Oropa exercises option to buy Pungkut gold project

Australian mining firm Oropa Limited said on Tuesday that it had exercised option to buy 100 percent shares of Aberfoyle Pungkut Investment Ltd. (API) from Pacmin Mining Corp. and Western Metals Copper Limited for A$1 million.

API holds 75 percent interest in Pungkut gold prospect in North Sumatra. State miner PT. Aneka Tambang Tbk. holds the remaining 25 percent interest.

Pungkut gold project is located adjacent to Newmont?s Martabe gold project. The Pungkut CoW is the 7th generation CoW with total area of 662km2.

Since Oropa executed the option to purchase shares agreement in early 2003, it had spent $1.7 million on exploration and had doubled the inferred resource at Sihayo North prospect to 610,000 oz of gold.(alex)