OROPA LIMITED ACQUIRES INTERESTS IN TWO URANIUMEXPLORATION...

OROPA LIMITED ACQUIRES INTERESTS IN TWO URANIUM
EXPLORATION PROJECTS NEAR TO KAYELEKERA IN
MALAWI
Please find the above letter attached.
Yours faithfully,
OROPA LIMITED
PHILIP C CHRISTIE
Director
RECENT ASX
ANNOUNCEMENTS
14 November 2007
Notice of Change of Interests of
Substantial Shareholder
8 November 2007
Notice of Initial Substantial
Shareholder
8 November 2007
Notice of Change of Interests to
Substantial Shareholder
CORPORATE
25 Charles Street
South Perth WA 6151
Ph: +61 8 9368 4544
Fax: +61 8 9368 4522
Email: [email protected]
Web: www.oropa.com.au
ABN: 77 009 241 374
BOARD OF DIRECTORS
Brian Hurley– Chairman
Philip Christie– Director
Rod Murchison– Non-Executive
Director
Bruce Tomich- Non-Executive
Director
ASX Code: ORP
25 Charles Street, South Perth WA 6151 PO Box 1013, South Perth WA 6951
Telephone: (08) 9368 4544 Facsimile: (08) 9368 4522
Web: www.oropa.com.au Email: [email protected]
ACN: 009 241 374
ASX ANNOUNCEMENT
19 November 2007
ACQUISITION OF 90% INTEREST IN TWO STRATEGIC URANIUM
EXPLORATION PROJECTS NEAR TO KAYELEKERA IN MALAWI
HIGHLIGHTS
• Oropa to enter into Joint Ventures to acquire 90% interests in two
contiguous project areas, located 20km north of Paladin Resources Ltd’s
Kayelekera uranium deposit.
• Project areas cover highly prospective Karroo sediments, geologically
analogous to the mineralisation at the Kayelekera deposit (10.46 Mt at
0.108% U3O8).
• Oropa rapidly acquiring strategic landholdings in Malawi, with two granted
Exclusive Prospecting Licences (Mzimba Northwest and Chitunde) and
another (Chinzani) under ministerial consideration.
25 Charles Street, South Perth WA 6151 PO Box 1013, South Perth WA 6951
Telephone: (08) 9368 4544 Facsimile: (08) 9368 4522
Web: www.oropa.com.au Email: [email protected]
ACN: 009 241 374
SUMMARY
Diversified exploration company Oropa Limited – (ASX: ORP – “Oropa�) is pleased to
announce that it has entered into arrangements to secure a 90% interest in two contiguous
uranium exploration projects located 20km north of Paladin Resources Ltd’s (“Paladin’s�)
Kayelekera uranium deposit in northern Malawi, southern Africa.
The project areas, which are considered to be highly prospective for roll-front style uranium
mineralisation based on an analogous geological setting to the nearby Kayelekera deposit,
represent a strategic addition to Oropa’s international exploration portfolio.
The Company’s 100% owned subsidiary, Oropa Exploration Pty Ltd (“OEPL�), has executed
Memorandum of Understandings (“MOUs�) with the owners of the two granted Exclusive
Prospecting Licences (“EPLs�) for uranium and other minerals except coal covering Karroo
sediments to the north of the Kayelekera deposit.
The MOUs cover the Ngana (EPL0133) and Ngana East (EPL0183) Project Areas which
collectively cover an area of some 285 square kilometres.
Under the terms of the MOUs, OEPL is to incorporate two independent Malawian joint venture
companies (“JVCs�), with OEPL holding a 90% shareholding in each JVC. The current holders’
10% interests are free carried with each having the option to buyback up to a 20% contributing
interest from OEPL at cost in each JVC up until 1 month after the commencement of a Feasibility
Study undertaken by either of the JVCs.
Immediately after incorporation, the JVCs will apply to the Malawian Government for the
exploration rights to uranium and/or other minerals (excluding coal) within the respective EPLs.
Uranium exploration in Malawi currently reflects the high level of interest in the development of
the Kayelekera Uranium Project in the north of the country, which is scheduled to be
commissioned in late 2008 with planned annual production of 3.3 Mlbs of U3O8 over a mine life of
7 years, based on Proven and Probable Ore Reserves of 10.46 Mt at 0.108% U3O8.
Upon the granting of the other mineral rights to each JVC, OEPL will have acquired the
exploration rights to significant portfolio of strategic landholdings in Malawi, which host some of
the most actively explored sedimentary uranium provinces in southern Africa and which will
position OEPL as a leading Uranium explorer in the country.
Roll-front style uranium mineralisation in northern Malawi is associated with basin structures
containing Karroo sediments. The Kayelekera roll-front uranium deposit is hosted by Karroo
sandstone and mudstone sediments typical of the mineralisation in the region.
The more favourable setting for uranium mineralisation is carbonaceous units which occur in the
upper part of repetitious sequences of arkose (sandstone) beds.
25 Charles Street, South Perth WA 6151 PO Box 1013, South Perth WA 6951
Telephone: (08) 9368 4544 Facsimile: (08) 9368 4522
Web: www.oropa.com.au Email: [email protected]
ACN: 009 241 374
At Ngana and Ngana East, the faulted Karroo sedimentary succession includes basal beds and
coal measures, succeeded by North Rukuru sandstone and mudstone sediments covering a
similar lithological setting to the nearby Kayelekera district.
Previous and current mineral exploration over the Ngana and Ngana East Project areas has
been focused on coal. No previous uranium exploration has been undertaken over the project
areas.
A starting point for target definition for uranium exploration in Malawi has been a country-wide
radiometric survey conducted in 1984/85 by Hunting Geology and Geophysics Limited, which
was based at the time in the United Kingdom. Despite the proximity of the Ngana and Ngana
East Project Areas to the Kayelekera Uranium Project, these project areas were not covered by
this survey and therefore offer a significant untested Karroo sedimentary environment for rollfront
style uranium mineralisation in northern Malawi.
25 Charles Street, South Perth WA 6151 PO Box 1013, South Perth WA 6951
Telephone: (08) 9368 4544 Facsimile: (08) 9368 4522
Web: www.oropa.com.au Email: [email protected]
ACN: 009 241 374
Oropa is currently conducting due diligence field visits to the Ngana and Ngana East
Project Areas as the basis for formulating a sequential exploration program aimed at
defining prospective targets for uranium occurrence.
Yours faithfully,
OROPA LIMITED
Philip C Christie
Director
Note 1: The contents of this report that relate to geology and historical exploration results are based on information compiled by
consulting geologist John Garlick of Mackay & Schnellmann Pty Ltd, who is a Chartered Professional Geologist and fellow of the
Australasian Institute of Mining and Metallurgy. Mr Garlick has sufficient experience relevant to the style of mineralisation and
types of deposits under consideration and to the activity being undertaken to qualify as a “Competent Person� as defined in the
2004 edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Resources. John Garlick
consents to the inclusion in this report of the matters compiled by him in the form and context in which they appear.
Note 2: All statements in this report, other than statements of historical facts that address future timings, activities, events and
developments that the Company expects, are forward looking statements. Although Oropa Ltd, its subsidiaries, officers and
consultants believe the expectations expressed in such forward looking statements are based on reasonable expectations,
investors are cautioned that such statements are not guarantees of future performance and actual results or developments may
differ materially from those in the forward looking statements. Factors that could cause actual results to differ materially from
forward looking statements include, amongst other things commodity prices, continued availability of capital and financing,
timing and receipt of environmental and other regulatory approvals, and general economic, market or business conditions