Auckland, Mar 20, 2009 AEST (ABN Newswire) - Zedex Minerals Limited (ASX:ZDX) is pleased to circulate the attached news release from Olympus Pacific Minerals Inc (Olympus), a company in which Zedex has a significant shareholding. Zedex's investment in Olympus has a present market value in excess of AUD$11 million.
Zedex views the recently completed upgrades to Olympus' Bong Mieu Gold Plant as well as the commencement of treating high grade ore from its Phuoc Son mine as extremely positive developments and believes that Olympus is now well placed to rapidly scale up production and move towards overall profitability.
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Olympus Commences Treatment Of High-Grade Phuoc Son Ore As Plant Upgrades Near Completion
Olympus Pacific Minerals Inc (PINK:OLYMF)(TSE:OYM) is pleased to announce that the Company has commenced trucking its Phuoc Son high grade ore for treatment at its Bong Mieu Gold Plant as recently commissioned plant upgrades near completion.
In December, the Company successfully concluded a three-month trucking and treatment trial of ore through its Bong Mieu plant from its second mining operation at Phuoc Son Company CEO, David Seton said, "It now makes sense for us to truck and treat the Phuoc Son high grade ore at Bong Mieu and generate positive cash flow for the Company until the main Phuoc Son plant is commissioned".
During the last six months the Company has installed a series of shaking tables, a second intensive leach reactor and an additional float bank to increase the capacity of the existing plant.
Olympus is an equal opportunity employer operating two gold mines in central Vietnam near the port city of Da Nang. The Company employs some 485 Vietnamese representing 90% of Olympus' work force; the Company injected 20 million USD into the local economy during 2008.
Olympus Pacific Minerals Inc., as first mover in Vietnam, is positioned to become a leading gold producer and explorer in Southeast Asia. Olympus is committed to its vision of producing gold from its reserves and making major discoveries in the region and increasing shareholder wealth.
OLYMPUS PACIFIC MINERALS INC.
David A. Seton
Chairman and Chief Executive Officer
For further information contact:
David A. Seton
Chairman and CEO
James W. Hamilton
Vice-President Investor Relations
Tel: (416)-572-2525
TF: 1-888-902-5522
Fax: (416)-572-4202
www.olympuspacific.com
Contact
John Seton
Chairman
Tel: +64 9 379 8787
Email: John.Seton@zedex.com.au
Paul Seton
Managing Director
Tel: +64 9 379 8787
Email: Paul.Seton@zedex.com.au
Rod Murfitt
Chief Geologist
Tel: +64 9 379 8787
Email: Rod@zedex.co.nz
Zedex website: www.zedex.com.au
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