Australia?s Oropa offers shares to fund N. Sumatra gold project exploration

Australian junior mining firm Oropa Limited is expecting to raise A$ 2 million from issuance of 74 million ordinary shares at 2.7 cents each together with up to 24,67 million free attached option.

The offer will end in October 17, 2003.

The company?s prospectus said the fund raised would mostly be used to advance its Pungkut gold project in North Sumatra.

The company said the fund would be used to undertake more detailed drilling of the Sihayo-1 North prospect within the Pungkut project area to substantially increase the block?s inferred resource from 400,000 ounces of gold to 1 million ounces.

Oropa acquired 75 percent interest in Pungkut gold project late last year. State miner PT. Aneka tambang Tbk. holds the balance. Some 70 km north of Pungkut is Newmont's large Martabe gold project, located on the west coast of North Sumatra and which currently hosts an inferred gold resource of approximately 2.2 million ounces.(alex/robert)