Bong Mieu East Resources
Auckland, Mar 24, 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 producing gold in Vietnam and in which Zedex has an approximate 31% shareholding. This upgrade of Gold Resources at Bong Mieu East, has increased total Olympus Resources in Vietnam to 1.61 million ounces. In addition, a recalculation of its Phuoc Son Resource is scheduled for mid-year.
In combination with it's own project at Bau (Zedex interest 50.05%) in Sarawak, Malaysia which has a JORC status gold resource of 1.612 million ounces (refer to release dated 27 November 2008), Zedex now has an interest in properties with a total resource in excess of 3 million ounces of gold. Zedex continues to hold a 2% gross production royalty over the sales from the Bong Mieu Mine.
-ENDS-
Olympus Pacific Minerals Inc. (TSE:OYM)(PINK:OLYMF)(Frankfurt:OP6) is pleased to report significant increases to the mineral resource at the Bong Mieu East Gold-Tungsten deposit as outlined in a Technical Report prepared by Terra Mining Consultants and Stevens & Associates ("TMC/SA"). The full text of the report is will be available on the Sedar website: (www.sedar.com) within 45 days of this Press Release.
TMC/SA reviewed exploration results and resource calculations undertaken by Olympus staff and verified the results as accurately calculated and presented.
The Bong Mieu property is located in the southeast corner of Quang Nam Province of central Vietnam, some 70 km south of the port city of Danang and 20 km southwest of the provincial capital Tam Ky. The property hosts four known gold deposits, - Ho Gan, Ho Ray, Thac Trang and Nui Kem.
Bong Mieu East
The TMC/SA report will focus on the Bong Mieu East and will undertake the auditing function for the Mineral Resource estimates prepared by Olympus staff, validating the block model tonnages and grades. TMC/SA classified the Resources using the CIMM standards as required by NI 43-101.
Measured and Indicated Resource categories at Bong Mieu East are increased to 145,270 ounces (Measured Resources total 55,700 ounces and Indicated Resources total 89,580 ounces). Inferred Resources total 208,450 ounces.
Using values of US$210/MTU for Tungsten and US$880/oz for gold, at Bong Mieu East, the value of the Tungsten and Fluorine credits contained within the deposit, give a contained gold equivalent in Measured and Indicated Resources of 170,110 ounces (Measured 32,340 ounces Indicated 52,380 ounces). The Inferred Resource is 85,390 ounces.
The TMC/SA report reviews and compares historical resource estimates, estimation methodology and comparative estimates while detailing the methodology used to make the Resource Estimate summarize in the Table below:
-----------------------------------------------Category Tonnes Au W Au Equivalent (t) (g/t) (ppm) Ounces-----------------------------------------------Measured 876,100 1.98 1,227 88,040Indicated 1,765,600 1.58 986 141,950Measured+ Indicated 2,641,700 1.71 1,066 229,990Inferred 4,663,000 1.39 609 293,840-----------------------------------------------
Data Analysis and Resource Calculation Methodology The statistical analyses and block model calculation methodology used by Olympus and detailed in the TMC/SA report are listed in that report.
- A 10 g/t Au top cut and 0.5g/t lower cutoff were employed throughout.
- Densities for calculating tonnage were 1.97 g/cm3 for the oxidized ore and 2.81 g/cm3 for fresh ore.
- Block models were created in Gemcom. The mineralized zone wire frames were filled with 2m x 2m x 2.0m model cells
- The Mineral Assay, and Service Co. Ltd. (MAS Laboratory) located in Bangkok, Thailand, performed assays using the Fire Assay method on 50 grams of prepared sample. The Thailand Departments of Industrial Works and Ministry of Industry certify the MAS laboratory.
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, 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 Seton, Chairman and Chief Executive Officer
Jim Hamilton, VP Investor Relations
T: (416) 572-2525 or TF: 1-888-902-5522
F: (416) 572-4502
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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