Oropa secures funding package to develop N. Sumatra gold project

Australian emerging gold company Oropa Limited has appointed Blackwood Capital Limited as lead arranger for a funding package of up to $2.0 million prior to March 31, 2009, with additional funds to follow.

The funding package, consisting of the initial placement together with a convertible note, will ensure that Oropa is funded to maintain its exploration activities and advance development of a feasibility study program over the Pungkut gold project in North Sumatra, the company said in statement on Wednesday.

?The positive outcome to the Scoping Study completed in November 2008 confirms that development of Pungkut should be vigorously pursued as one of the company?s main priorities in the coming year,? it said.

The current fundraising by Blackwood also guarantees that the company has access to sufficient working capital to maintain its development focus without being affected by ongoing market destabilization, and dispels any concerns about Oropa?s capacity to maintain its equity interest in Pungkut.

The company has outlined a mineral inventory of in excess of 1 million ounces of gold at Pungkut.

Oropa has 75 percent stake in Pungkut gold project, with IDX-listed state owned miner PT.Aneka Tambang holding the balance.(denny)