Australia?s Oropa secures interim placement for N. Sumatra gold project

Australian gold explorer Oropa Limited announced Friday that Macquarie Bank Limited had agreed to take an interim placement of 6,666,667 ordinary shares in Oropa at 3 cents each to raise around A$200,000 to finance drilling program at Pungkut gold project in North Sumatra.

?It is anticipated that the assay results from current diamond drilling at the Sambung prospect plus associated metallurgical test work, including bottle roll cyanide leach tests will be received during the second half of this month,? said Oropa in a statement to the Australian Stock Exchange.

Earlier Oropa reported that an exploration diamond drill program was currently in progress at the Sihayo and Sambung prospects of the Pungkut gold project.

The company said the two prospects would be systematically evaluated in the future after the current and ongoing drill programs firmly establish geological continuity of the gold mineralization at Sihayo 1 North and Sambung prospects, so a resource can be estimated.

Oropa holds 75 percent interest in the project, while state miner PT. Aneka tambang Tbk. holds the balance. (robert)