Oropa in talks over N. Sulawesi gold project option agreement extension

Australian mining firm Oropa Limited said the company was still in negotiation with PT Arafura Mandiri Semangat, the Indonesian company that holds the mineral exploration and development rights to Lanut gold project in North Sulawesi, to extend the term of the Option Agreement covering Lanut.

The option agreement gives Oropa 90 percent earnings from the project.

Oropa said the Lanut gold project with an area of approximately 250 ha is located in North Sulawesi and hosts a mineralised precious metal epithermal system. Previous exploration undertaken by PT Placer Pacific Indonesia has outlined a gold resource of 5.48 Mt @ 2.8 g/t Au (+ 490,000 oz Au). The system is hosted within andesitic lavas and volcanoclastics as well as shallow dipping marine sediments.

The company is convinced that Lanut North gold prospect which is located adjacent to Lanut gold prospect is considered to be an extension of the Lanut mineralized system.Lanut North gold prospect, which is operates by UK?s Avocet Mining has 800,000 oz au ((20.9 million tonnes @ 1.2 g/t Au) in inferred resources. (alex)