THIS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.


Olympus Pacific Minerals Inc. ("Olympus" or the "Company")
(TSX:OYM)(ASX:OYM)(OTCBB:OLYMF)(FRANKFURT:OP6) announces that it has entered a
brokered private placement financing of Units for gross proceeds up to US
$21,960,000. Olympus is one of the first companies to develop and present a
syndicated gold loan offering through a brokerage firm. Olympus is pleased with
the overwhelming investor support for this brokered private placement and
expects the offer to close in the next few days.


Each unit (a "Unit") consists of: (i) an eight percent (8%) senior secured
redeemable gold delivery promissory note of the Company (each, a "Note" and,
collectively, the "Notes") in the stated or deemed principal amount of
US$10,000, and (ii) a detachable common stock purchase warrant (each, a
"Warrant" and, collectively, the "Warrants") for the purchase of 3,470 common
shares ("Common Shares"), exercisable on or before May 31, 2013 at an exercise
price of CAD $0.60 per share (subject to standard anti-dilution adjustment). The
Warrants may be exercised on a "cashless" or "net exercise" basis at the option
of the holder. The Company will issue the warrants attached to this agreement
under its 15% placement capacity as described in Listing Rule 7.1 of the Listing
Rules of the Australian Securities Exchange.


The Notes mature on May 31, 2013 (the "Maturity Date"), bear interest at the
rate of 8% per annum, and are secured obligations of the Company.


In payment of the Notes the Company will deposit Gold to the credit of Note
holders semi-annually on six dates, commencing on November 30, 2010, and
thereafter on the last business day of each May and November to, and including,
the Maturity Date (the "Gold Delivery Dates"). Gold ounces to be deposited
semi-annually will be 2,800 ounces for the first and second deliveries, 4,200
ounces for the third and fourth deliveries and 5,200 ounces for the fifth and
sixth deliveries; subject, however, to adjustment to the amount of delivered
gold on each gold delivery date if the reference gold price is in excess of US
$900 per ounce to a maximum participation of US $300 per ounce if the reference
gold price is less than, US $1,200 per ounce at the London P.M. fixing price on
the business day immediately prior to such Gold Delivery Date. In respect of
each gold delivery date, the Company's gold price participation interest on a
per ounce basis shall be equal to the lesser of: (i) US $300 per ounce; and (ii)
reference gold price minus US $900 per ounce.


The Notes have limited collateral security, secured by a pledge of the shares of
Formwell Holdings Limited, a BVI company ("Formwell"), and New Vietnam Mining
Corporation, a BVI company ("NVMC"), wholly owned subsidiaries of the Company
which in turn hold the Company's interests in the Phuoc Son Mine and Bong Mieu
Mine in Vietnam and certain inter-company advances.


The net proceeds will be used for the construction of a processing facility at
the Company's high-grade Phuoc Son Mine and Bong Mieu Mine in Vietnam and for
general exploration and corporate purposes.


The securities offered will not be registered under the U.S. Securities Act of
1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements.


Olympus Pacific Minerals Inc., is a diversified SE Asia gold production and
exploration company with four core properties in Vietnam and East Malaysia. The
Company is committed to its vision of producing gold from its reserves and
making major discoveries in the region and increasing shareholder wealth.


OLYMPUS PACIFIC MINERALS INC.

David A. Seton, Chairman and Chief Executive Officer

This news release is not for distribution to United States newswire services or
for dissemination in the United States. The securities offered have not been
registered under the United States Securities Act of 1933, as amended, and may
not be offered or sold in the United States absent registration or an applicable
exemption from registration requirements.


OLYMPUS FOFI DISCLAIMER

Certain of the statements made and information contained herein is
"Forward-looking information" within the meaning of the Ontario Securities Act,
including statements concerning our plans at our Vietnamese mineral projects,
which involve known and unknown risks, uncertainties, and other factors which
may cause the actual results, performance or achievements of the Company, or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
information. Forward-looking information is the subject to a variety of risks
and uncertainties which could cause actual events or results to differ from
those reflected in the forward-looking information, including, without
limitation, failure to establish estimated resources or to convert resources to
mineable reserves; the grade and recovery of ore which is mined varying from
estimates; capital and operating costs varying significantly from estimates;
delays in obtaining or failure to obtain required governmental, environmental,
or other project approvals; changes in national and local government legislation
or regulations regarding environmental factors, royalties, taxation or foreign
investment; political or economic instability; terrorism; inflation; changes in
currency exchange rates; fluctuations in commodity prices; delays in the
development of projects; shortage of personnel with the requisite knowledge and
skills to design and execute exploration and development programs; difficulties
in arranging contracts for drilling and other exploration and development
services; dependency on equity market financings to fund programs and maintain
and develop mineral properties; risks associated with title to resource
properties due to the difficulties of determining the validity of certain claims
and other risks and uncertainties, including those described in each management
discussion and analysis. In addition, forward-looking information is based on
various assumptions including, without limitation, the expectations and beliefs
of management; the assumed long-term price of gold; the availability of permits
and surface rights; access to financing, equipment and labour and that the
political environment within Vietnam will continue to support the development of
environmentally safe mining projects. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in forward-looking
statements. Accordingly, readers are advised not to place undue reliance on
forward-looking information.