Oropa Limited plans N. Sumatera accelerated drilling on encouraging results

Encouraging exploration results has prompted Australian miner Oropa Limited to plan for accelerated exploration and development of its Pungkut gold project in North Sumatera.

The company said in a report released Friday that it had held advanced talks with a number of European financiers to raise substantial working capital for the project. It did not say the amount of funds it intended to raise.

The company said the proposed works included fast tracking exploration and development of the Sihayo 1 North/Sambung resources by contracting additional drilling rigs to drill out the resources more quickly.

The company said recent encouraging drilling results at Sihayo/Sambung had confirmed broad zone of continuous, broad zone mineralization within the area with positive indication for enlarged resource.

It added that step out drilling of the Sihayo 1 North would also be conducted with a view to significantly enlarging the current resource of 7.1 Mt @ 2.71 gpt.

Oropa Limited has 75 percent stake in Pungkut gold project, where Sihayo is located, with state miner PT Aneka Tambang Tbk. holds the balance. (alex)