Olympic Resources to Acquire Flora Lake Graphite Property in Labrador - Appoints Dean Nawata as President and CEO

VANCOUVER, May 2, 2012 /CNW/ - Olympic Resources Ltd. (TSX-V: OLA) (the "Company" or "Olympic") reports that the Company has signed an agreement with Zimtu Capital Corp. (TSX-V: ZC; FSE: ZCT1) ("Zimtu") and one of Zimtu's prospecting partners whereby Olympic can earn a 100%-interest in the Flora Lake Graphite Property located in Labrador, Canada.  Olympic also announces the appointment of Mr. Dean Nawata as President, CEO and Director of the Company and a non-brokered private placement.

Flora Lake Graphite Property:

The Flora Lake Graphite Property (the "Property") consists of five contiguous claim blocks totaling approximately 4,104 hectares located 8 kilometers east of Labrador City, Labrador. The Property is accessible via Trans Labrador Highway 500, and is transected by other infrastructure that services the nearby iron mines, such as power lines and railroads.

The Property was previously explored by the Newfoundland & Labrador Corporation Ltd. in 1953, where a reconnaissance scale property mapping campaign discovered several graphite occurrences. Impure quartzites and crystalline limestones on the property are reported to contain disseminated graphite.  Additionally, other rock types of feldspar-quartz-biotite gneiss and mica-garnet gneiss are reported to contain graphitic schists on the Property.  Regionally, these rocks have been mapped as part of the Lower Proterozoic Gagnon Group, which is a high-grade metamorphic terrane host to several other graphite deposits in neighbouring Quebec; including the Lac Guéret and Lac Knife Deposits.

The graphite occurrences on the Property are described by the author of the report, W.P. Boyko (1953) as: "graphitic bands up to 10 feet in the feldspar-quartz biotite gneiss. The graphite occurs as disseminated flakes to a solid seam up to 2 inches thick."

Olympic intends to mount an exploration campaign on the Property commencing with a complete compilation of historic geologic work followed by electromagnetic geophysical surveys, surface mapping and sampling, trenching, and diamond drilling. The exploration target is an open-pittable, crystalline flake graphite deposit similar to other graphite deposits and mines in Quebec such as Focus Metals Inc's (TSXv: FMS) Lac Knife Deposit.

Appointment of New President and CEO

The Company also announces that Mr. Balbir Johal is stepping down as the President, CEO and Director of Olympic, along with Mr. Elston Johnston who is resigning as a Director.  The Board of Directors wishes to thank Messrs. Johal and Johnston for their contributions to the Company from its inception.

Olympic is pleased to announce that Mr. Dean Nawata has accepted the position of President, CEO and Director of the Company. Mr. Nawata has over 18 years of capital market experience, nine of which he spent as a licensed stockbroker focusing on financing of junior mining and oil/gas projects with Nesbitt Burns, Research Capital and, most recently, Raymond James. Mr. Nawata is currently a Business Development Consultant to 49 North Resources Inc. As previously disclosed on August 25th, 2011, 49 North Resources (TSX-V FNR) acquired 4,000,000 common shares of the Company representing 19.76% of the then outstanding common shares.

Olympic is also pleased to announce the appointment of Mr. John Kiernan P.Eng., MBA, to the Board of Directors.  Mr. Kiernan is a mining engineer with more than 25 years mine operating, engineering, corporate and financial experience. Mr. Kiernan is currently the Manager Project Evaluation for Quadra FNX/KGHM International, prior to which he was the mining analyst for PI Financial Corp.

Mr. Marvin Mitchell P.Eng who provides geological engineering advice to Olympic as dictated by NI 43-101 and Mr. Andrew Davidson B.Comm., CA, Olympic's CFO will both be remaining on the Board of Directors.

Private Placement

Further to the reorganization of its management, Olympic is proposing a non-brokered private placement.  In connection with the offering, the Company intends to issue up to one million units from  treasury at a price of $0.10 per unit for gross proceeds of up to $100,000.  Each unit pursuant to the offering will comprise of one common share and one common share purchase warrant.  Each warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.15 for a period of 24 months from the date of issuance.  Completion of the offering is subject to all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The securities to be issued in the offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws.

The net proceeds of the offering are expected to be used for exploration of the company's mineral property and for general working capital.  The company will retain broad discretion in allocating (based on sound business principles) the net proceeds not applied in the manner set out above and Olympic's actual use of the net proceeds may vary depending on its operating and capital needs from time to time.

Terms of the Earn-in Agreement:

The parties have negotiated at arms length the following terms and conditions with respect to Olympic earning up to a 100%-interest in the Property:

1.	Olympic will pay to the Vendors cash consideration as follows:
	a.	$30,000 on signing of this letter.
	b.	$30,000 on TSX-V acceptance of this agreement.
2.	Olympic will issue common shares to the Vendors as follows:
	a.	1,500,000 common shares on TSX-V acceptance of this agreement.
	b.	500,000 common shares on that day which is 6 months from the date of the TSX-V acceptance of the agreement.
	c.	500,000 common shares on that day which is 12 months from the date of the TSX-V acceptance of the agreement.
	d.	500,000 common shares on that day which is 14 months from the date of the TSX-V acceptance of the agreement.

The Vendors will maintain a 2% Net Milling Royalty on the Property; 1% of which can be purchased by Olympic for $1,000,000.

Neil McCallum, P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical content of this release.

Olympic Resources

Olympic Resources Ltd. (TSX-V:OLA) is a Toronto Venture Exchange listed resource company engaged in the exploration, development and acquisition of graphite, gold and precious metal properties. The Company is currently evaluating several prospective graphite properties in Canada and other countries to acquire and explore. Olympic also has an option to earn a 60%-interest in the Dragon Lake gold property in the Yukon and an agreement with Yukon Exploration Syndicate Inc. to acquire a 100% interest in the Ice, Max and Sun gold projects also located in the Yukon within the Carmacks Caldera.

49 North Resources

49 North is a resource investment company with operations in financial, managerial and geological advisory services and merchant banking. 49 North's portfolio of assets includes direct project involvement in the resource sector, as well as investments in shares and other securities of junior and intermediate mineral and oil and gas exploration companies. 49 North is listed on the exchange under the symbol FNR and was incorporated pursuant to the laws of the province of Saskatchewan. Additional information about 49 North is available under 49 North's SEDAR profile. All information provided in this news release relating to 49 North has been provided by management of 49 North and has not been independently verified by management of Olympic.

Zimtu Capital Corp.

Zimtu Capital Corp. invests in, creates and grows natural resource companies thereby providing a way for shareholders to indirectly participate and profit in the public company building process. The Company also provides mineral property advisory services helping to connect companies to properties of interest.

Zimtu Capital trades on the TSX Venture Exchange under the symbol "ZC" and the Frankfurt Stock Exchange under the symbol "ZCT1." For more information please visit the corporate website at http://www.zimtu.com.

On behalf of the Board of Directors:

OLYMPIC RESOURCES LTD.

"Andrew Davidson"
Andrew Davidson
CFO & Director
Phone: [phone]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements contained in this document are based on certain key expectations and assumptions made by Olympic, including, without limitation, expectations and assumptions respecting the outlook of exploration activity on the Property and the impact on Olympic's business and management assessment of future operations, the closing of the offering, and the completion of the earn-in of the Property. Although the forward-looking information contained in this press release is based upon what Olympic's management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release.

It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices.  Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.

The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to the Company. The forward-looking information is made as of the date of this press release and Olympic assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

Andrew Davidson, Phone: [phone]