Harts Range Garnet Project group annual report year ending 22 January 2008

Abstract

The main activity for Olympia Resources Ltd in 2007 was extension of the resource at the proposed Aturga abrasive deposit EL 10150 to convert inferred resources to indicated resources. Continuation of marketing studies has resulted in contracts to sell 70% of the planned production from the deposit. Further test work has been conducted on the water reservoir to supply the Aturga abrasive deposit. Access to the Ongeva North EL 10331 and EL 9410 tenements has not been obtained from the Native Title holders and negotiations are continuing through AAPA and the CLC. We are attempting to finalise these negotiations in 2008. If not successful we may cease attempting to gain access for exploration and leave the tenements. This year has been a frustrating year cleaning up the end of the feasibility work and trying to complete negotiations with customers, the CLC and other interested parties. These negotiations have consumed time. The Bruces Copper and Jinka tenement in the Huckitta Project has abrasive targets that require follow-up, but in 2007 we were unable to obtain a suitable rig for this exploration. It is hoped this will be completed in 2008. The Marshall group of tenements have previously been assessed for abrasives without success. In 2007 a regional mapping scintillometer survey was completed. This survey identified amomalies that will be followed up in 2008. No covenant allowance has been made for the intended plant building at Aturga where the capital cost is expected to be to be in the vicinity of $9million.