Olympic Resources Enters into Non-Binding Agreement to Acquire Besakoa Graphite Property in Madagascar

Olympic Resources Ltd. (TSX VENTURE:OLA) (the "Company" or "Olympic") has
entered into a non-binding letter agreement with Sunridge Gold Corp ("Sunridge")
and Majescor Resources Inc. ("Majescor"), (Sunridge and Majescor, jointly the
"Seller") for an option to acquire 100% of Daraina Exploration S.A.R.L.
("Daraina"). The Sellers jointly own the shares of Daraina, which holds the
Besakoa mineral exploration property license located in Madagascar.


The Company was on site in Madagascar to conduct a technical site visit the week
of April 15, 2013 and will conduct further due diligence to follow.


The letter agreement outlines the principal terms and conditions to enter into a
two-year option to purchase 100% of the shares of Daraina on signing a
definitive option agreement and paying a total of $150,000, split $75,000 to
Sunridge and $75,000 to Majescor. Before the second year anniversary of signing
a definitive option agreement, Olympic must expend a minimum of $1,000,000
(first year $300,000 obligation) in exploration work on Besakoa. Upon completion
of the expenditures, Olympic may exercise its option to purchase 100% of the
shares of Daraina by delivering notice and paying a total of $1,250,000, split
$625,000 to Sunridge and $625,000 to Majescor, subject to the retention by
Sunridge and Majescor of a 2% net smelter returns royalty on the Besakoa
project, split 1% to Sunridge and 1% to Majescor. Upon successful conclusion of
due diligence, on direction of Olympic, the parties will seek to draft a
definitive agreement, subject to any regulatory approvals that may be required.


Besakoa Property, Madagascar: 

The following property description and technical information in this news
release is historical in nature and is based on data and reports provided to the
Company by the Sellers. 


The Besakoa Property covers approximately 60 square kilometres in south central
Madagascar and can be accessed by road from the port city of Toliara. 


Between 2008 and 2011 Sunridge completed approximately $2,000,000 worth of
exploration work on the project to assess the property for copper/zinc/gold
volcanogenic massive sulfide (VMS) targets. This work included airborne and
ground geophysical surveys (electromagnetics, magnetics, gravity and
audio-magneto-tellurics) soil geochemical surveys, geological and structural
mapping as well as a 5,000-meter diamond drill program. The results of this work
were generally disappointing in regards to base metal targets. 


The Besakoa property is located on the same geological trend and approximately
25 km north of Energizer Resources' Green Giant Molo Graphite Project, which has
a recently reported 43-101 compliant graphite mineral resource and Preliminary
Economic Assessment. The graphite mineralization at Besakoa occurs within a
folded and highly metamorphosed sequence of sedimentary rocks that trends north
to north-northeast and dips steeply to the east.


From preliminary surface mapping and rock sampling conducted by Sunridge at
Besakoa, these graphitic meta-sedimentary rocks are closely associated with
shallow airborne EM conductors. A total of four strong and shallow airborne EM
conductors are defined in the property; two are located in the west (west and
far west anomalies) and two in the east (East and far-east anomalies). These
shallow airborne EM conductors trends from 2.5km up to 7.5km along strike and
vary in widths from 100m in the east up to 800m in the west.


The graphite mineralization at Besakoa occurs as disseminated flakes within the
highly metamorphosed (amphibolite up to granulite metamorphic grades)
sedimentary rocks. 


Mr. Michael J. Hopley is the Qualified Person for Sunridge and has reviewed and
approved the technical information contained in this press release. Except that
Sunridge has entered into the non-binding letter agreement with Majescor and
Olympic, Mr. Hopley has no relationship with Olympic. Olympic wishes to clarify
that the reported historical information, sample analysis and grades stated in
this news release have not been verified and this historical data has not yet
been reviewed by an independent Qualified Person on behalf of Olympic. 


Sunridge Gold Corp

Sunridge is listed on the TSX Venture Exchange (symbol SGC) and is a mineral
exploration and development company focused on the exploration and development
of base and precious metal deposits on the Asmara Project in Eritrea. 


Majescor Resources Inc.

Majescor is a junior explorer focusing on emerging mineral districts. In
addition to the SOMINE project, Majescor's project portfolio includes the
Mistassini uranium exploration projects in Quebec (under Joint-Venture: 40 %
Majescor and 60% Strateco Resources Inc.) the Besakoa gold and base metal
property in Madagascar (50%-50% joint venture with Sunridge Gold Corp.).


Olympic Resources Ltd.

Olympic Resources Ltd. (TSX VENTURE:OLA) is a TSX 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-per-cent
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. 


On behalf of the Board of Directors:

OLYMPIC RESOURCES LTD.

Dean Nawata, President & CEO, Director

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 Besakoa Graphite Property, the accuracy
of the historical information provided by Sunridge, and the impact on Olympic's
business and management assessment of future operations and the completion of
the earn-in of the Besakoa Graphite 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Olympic Resources Ltd.
Dean Nawata
President & CEO, Director
[phone]


Olympic Resources Ltd.
Andrea Davidson
Manager, Investor Relations
+1 306.653.2692
[e-mail]