OLY 0.00% 4.0¢ olympio metals limited

MEDIA RELEASE29 May 2006COLONIAL FIRST STATE BECOMES...

  1. 34,500 Posts.
    lightbulb Created with Sketch. 1
    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
 
watchlist Created with Sketch. Add OLY (ASX) to my watchlist
(20min delay)
Last
4.0¢
Change
0.000(0.00%)
Mkt cap ! $2.991M
Open High Low Value Volume
0.0¢ 0.0¢ 0.0¢ $0 0

Buyers (Bids)

No. Vol. Price($)
1 12 4.1¢
 

Sellers (Offers)

Price($) Vol. No.
4.7¢ 98798 1
Last trade - 11.37am 04/12/2024 (20 minute delay) ?
OLY (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.