80,000 oz + annualized production Summary
Consolidated production for the year ended December 31, 2011 represents the fifth consecutive year the Company has expanded production with a 29% increase compared to 2010. Also fourth quarter production, on an annualized basis exceeds our 2012 production target range of 60,000 to 70,000 ounces.
Olympus' first quarter 2012 gold production will likely be lower compared to the previous quarter resulting from scheduled general plant maintenance and the Vietnamese Lunar New Year Holiday (Tet) beginning January 23, 2012 and traditionally lasting two weeks. Expected lower first quarter production will not adversely affect the Company's 2012 production forecast. The Phuoc Son mill now regularly operates at its current design capacity of 500 tonnes per day. The Company continues to mine the Bai Dat deposit while developing the Bai Go deposit that is expected to be on first ore by May 2012 and on planned capacity by August 2012.