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02/26/11 3:06 PM

#4212 RE: starboy #4211

PR 02.24.11
Olympus Prepares To Commission Its Second Gold Plant At Phuoc Son
24-Feb-2011

Toronto, February 24, 2011 – Olympus Pacific Minerals Inc. (TSX & ASX: OYM, OTCBB: OLYMF, and Frankfurt: OP6) (the "Company" or "Olympus")

Olympus’ CEO David Seton is pleased to announce that the Company has now entered the final phases before the full commissioning of the Phuoc Son Gold Plant. Underground mining recommenced three days ago in preparation for start up with ore being stockpiled nearby for introduction to the new circuit once the plant has passed full inspection. All proprietary equipment has been installed with dry commissioning starting the week of February 28th, 2011. During these phases, components of the processing circuit will be individually tested starting with the crushing circuit and ball mills. Upon successful completion of these circuit tests, the plant will run on water with ore being introduced a week later assuming there is minimal leakage. It is planned for gold to be produced through the gravity circuit within three days of the ore being introduced to the plant prior to the end of March. David Seton, CEO says, we are pleased to be in the final stages of delivering Vietnam’s most environmentally sound gold plant, utilizing the latest technology available. This is a key development in the Company’s ongoing plan to expand its production in both Vietnam and Malaysia.