Olympus Receives Positive Independent Technical Report on Feasibility Studies for the Phuoc Son Gold Project

Market Wire, April, 2008

Olympus Pacific Minerals Inc. ("Olympus" or the "Company") (TSX: OYM)(OTCBB: OLYMF)(FRANKFURT: OP6), is pleased to announce the positive results of the Technical Report on Feasibility Studies for the Phuoc Son Gold Project in Quang Nam Province, Vietnam (the "Technical Report") authored by independent mining and geological consultants, Terra Mining Consultants/Stevens & Associates ("TMC/SA") based in Auckland, New Zealand. Olympus holds 85% of the Phuoc Son Gold Project, located in the western highlands of Quang Nam Province, in central Vietnam, some 14.5 kilometers northwest of Kham Duc and approximately 90 kilometers southwest of the port city of Da Nang.

Two deposits comprise the Phuoc Son Gold Project - the South (Bai Dat) and North (Bai Go) deposits, which, lie about 1 kilometer apart, The attached map, - Property Geology showing the North Deposit and South Deposit shows the location of these deposits (red areas), along with other potential deposits within the Phuoc Son Gold Property.

PROPERTY GEOLOGY MAP - To view the Property Geology Map please visit the following link: http://media3.marketwire.com/docs/oym0401.pdf

The Technical Report is based on proven and probable reserves in the South (Bai Dat) and North (Bai Go) deposits of the Phuoc Son Gold Property .The reserve figures have been confirmed by the Qualified Persons, Mr. Graeme W. Fulton and Mr. Murray R. Stevens who are the authors of the independent report, (see tables below).

South Deposit (Bai Dat): Gold Reserve

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CATEGORY                         TONNES (t)           Au (g/t)
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Proven                              88,490              13.14
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Probable                           341,520                9.3
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Proven   Probable                  430,010              10.09
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North Deposit (Bai Go): Gold Reserve

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CATEGORY                         TONNES (t)           Au (g/t)
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Proven                             147,160               6.06
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Probable                           353,220               5.72
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Proven   Probable                  500,380               5.82
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The Company is very confident that there is potential to extend the mine life at this project as the Inferred resource, totaling 425,380 ounces gold, has been excluded as required by NI 43-101. In addition, the Company has several promising targets on this prospective property that are currently being drilled with three operating rigs pursuant to Olympus' announced Strategic Exploration Plans (see Olympus press release dated October 2, 2007)

The table below summarizes the parameters and economic outcomes of the Phuoc Son Gold Project based on the assumptions outlined in the Technical Report.

Phuoc Son Gold Project - Average Gold Price - $US889 / ounce (Average gold price based on Macquarie Bank's Gold Price projections 2009 to 2014)

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                                                                       US$
Months 2 -19                                             (Where Applicable)
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Mine, processing plant, infrastructure,
 pre- production and owners costs (including
 working capital1)                                             $48,110,001
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Mining throughput (total) (t)                                       47,017
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Months 20 - 76
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Mining Production (total) (t)                                      795,039
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Processing throughput (total) (t)                                  842,056
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Mine, processing plant, infrastructure and
 owner costs (sustaining including recovery
 of working capital(1)                                          $4,301,315
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Operating Costs                                                $80,442,634
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Life of Mine
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Life of Mine Capital - Mine, processing plant,
 infrastructure and owners costs                               $52,411,316
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Operating Costs(2)                                             $80,442,634
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Gold Production (total gold payable) (oz)                          189,992
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Operating Costs ($ per payable ounce)(2)                              $423
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Revenue                                                       $168,894,990
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Net Pre Tax Cash Flow(3)                                       $36,041,440
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Net Post Tax Cash Flow                                         $36,041,440
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NPV @ 7.5% (post tax)(3)                                       $21,487,938
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NPV @ 10% (post tax)(3)                                        $17,698,870
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IRR (post tax)(3)                                                    27.90%
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Payback Period                                                  3.08 years
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Notes:
1. Includes indirect taxes (working capital impact), operational working
   capital and contingency. Excludes historic sunk costs.
2. Includes site-operating costs, royalties, transport and refining costs.
3. NPV's and IRR's are shown pre-tax and post-tax. It has been assumed that
   capital assets will be depreciated on a straight-line basis for the life
   of the mine and for the purposes of modeling. The income tax and fiscal
   regime applying to Phuoc Son will be determined in consultation with the
   appropriate government authorities in Vietnam and the Ministry of
   Finance. The Company has made application for a four-year business
   income tax (BIT) exemption starting from the first profit making year
   and a preferential BIT rate for years thereafter. Consequently, in this
   model, minimal business income taxes (BIT) have been assumed with respect
   to Project as defined herein.