Olympus ups stake in Phuoc Son

Vancouver – Junior Olympus Pacific Minerals (OYM-V) plans to purchase an additional 20.36% stake in the Phuoc Son gold property in central Vietnam.

Through a share issue arrangement, the company aims to pick up 10.18% from each Zedex and Ivanhoe Mines (IVN-T). The price tag for the extra interest comes in at 17 million shares split between the two minority partners.

The move would give Olympus Pacific 77.56% of the company that holds the property and Ivanhoe will have the remaining 22.46%. Zedex will end up with a 24.96% interest in Olympus Pacific and Ivanhoe will end up with a 21.06% stake.

The deal is still subject to a definitive agreement and shareholder approval.

The junior recently completed a 2,300-metre reconnaissance drill program at the Khe Rin skarn prospect and aims to resume drilling on the Bai Dat and Bai Go vein targets early in the new year.

The Phuoc Son project is situated 140 km southwest of the port city of Danang.

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