July 24, 2008

Zedex to Increase Its Shareholding in Olympus to 31%

Zedex Minerals Limited ("Zedex") (ASX: ZDX) announces it has entered into private agreements to acquire further shares and warrants of Toronto Stock Exchange listed mining and exploration company, Olympus Pacific Minerals Inc. ("Olympus") (TSX: OYM) thereby increasing its ownership in the gold reserves and mining operations of Olympus, Vietnam's leading operating gold mining company.

Olympus is currently in production at Bong Mieu which has an NI 43-101 Mineral Reserve and Resource Estimate of 845,000 oz gold and gold equivalent (see below). Zedex has a 2% royalty over Olympus' share of production.

Olympus is also developing Vietnam's second modern gold mine at Phuoc Son which has an NI 43 101 Mineral Reserve and Resource Estimate of 647,000 oz gold or gold equivalent (see below) whilst ongoing drilling programmes are targeting a further 550,000 to 750,000 ounces based on the ore body continuity. A recently completed independent technical feasibility report recommended continuing its development to a mine.

Zedex holds the majority interest and is the operator of the Bau Gold Project in Malaysia and the Tien Thuan Gold Project in Vietnam. Zedex considers the Olympus assets to have significant upside potential and will work to unlock the value contained within Olympus' portfolio of mining, exploration and development properties. Zedex is making the acquisitions to increase its ownership of Olympus for investment purposes and may acquire ownership or control over additional Olympus shares depending on market conditions and other strategic considerations.

Zedex's chairman, John Seton, said today that he "is extremely pleased that this transaction gained the support of a number of Olympus's institutional holders, including Halman Aldubi Group, Macquarie, Phoenix Gold Fund and a large UK fund manager, and he welcomed the strengthening of Zedex's shareholder register as a result. Furthermore, this strategic stake in Olympus and its associated gold resources and mines, provides an important step in the path to building Zedex into a leading player in the Asia Pacific gold exploration and production sector".

Zedex shares trade on the ASX and closed on July 21, 2008 at AUS$0.165. Olympus shares trade on the Toronto Stock Exchange, and have traded in the range of CAD$0.18 to CAD$0.73 over the last 12 months, and closed on July 21, 2008 at CAD$0.18 (AUD$0.182).

The agreements allow Zedex to acquire a further 40,332,028 common shares in Olympus (the "Olympus shares") and 9,654,850 warrants of Olympus (the "Olympus warrants"), representing 17.36% of the Olympus shares outstanding and 49.39% of the Olympus trading warrants outstanding. Prior to entering into the agreements Zedex held 31,396,849 Olympus shares and no Olympus warrants, representing 13.51% of the outstanding Olympus shares, 0% of the outstanding Olympus warrants and 12.46% of the outstanding Olympus shares on a diluted basis. Upon completion of the acquisitions, Zedex will hold 71,728,877 Olympus shares and 9,654,850 Olympus warrants representing 30.87% of the outstanding Olympus shares, 49.37% of the outstanding Olympus warrants and 32.30% of the outstanding Olympus shares on a diluted basis.

The private agreements are with non-Canadian shareholders and made entirely outside Canada. Zedex is not required under any legislation to make any further acquisitions or offers to acquire additional Olympus securities.

In consideration for the Olympus securities to be acquired, Zedex has agreed to issue two fully paid ordinary Zedex shares (the "Zedex shares") for each Olympus share and two unlisted Zedex options (the "Zedex options") for each Olympus warrant. Each Zedex option is exercisable until August 28, 2009 into one (1) Zedex share at an exercise price of Aus $0.40 per Zedex share. This would result in the issue of a total of 80,664,056 Zedex shares and 19,309,700 Zedex options. The exercising of these options would provide Zedex with $7,723,880 additional capital.

The private purchase agreements are conditional upon Zedex obtaining Zedex shareholder approval pursuant to ASX Listing Rules 7.1 and, where applicable, ASX Listing Rule 10.11. The shareholder meeting is scheduled to be held on 25 August 2008, and the notice of meeting and explanatory memorandum will be sent to shareholders this week.


The Bau Gold project in Sarawak, East Malaysia, comprises consolidated Mining and Exploration tenements collectively covering 828 km2 of the most highly-prospective ground within the Goldfield. Operating intermittently since 1864, the Bau goldfield has recorded 1.5 million oz gold production and estimated historic production of more than 3.0 million oz. Zedex is systematically exploring multiple target zones, each of which has multi-million oz gold potential. Exploration has to date defined a JORC status global resource of 1,191,000 oz Au. The project has abundant blue sky potential and continuing exploration is confidently expected to rapidly expand the current resource inventory. Options for commercial development will be evaluated in 2009.

The Tien Thuan project in Vietnam comprises about 100 km2 of hilly terrain that encompasses numerous hard rock and alluvial gold occurrences, within and peripheral to a large, multiphase intrusive complex of predominantly felsic composition. Prior exploration by the Vietnamese Geological Survey (DGMV) during 1990-93 recorded multiple sub-parallel, closely spaced quartz veins hosted by a granitic intrusive. DGMV assays revealed gold values ranging up to 157 g/t Au, with 35% of all samples reporting above 3.0 g/t Au.

Zedex has since mapped and sampled three intrusive related vein-swarms, confirming the presence of multiple quartz veins of potentially economic grade and width. Drill targets have been prioritized. Construction of a drill access track into the centre of one vein-swarm is now in progress preparatory to 3rd Quarter commencement of diamond drilling.

The Binh Dinh Provincial Government has granted an Investment Certificate, pursuant to which Zedex may earn 75% equity in the project by funding exploration through to completion of a bankable feasibility study (such funding to be repayable from future profits). Upon reaching a "decision to mine", project development will be jointly funded on a pro-rata basis.


Bong Mieu: Measured + Indicated - 243,850 oz Au, Inferred - 91,600 oz Au, Historical Inferred (Underground) - 317,300 oz Au, Tungsten & Fluorine as gold equivalent ounces -Measured + Indicated - 101,850 oz Au eq, Inferred - 90,400 oz Au eq. Phuoc Son: Measured + Indicated - 245,470 oz Au, Inferred - 401,650 oz Au. --Measured and Indicated Categories includes Proven and Probable Reserves--

For further information in respect of Zedex and/or to obtain a copy of the early warning report filed in respect of the acquisitions, please contact:

 John Seton                                Paul Seton Chairman                                  Managing Director Tel: +64 9 379 8787                       Tel: +64 9 379 8787 Email: [email protected]            Email: [email protected] Rod Murfitt Chief Geologist Tel: +64 9 379 8787 Email: [email protected] 

Zedex website: www.zedex.com.au

Zedex is an active gold development company focused on being a leading player in the South East Asian and Pacific region.

Scientific or technical information in this news release has been prepared under the supervision of Rod Murfitt, Chief Geologist of the Company and a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Murfitt has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person, as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Mr Murfitt consents to the inclusion in this report of the information, in the form and context in which it appears.

The information in this report relating to the Bau mineral resource is based on information compiled by John Ashby who is a fellow of the Australasian Institute of Mining and Metallurgy and who is employed by Ashby Consultants Ltd. John Ashby has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to resource estimation to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves." John Ashby consents to the inclusion in the report of the matters based on his information in the form and context in which it appears."

 Contacts: Zedex Minerals Limited John Seton Chairman +64 9 379 8787 Email: [email protected]  Zedex Minerals Limited Paul Seton Managing Director +64 9 379 8787 Email: [email protected]  Zedex Minerals Limited Rod Murfitt Chief Geologist +64 9 379 8787 Email: [email protected] Website: www.zedex.com.au

SOURCE: Zedex Minerals Limited