Monday, January 11, 2010

Olympus Pacific beats Vietnam gold targets

Olympus Pacific Minerals (TSX: OYM) has exceeded fourth quarter gold production targets at the Bong Mieu Gold Processing Plant, located in central Vietnam. The Bong Mieu plant throughput is currently sourced from two underground mines, Phuoc Son and Bong Mieu.

Actual gold production for December was 3,191 oz while total gold sales for the year ended 31 December 2009 was 24,200 oz which generated $24.3 million in sales. In the fourth quarter, Olympus sold 10,108 ozs of gold. Cash flow from production is being channelled back into the construction of a second gold processing plant at Phuoc Son.

Proactive Investors reported that Olympus also reiterated its commitment to the company four key projects; Bong Mieu, Phuoc Son, Tien Thuan and Bau which are located in Malaysia and Vietnam.

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