Olympus expects to achieve its 2011 production target

TORONTO, ONTARIO, Nov 29, 2011 (MARKETWIRE via COMTEX) –Olympus Pacific Minerals Inc. /quotes/zigman/15464 CA:OYM +3.45% (otcqx:OLYMF)(frankfurt:OP6)(asx:OYM), Chief Executive Officer, John Seton, is pleased toannounce production results from its Phuoc Son and Bong Mieu GoldPlants ending September 30, 2011 set out below. By way of marketguidance, production for October was 5,032 oz and forecast productionleads the Company to expect that its 2011 annual production forecastof 40,000 ounces will be achieved despite commissioning of the PhuocSon Gold Plant having been delayed several months due torecord-breaking monsoon rains.

Consolidated Production Ending September 30, 2011 ————————————————————————— Q1/11 Q2/11 Q3/11 YTD 2010 ————————————————————————— Tonnes Milled 37,163 49,497 74,974 161,634 138,779 ————————————————————————— Grade (g/t Au) 4.33 5.32 6.22 5.51 9.35 ————————————————————————— Mill Recoveries % 75 82 87 83 80 ————————————————————————— Gold Production 3,868 5,717 12,482 22,067 33,234 ————————————————————————— Gold Sales 4,935 – 7,314 12,249 29,186 —————————————————————————

During the third quarter the Company’s gold sales totaled 7,314 ouncesfor proceeds of $12,464,450 with an average realized price ofUS$1,704 per ounce.

On September 30, 2011, 6,882 oz of gold bullion and 3,132 oz of golddore bars were on hand. Gold bullion can be sold and cash transferredwithin three business days.

Phuoc Son Underground Project Ending September 30, 2011 ————————————————————————— Q1 /11 Q2 /11 Q3/11 YTD 2010 ————————————————————————— Tonnes milled 496 7,970 35,460 43,926 75,116 ————————————————————————— Grade (g/t Au) 12.21 11.20 9.65 9.96 13.08 ————————————————————————— Mill recoveries (%) 83 92 92 92 82 ————————————————————————— Gold production (ounces) 162 1,455 9,636 11,253 26,199 —————————————————————————

The Phuoc Son mill now regularly operates at its current designcapacity of 500 tonnes per day. The Company continues to mine the BaiDat mine while developing the Bai Go mine that is expected to be onore by March 2012.

Bong Mieu Gold Project Ending September 30, 2011 ————————————————————————— Q1/11 Q2/11 Q3/11 YTD 2010 ————————————————————————— Tonnes milled 36,667 41,527 39,514 117,708 63,663 ————————————————————————— Grade (g/t Au) 4.22 4.19 3.15 3.85 4.94 ————————————————————————— Mill recoveries (%) 74 77 72 75 70 ————————————————————————— Gold production (ounces) 3,706 4,262 2,846 10,814 7,035 —————————————————————————

Bong Mieu gold production for the third quarter of 2,846 ouncesdecreased compared to the previous quarter by 1,416 ounces resultingfrom decrease in ore feed, recovery rate and tonnes milled duringgeneral maintenance of the plant. Repairs and rehabilitation of theplant commenced on September 22, 2011, and completed late October2011. Activities included replacement, maintenance, and optimizationof equipment to improve gold recovery.

Olympus is a diversified gold company focused on four advancedproperties; the Bau Goldfield in East Malaysia, the Bong Mieu andPhuoc Son mines in Central Vietnam, and Capcapo in the Philippines.

The Company expects to substantially expand its combined goldproduction capacity by 2014. East Malaysia is our primary focus, andPhase One of Bau Central is now in full feasibility (See Olympuspress release dated September 8, 2011). Vietnam will continue itsproduction development activities to enable continued cashcontribution to assist in funding a significant portion of our futuredevelopment expenditures. Olympus also contemplates an increase ofits attributed gold resources through the exploration of advancedproperties having demonstrably large upside potential.

Olympus Pacific Minerals Inc. John A.G. Seton Chief Executive Officer

The technical information in this press release has been prepared underthe supervision of Mr. Rod Murfitt who is a member of theAustralasian Institute of Mining and Metallurgy (AusIMM), a”Competent Person”, as defined in the 2004 Edition of the”Australasian Code for Reporting of Exploration Results, MineralResources and Ore Reserve” and a “Qualified Person” as defined inNational Instrument 43-101 – Standards of Disclosure for MineralProjects of the Canadian Securities Administrators. Mr. Murfittconsents to the inclusion in this press release of the technicalinformation, in the form, and context in which it appears.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain of the statements made and information contained herein is”Forward-looking information” within the meaning of the OntarioSecurities Act, including statements concerning our plans at ourproducing mines and exploration projects, which involve known andunknown risks, uncertainties, and other factors which may cause theactual results, performance or achievements of the Company, orindustry results, to be materially different from any future results,performance or achievements expressed or implied by suchforward-looking information. Forward-looking information is subjectto a variety of risks and uncertainties that could cause actualevents or results to differ from those reflected in theforward-looking information, including, without limitation, failureto establish estimated resources or to convert resources to mineablereserves; the grade and recovery of ore which is mined varying fromestimates; capital and operating costs varying significantly fromestimates; delays in obtaining or failure to obtain requiredgovernmental, environmental, or other project approvals; changes innational and local government legislation or regulations regardingenvironmental factors, royalties, taxation or foreign investment;political or economic instability; terrorism; inflation; changes incurrency exchange rates; fluctuations in commodity prices; delays inthe development of projects; shortage of personnel with the requisiteknowledge and skills to design and execute exploration anddevelopment programs; difficulties in arranging contracts fordrilling and other exploration and development services; dependencyon equity market financings to fund programs and maintain and developmineral properties; and risks associated with title to resourceproperties due to the difficulties of determining the validity ofcertain claims and other risks and uncertainties, including thosedescribed in each management’s discussion and analysis. In addition,forward-looking information is based on various assumptionsincluding, without limitation, the expectations and beliefs ofmanagement; the assumed long-term price of gold; the availability ofpermits and surface rights; access to financing, equipment and labourand that the political environment in the jurisdictions within whichthe Company operates will continue to support the development ofenvironmentally safe mining projects. Should one or more of theserisks and uncertainties materialize, or should underlying assumptionsprove incorrect, actual results may vary materially from thosedescribed in forward-looking statements. Accordingly, readers areadvised not to place undue reliance on forward-looking information.Except as required under applicable securities legislation, theCompany undertakes no obligation to publicly update or reviseforward-looking information, whether as a result of new information,future events or otherwise.

Contacts: Olympus Pacific Minerals Inc. James W. Hamilton Vice-President Investor Relations (416) 572-2525 or TF: 1-888-902-5522 (416) 572-4202 (FAX) info@olympuspacific.com www.olympuspacific.com

SOURCE: Olympus Pacific Minerals Inc.

mailto:info@olympuspacific.com http://www.olympuspacific.com

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