*Blackwood Capital Limited (“Blackwood”) as lead arranger to complete a funding package of up to $2.0 million prior to 31 March 2009, with additional funds to follow.
*Oropa’s directors consider that the Company has one of the most "advanced gold projects currently being explored in Indonesia"
*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
*At a current share price of 1.8 cents the market capitalisation of the Company stands at slightly under $3.6 million, valuing Oropa’s 75% beneficial share of Pungkut at approximately $4.70 per ounce of Inferred Resource gold discovered! This clearly demonstrates that there is a need to more widely inform the market and potential investors that Oropa is extremely attractively priced at these current levels.
*The aim of the current fund-raising package through Blackwood also serves to guarantee that the Company has access to sufficient working capital to maintain its development focus without being affected by on-going market destabilisation, and dispels any concerns about Oropa’s capacity to maintain its equity interest in Pungkut
*Over the coming months the board intends to make some significant changes that will re-address the objective of focussing the Company towards the development of its core mineral asset. It is anticipated that gold will remain a profitable commodity to invest in, particularly at this time of chaos within the global financial markets, as gold is expected to remain a stable commodity against this backdrop. Consequently, Oropa’s directors consider the Company’s investment in Pungkut is underpinned by the strength of gold in such a tumultuous financial environment.
*As a consequence of the recent changes in the Oropa board, it is intended to add to the current board, with the appointment of a new Chairman, amongst others. (imo blackwood will take aseat on the board)
*Oropa is at a crucial point in its course towards unlocking considerable value for all shareholders including those investors introduced through Blackwood, and the board will continue to strive towards providing future announcements that unfold in the coming months
ORP Price at posting:
2.0¢ Sentiment: Buy Disclosure: Held