OLY has good projects. A company with some idle cash could take...

OLY has good projects. A company with some idle cash could take it over.

WELCOME TO THE OLYMPIA RESOURCES LIMITED
2007 ANNUAL REPORT
Dear Shareholders,
I am pleased to present the 2007 Annual Report for Olympia Resources Limited. The Executive team and the Board have continued to move Olympia’s three projects through to production over the last twelve months.

The first production will come from Kalimantan where the first of two zircon processing plants at Sampit in
Kalimantan is scheduled for start-up in November with the second Bati Bati plant following soon afterwards in early in 2008.

During the year Olympia has been able to secure marketing off take agreements for over 70% of the production from the Harts Range project. In addition markets have been defined and letters of intent signed for the remaining production. The off take agreements underpin the project and guarantee ongoing sales revenue from Harts Range. Olympia is working with
financiers with the aim to have this project financed by the end of 2007.

Harts Range is a world class abrasives resource with reserves defined for the first ten years of mining but with total ore resources which potentially could sustain mining at Harts Range for over 50 years.

The Keysbrook project is moving through the Western Australian environmental approval process. I would point out that the WA environmental approval process has effectively delayed the project by more than a year. We expect to have a decision from the Western Australian Minister for the Environment by years end. During the year a toll treatment agreement was
signed with Bemax Cable Sands to treat the concentrate from Keysbrook through their Bunbury dry separation plant. This reduces the capital cost of the Keysbrook project by over $15 million.

Exploration in Kalimantan is moving to an exciting phase as the initial scout drilling and geological interpretation is completed and access obtained to tenements for drilling. The drilling crews are being increased from one to four to carry out the major exploration program planned for the next year. Our geologists are continuing to find evidence of low grade zircon and gold over large areas of Central Kalimantan during scout drilling. The tenements we are now applying for are in areas where there is potential for higher grades through secondary enrichment of the alluvial river deposits.

Exploration in Western Australia has been reduced over the past year to concentrate the Company’s expenditure on progressing the Harts Range, Keysbrook and Kalimantan projects through to production. This is not to say that the Western Australian tenements aren’t prospective and further drilling is planned in the Southwest of WA during the next year.

Lastly I would like to thank the Executive team and Board members for the work over the past year and look forward to the beginning of production and revenue at Kalimantan over the next few months plus commencement of construction of Harts Range and Keysbrook in 2008.

Yours faithfully,
OLYMPIA RESOURCES LIMITED
Mal Randall
CHAIRMAN