Oropa raises funds to finance N. Sumatra gold exploration

Australian junior mining firm Oropa Limited announced on Wednesday that it has reached agreement in principle with London based institutions and Findlay & Co. Stockbrokers (Underwriters) Pty Ltd to raise up to $1.2 million via a placement of Shares and Options at an issue price of 2.4 cents per Share.

The funds raised will be used to follow up recent successful exploration drilling at the +610,000 oz Au Sihayo 1 North Inferred Resource located with in the Pungkut Contract of Work in Northern Sumatra. Planned exploration will include infill drilling of the widely spaced drill holes within the Resource envelope, plus additional drilling to further test gold mineralisation recently intersected outside the Resource envelope.

Drilling will be conducted concurrently with a detailed metallurgical evaluation of the Sihayo ore and a comprehensive petrological study to obtain a better insight into the nature and controls influencing the gold mineralization at Sihayo, with a view to identifying additional resource targets.

The work is scheduled to commence towards the end of this month. The nearby high grade Sambung prospect will also receive additional test pitting and trenching across several hundred meters of strike to progress the prospect to a drill-ready status. (alex)