Oropa to raise more funds to finance N. Sumatra gold project exploration

Australian junior mining firm Oropa Limited is planning to raise another A$650,000 throgh issuance of 24 million new shares at 2.7 cents per share.

The company said most of the fund raised would be spent on its Pungkut gold project in North Sumatra.

Last month, Oropa was also offering to sell 74 million of new shares at 2.7 cents per share, with capital raised expected at $2 million.

The company said the fund would be used to undertake more detailed drilling of the Sihayo-1 North prospect within the Pungkut project area to substantially increase the block?s inferred resource from 400,000 ounces of gold to 1 million ounces.

Oropa acquired 75 percent interest in Pungkut gold project late last year. State miner PT. Aneka tambang Tbk. holds the balance. Some 70 km north of Pungkut is Newmont's large Martabe gold project, located on the west coast of North Sumatra and which currently hosts an inferred gold resource of approximately 2.2 million ounces.(alex/robert)