TORONTO, ONTARIO -- (Marketwire) -- 09/11/12 -- Olympus Pacific Minerals Inc., (TSX: OYM)(ASX: OYM)(OTCQX: OLYMF)(FRANKFURT: OP6)
In the news release, Milestone: Test Work Proves Metallurgical Viability At Jugan Hill, Bau Goldfield, East Malaysia issued September 10, 2012 by Olympus Pacific Minerals Inc. over Marketwire, we are advised that the Bau NI 43101 resource statement after the first paragraph, should read, (i)M&I 913,500 ounces Au (17,050,800 tonnes @ 1.67 g/t Au). The corrected release is enclosed.
Located in East Malaysia, Central Bau is a large and historic goldfield with an established NI 43101/JORC(i) gold resource. Currently Olympus controls 83% of the project which will increase to 93% over the next two years. For the past few months Olympus Pacific's team has been testing metallurgy of the Jugan Hill deposit(ii) in the Bau goldfield as part of the feasibility study. The study is due for completion in 2013. Jugan Hill is shaping up to be larger than was first foreseen; it's one of multiple gold prospects on the property and the first to undergo comprehensive metallurgy testing. The company is pleased with the results of phase 1.
(i)M&I 913,500 ounces Au (17,050,800 tonnes @ 1.67 g/t Au) Inferred 2,108,100 oz Au (50,062,000 tonnes @1.31 g/t Au)
(ii)158,500 oz Au Measured (3,425,000 tonnes @ 1.44g/t Au), 500,600 oz Au Indicated ( 10,259,000 tonnes @ 1.52g/t)
Results of Phase 1 metallurgical testing
-- Overall potential for Pressure Oxidation is 98% gold recovery-- Overall potential for Albion is 92% gold recovery-- Flotation recoveries up to 95%
Note: Flotation concentrates were used to calculate recovery rates
Central Bau is known to be similar to the Carlin area in Northern Nevada, one of the largest gold producing areas in the world. "One of our early challenges is to learn which process is best suited to the styles of ore in the goldfield, these tests are confirming our theories, and that's really encouraging." Similar again to Carlin, Bau has a mixture of both refractory and non-refractory ore, Olympus is interested in selecting the process that maximizes recovery and minimizes costs as it moves ahead with its feasibility studies. "Although it's early days we feel the initial results speak for themselves. A possible 90-98% oxidation recovery rate is as good as anyone might hope for." John Seton (CEO) also says "These test results will be a tremendous boon to the Bau project as some people felt the refractory ore complex would hinder development at Jugan Hill. That's simply not the case, these results are proving to be industry standard or better. Proving that both Albion and Pressure Oxidization are viable processes."
OYM has partnered with SGS laboratories, Perth, Australia who've undertaken grinding & flotation testing on a nearly half tonne core sample carrying an average grade of 2.7g/t Au taken from metallurgical drill holes at the Jugan Hill deposit.
Half of the floatation concentrates was used to complete three pressure oxidization tests and cyanide gold extraction. The remaining flotation concentrates was sent to Core Technologies/HrlTesting in Brisbane, Australia. There, the flotation concentrates was subjected to IsaMill fine grind and Albion leach test, followed by CIL gold extraction.