Oropa completes share placement for Sihayo drilling program

Australian junior mining firm Oropa Limited said Wednesday that capital raising was oversubscribed and it had raised $1,221,372 via a placement of 50,890,500 shares at an issue price of 2.4 cents each.

Oropa said the shares placement was including with 16,963,500 free attached options each to acquire one share exercisable at 5 cents per share on or before 31 December 2007, on the basis of one option for every three shares issued to Findlay & Co. Stockbrokers Ltd and offshore institutional investors.

?The funds raised will be used to conduct development diamond drilling at the Sihayo 1 North prospect at the Pungkut Gold prospect in Indonesia which is scheduled to commence shortly,? Oropa said.

The primary objectives are to complete infill drilling of the current resource envelope to generate bulk samples for metallurgical test-work, along with systematic step-out drilling to extend the known mineralized zones, Oropa added.

Oropa has 75 percent stake in Pungkut gold project, with state miner PT Aneka Tambang Tbk. holds the balance. (Robert)