kalimantan with the aim of defining significant zircon ore deposits to feed the processing plants to replace concentrate purchases off local miners. www.olympiaresources.com

- Information sourced from International Mining Project News