Olympus announces submission of Mining Licence Application for Phuoc Son Gold Project

July, 2003 -- Olympus Pacific Minerals Inc. (the "Company") is pleased to announce that an initial Mining Licence Application has been submitted to the Government of Vietnam, in respect of a 0.5 square km area encompassing the Bai Dat and Bai Go zones. These zones lie approximately 1 km apart within the Dak Sa shear zone and form part of the 70 square km Phuoc Son Gold Project, 90 km southwest of the port city of Da Nang, in Quang Nam Province, central Vietnam. Upon approval, this Licence would allow for underground development with pilot scale production from the Bai Dat and Bai Go zones.

In March of this year, the Company filed an Investment Licence Application in respect of the Phuoc Son Gold Project. This application is currently under review by the Vietnamese authorities. In order to comply with Vietnamese requirements for the establishment of a foreign owned joint venture, upon approval of the Investment Licence, Mien Trung Industrial Company, the Quang Nam provincial mining company, will acquire a 15% joint venture interest in the Phuoc Son Gold Project from the Company's subsidiary, New Vietnam Mining Corporation ("NVMC").

As announced on June 30, 2003 (see News Release #12-3_03) the Company has agreed with Ivanhoe Mines Ltd. ("Ivanhoe") and Zedex Limited ("Zedex") to extend the closing date for the previously announced Vend-in Agreements, to September 30, 2003. On November 27, 2002 the Company announced (see News Release #16-02), that subject to regulatory and shareholder approvals and completion of definitive agreements, it had agreed with Ivanhoe and Zedex to purchase an additional 20.36% interest in NVMC, the holder of the Phuoc Son Gold Project, in exchange for 17 million shares in the Company, with 8.5 million shares to be issued to Ivanhoe and 8.5 million shares to be issued to Zedex. The extension will allow the Company to obtain an independent valuation and obtain the necessary regulatory and shareholder approvals.

Olympus currently has 55,143,317 shares outstanding and owns a 57.18% interest in NVMC. Ivanhoe currently owns 16.04% of the Company and Zedex 18.13%. Upon closing of the Vend-in Agreements, the Company will increase its interest in NVMC to 77.54%, with Ivanhoe owning the remaining 22.46%.

Olympus Pacific Minerals Inc. is an international mining exploration and development company focused on the exceptional mineral potential of Vietnam and the surrounding region.

On behalf of the Board ofOLYMPUS PACIFIC MINERALS INC."Joseph J. Baylis"Joseph J. BaylisPresident and Chief Executive Officer                        CONTACT INFORMATION:                                   Telephone: +1-604 - 669-1580 Toll-free: 1-888 - 902-5522     Facsimile: +1-604 - 681-0269     e-mail:          info@oym.net


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