Oropa raises fund to finance N. Sumatra exploration works

Australian mining firm Oropa Limited is trying to raise A$ approximately $733,799 through right issue of 104,828,419 options on at an issue price of 0.7 cents per option, the company said Friday.

The company said some of the proceed would be used to commence a detailed technical evaluation of its newly acquired Pungkut gold project in North Sumatra.

Oropa, through its subsidiary had recently acquired 75 percent beneficial interest in Pungkut project.

Pungkut is located some 70 km south of Newmont's large Martabe gold project near the west coast in North Sumatra, which currently hosts an inferred gold resource of approximately 2.2 million ounces, with expectations to substantially increase this resource. The area is prospective for large deposits of gold, copper-gold-molybdenum and zinc-lead. (alex)