Vietnam Gold Producer to Hit 80K Oz in Late 2010

Location map for Olympus Pacific Minerals’ gold properties
in Southeast Asia.
Olympus Pacific Minerals reported that it reached record gold production for the month of October at its Bong Mieu gold processing plant in Vietnam. Production for October was 3,133 oz. The plant throughput is now being sourced from the company's two operating underground mines at Phuoc Son and Bong Mieu.

The company said the October output is consistent with its 2010 forecast of 40,000 oz/y. Construction of a plant at Phuoc Son has started, with commissioning expected in the fourth quarter 2010, by which time the annualized production rate will hit 80,000 oz. The ball mills have been ordered for the new plant and delivery is expected by June 2010.

The company said it is also reviewing its exploration budgets to cater to the anticipated acquisition of additional properties it will acquire once the merger with Southeast Asia gold exploration company Zedex is completed, at which time it intends to focus upon developing and expanding gold production from four core projects:

Bong Mieu gold mine: Underground exploration and development of the existing Nui Kem mine will continue.

Phuoc Son gold mine: Construction of the process plant will be completed and the underground mine will be further extended.

Tien Thuan gold project: (to be acquired from Zedex) Located in central Vietnam, initial drilling planned for 2010 will investigate the sub-surface extent of the extensively mineralized Nui Bac Ma mesothermal quartz vein set.

Bau gold project: (to be acquired from Zedex) Located in East Malaysia, the company is currently conducting extensive due diligence studies, including a re-assessment of an earlier defined 1.612 million oz JORC resource and a mine scoping study.

As featured in Womp 2009 Vol 10 -