Australia?s Oropa to immediately commence N. Sumatra gold exploration

Australian mining company Oropa Limited announced Monday that it had commenced right issue of approximately 125,794,103 options to raise up to A$ $754,765.

Portion of the fund raised will be used to immediately commence due diligence and technical appraisal of Pungkut gold project in North Sumatra, said the company.

Oropa, through its subsidiary had acquired 75 percent beneficial interest in Pungkut project last December.

Pungkut is located some 70 km south of Newmont's large Martabe gold project near the west coast in North Sumatra, which currently hosts an inferred gold resource of approximately 2.2 million ounces, with expectations to substantially increase this resource. The area is prospective for large deposits of gold, copper-gold-molybdenum and zinc-lead. (alex)