cba loads the truck on this one

MEDIA RELEASE
29 May 2006
COLONIAL FIRST STATE BECOMES SUBSTANTIAL
SHAREHOLDER
Olympia Resources Ltd (ASX Code: OLY) is pleased to announce Colonial First State
Investments have become a substantial shareholder in the Company, through the acquisition
of 7,500,000 new shares in the recent placement to institutional and sophisticated investors.
The acquisition represents 8.26% of Olympia Resources issued capital.
Commenting on the investment, Olympia Resources chairman Mal Randall said, “Colonial’s
decision to invest in Olympia confirms that we are developing some very exciting projects at
Keysbrook and Harts Range, as well as our zircon project in Kalimantan. We welcome their
investment and look forward to developing a profitable long-term relationship.”
Olympia Resources raised $3.164 million last week through a placement of 15.82 million
$0.20 new fully paid ordinary shares to finance the on-going development of the Keysbrook
Mineral Sands and Harts Range Garnet projects. The funds will also be used to finance ongoing
exploration activities, capital expenditure and working capital.
Olympia Resources has earned its first revenue payments from zircon shipments to China
from Kalimantan. Olympia purchases zircon from local Indonesian miners and transports and
sells the zircon as concentrate to two major Chinese customers.
Olympia plans to use some of the proceeds of the shipments to fund its on-going zircon
exploration program in Kalimantan. If exploration is successful Olympia plans to commence
its own mining operation and supply up to 100,000 tonnes of zircon concentrate to China
annually for the next 10 years.
Last month, Olympia announced it had discovered a 19.9 million tonne mineral sands inferred
resource, containing 1.1 million tonnes of heavy mineral grading 5.5% HM, at Yalyalup,
southwest of Perth. The Yalyalup discovery fits into Olympia’s plans to develop a major
mineral sands mining and processing operation at Keysbrook, located 70 kilometres
southeast of Perth.
The details contained in this report that pertain to resource estimation and mineralisation are
based upon information compiled by Mr John Baxter who has sufficient experience which is
relevant to the style of mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person as defined in the December
2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves” (JORC Code). Mr Baxter consents to the inclusion in this
report of the matters based upon his information in the form and context in which it appears.
For further information contact:
Peter Gazzard Media
Managing Director Tony Dawe
Olympia Resources Limited Linc Integrated
Telephone: (08) 9244 1411 Tel: (08) 6363 7000
E-mail: [email protected] Mob: 041 3322 110