Olympus Pacific announces Extension of Vend-in Agreements

Olympus Pacific Minerals Inc. (the Company") announces that it 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.

(PRWEB) July 4, 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 the Companys subsidiary, New Vietnam Mining Corporation (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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