Oropa launches rights issue to fund N. Sumatra gold project

Australia mining company Oropa Limited said Wednesday it had lodged with the Australian Securities and Investments Commission a prospectus for a pro rata non-renounceable rights issue to shareholders to raise up to A$3.82 million.

Oropa said the purpose of the Rights Issue is mainly to fund further exploration and developments of the Northern and Southern Blocks of the Pungkut gold project in North Sumatra, specifically Tambang Ubi and Tambang Hitam prospects.

These prospects which are yet to be evaluated by Oropa since the company took over the project from Western Metals Copper Limited and Pacmin Mining Corporation in mid-2003 exhibit highly anomalous gold values from rock chip sampling and soil geochemistry, the company added. (robert)

Oropa?s prospectus for the rights issue can be downloaded at: Prospectus Rights Issue