Olympus' and Zedex's Boards Withdraw Takeover Bid Support

Market Wire, February, 2007

Olympus Pacific Minerals Inc. (TSX: OYM) ("Olympus" or the "Company") announces that its Board of Directors and the Directors of Zedex Minerals Limited (ASX: ZDX) have withdrawn their support of the intended off-market, all equity takeover offer by Olympus for Zedex (see OYM press release of November 24, 2006).

Following discussions with the respective major shareholders of both companies, the Olympus and Zedex Boards were of the view that the intended takeover offer did not have the full support of shareholders.

Both Olympus and Zedex have had recent exploration successes and it has become apparent that the respective key shareholders of the two companies prefer to see the potentially significant projects developed within the separate entities to ensure maximum value is achieved for those projects.

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 making major discoveries in the region and increasing shareholder wealth.

OLYMPUS FOFI DISCLAIMER

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act or forwarding- looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 of the United States, including statements concerning our plans at our Vietnamese mineral projects, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, failure to establish estimated resources or to convert resources to mineable reserves; the grade and recovery of ore which is mined varying from estimates; capital and operating costs varying significantly from estimates; delays in obtaining or failure to obtain required governmental, environmental or other project approvals; changes in national and local government legislation or regulations regarding environmental factors, royalties, taxation or foreign investment; political or economic instability; terrorism; inflation; changes incurrency exchange rates; fluctuations in commodity prices; delays in the development of projects; shortage of personnel with the requisite knowledge and skills to design and execute exploration and development programs; difficulties in arranging contracts for drilling and other exploration and development services; dependency on equity market financings to fund programs and maintain and develop mineral properties; risks associated with title to resource properties due to the difficulties of determining the validity of certain claims and other risks and uncertainties, including those described in each management discussion and analysis. In addition, forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; the availability of permits and surface rights; access to financing, equipment and labour and that the political environment within Vietnam will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Contacts: Olympus Pacific Minerals Inc. David Seton Chairman & CEO (416) 572-2525 or Toll Free: 1-888-902-5522 (416) 572-4202 (FAX) Olympus Pacific Minerals Inc. Jim Hamilton Corporate Communications Manager (416) 572-2525 or Toll Free: 1-888-902-5522 (416) 572-4202 (FAX) Email: info@olympuspacific.com Website: www.olympuspacific.com