Olymipa Resources updates Indonesian zircon projects
Friday, February 1 2008 - 05:35 AM WIB
KALIMANTAN ZIRCON PROJECT
Construction of the Sampit zircon processing plant continued throughout the quarter. The plant was originally planned to be completed in late November however the Chinese engineers building the plant failed to meet this deadline and in fact didn?t complete the plant until January 2008. PT Olympia, upon taking control of the plant determined that some of the electrical switching and wiring, although thought adequate in China and Indonesia didn?t meet our safety standards and these were upgraded. This has further delayed the plant start-up with commissioning now planned for the first week in February.
Paul and Elayne Opitz have been employed by PT Olympia Indonesia as the Sampit plant manager and Sampit laboratory and quality control manager respectively. Paul and Elayne have significant mining experience within Australia and overseas in Africa. Paul is employing local Indonesian nationals to operate the plant
The Bati Bati project is on hold until Sampit is up and is operating satisfactorily. The Bati Bali plant is planned to be built in the first half of 2008 and commissioned in the third quarter.
KALIMANTAN EXPLORATION
Olympia signed a joint venture agreement with Island Minerals Pty Ltd to carry out exploration on KPs (tenements) in Kalimantan. Island Minerals has made application for KPs covering over 200,000 Ha in three highly prospective areas in Southern and Western Kalimantan. Once granted
Olympia has agreed to carry out exploration on the KPs and where appropriate develop feasibility studies for mining. For this Olympia will earn a 70% share of all mining projects developed on these KPs
Five of the joint venture KPs in the Sambas area of Western Kalimantan were granted in December 2007. This area is prospective for zircon, titanium minerals and gold incorporated in alluvial fan channels. Exploration drilling will commence on the Sambas KPs first quarter 2008. The exploration team is being increased with more Indonesian geologists and drillers being employed to work on the newly granted KPs. (end of excerpt)
| Tenement | Ownership | Status |
| Kasongan (PT Olympia) | 100% PT Olympia | KP Granted |
| Tumbangsamba (PT Sinarco) | 100% PT Olympia | KP Granted |
| Kubu | 90% Olympia Res. | Kp Application |
| Island Minerals Agreement | ||
| Sambas | 70% Olympia Res. | KPs Granted |
| Kendawangan | 70% Olympia Res. | KP Application |
| Asem Asem / Pagatan | 70 % Olympia Res | KP Application |