Olympus Signs Formal Joint Venture Agreement on the Capcapo Copper-Gold Discover

- September 30th, 2011

Olympus Pacific Minerals Inc. (TSE:OYM,ASX:OYM) has entered a joint venture agreement with Abra Mining & Industrial Corporation, Jabel Corporation, Kadabra Mining Corporation, and PhilEarth Mining Corporation in respect of the Capcapo Copper-Gold Property, Northern Philippines.

Olympus Pacific Minerals Inc. (TSX:OYM,ASX:OYM) has entered a joint venture agreement with Abra Mining & Industrial Corporation, Jabel Corporation, Kadabra Mining Corporation, and PhilEarth Mining Corporation in respect of the Capcapo Copper-Gold Property, Northern Philippines.

The press release is quoted as saying:

The Capcapo Gold Property is strategically located in Abra Province, Northern Luzon, Philippines, north of the prolific Baguio-Mankayan Gold District that has combined production, current reserves and resources in excess of 60 million ounces of gold.

Olympus Pacific Minerals’ CEO, John Seton said:

“This acquisition is an integral part of our strategy to become a multi-mine producer and complements our development stage Malaysian property in diversifying our company over three countries in Southeast Asia. Our due diligence drilling at Capcapo indicates we have a truly world class copper-gold discovery typical of the premium deposits found in the Philippines. I believe our success in negotiating this exciting ground is two fold; first, our successful track record commissioning two gold processing plants that generate us operating cash and second, our recent announcement that we are starting feasibility at Bau Central in the Bau Goldfield, East Malaysia. We are excited about the major potential at Capcapo and our strategic partnership with AMIC.”

Click here to access the entire press release

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