Sydney, Jan 3, 2006 (ABN Newswire) - Olympia Resources (ASX: OLY) is pleased to announce that it has placed 9,413,000 shares and 4,706,500 unlisted options to raise $1,882,600 to provide Keysbrook Project costs, exploration, evaluation & development and working capital. These shares represent a second portion of the 14 million shares which the Directors were authorised to allot by the General Meeting of Shareholders held on 15 September 2005. The Company is now applying for the listing of the December 2007 options as it has now met the minimum spread under listing rule 2.5 condition 6.


Additionally, Olympia Resources is pleased to announce that initial exploratory drilling has uncovered a new zone of heavy mineral sand mineralisation east of Pinjarra. The Pinjarra Heavy Mineral Sand Project is similar in nature and 20 kilometres south of Olympia's Keysbrook Heavy Mineral Sand Project, which is due to begin production in early 2007. There has been insufficient drilling to identify a resource of the deposit, however further drilling at Pinjarra will commence in 2006.

A 1,200 metre combination RAB and RC drilling program at Bruce's Gold Prospect 300 km north-east of Alice Springs has also been completed. The results indicate that mineralisation occurs within the easterly trending shear zones identified by earlier soil sampling, but the grade is low. Olympia will continue regional exploration at Bruce's Prospect including more geological mapping and soil sampling.