$533,900 placement at .04 with one investor taking $500,000 of...

$533,900 placement at .04 with one investor taking $500,000 of the placement:



OROPA RAISES ADDITIONAL FUNDS TO ADVANCE
INTERNATIONAL GOLD PROJECT
Company Announcements Office

ASX Code: ORP
ASX ANNOUNCEMENT
14 March 2008
OROPA RAISES ADDITIONAL FUNDS TO ADVANCE
INTERNATIONAL GOLD PROJECT
HIGHLIGHTS
• A $533,900 share placement completed, $500,000 of which is to an existing long standing
investor.
• Funds will be specifically used to finalise updated resource calculations incorporating
new drilling data and to underpin an initial exploration program targeting a potentially
large epithermal system at Hutabargot Julu.
• Updated resource calculation expected by the end of March – excellent potential to increase
existing Inferred Resources totalling 710,000oz.
• More sampling and drilling results from Hutabargot Julu expected in late March, early
April.
• Recent gold price increases together with the potential for additional resource ounces
have significantly improved the project economics in the opinion of directors. On that
basis, the company will pursue a Scoping Study to explore the economics of mining.
• These exciting new developments will focus on delivering value to shareholders.
Oropa Ltd (ASX: ORP – “Oropa”) announces that it has completed a share placement comprising
13,347,483 shares at a price of 4 cents per share to sophisticated and overseas investors to raise a
total of A$533,899.00.
The funds raised will be used to underpin expanded drilling programs at the Company’s 75%-owned
Pungkut Gold Project in Indonesia targeting a further increase in its resource inventory and to
follow up recent exploration success. Oropa’s inferred resource stocks inventory currently total
710,000 ounces within the Sihayo 1 North and Sambung deposits.
The share placement was completed pursuant to the “excluded offer” provisions of the Corporations
Act, 2001. The shares issued pursuant to the placement will rank equally in all respects with the
existing ordinary shares of the Company. Following the completion of the share placement, Oropa
will have 178,997,367 shares on issue.
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
Successful diamond drilling programs over the past few months have successfully extended the
current Inferred Resource at Sihayo 1 North to the west, returning encouraging intersections
including 22.75m @ 4.84 g/t Au from 41m and 2m @ 6.38 g/t Au from 2m.
Work is currently progressing on a revised resource estimate for Sihayo 1 North, which is scheduled
to be completed and announced later this month.
Once the updated resource estimate is completed, Oropa intends to initiate a Scoping Study to
establish the viability of developing a mine based on the Sihayo 1 North and Sambung resources.
There are a number of positive market and project specific developments that support this initiative,
specifically;
• A 70% increase in the gold price over the past 2 years and continued favourable longer term
outlook from most commentators.
• The development of neighbouring Martabe, by Oxiana Limited, located only 70km away from
Pungkut, which has significantly improved infrastructure and skills in the region.
• The relatively shallow and high grade nature of the existing, primarily oxide mineralisation,
allowing for straight forward open pit mining and processing using proven technology.
• The very significant exploration potential of the broader province where Oropa holds in
excess of 660sqkm of tenements with some 20 identified targets.
The drilling program at the Hutabargot Julu Prospect is targeting a potentially large, high-grade
epithermal gold system. This prospect was identified by International epithermal expert Richard
Sillitoe as being a priority target.
Yours faithfully,
OROPA LIMITED
Philip C Christie
Director
Note 1: It is advised that in accordance with the Australian Stock Exchange Limited Listing Rule 5.6, the information in this report that relates
to Exploration Results is based on information compiled by Mr. Dean Pluckhahn, who is a Member of the Australasian Institute of
Mining and Metallurgy. Mr. Pluckhahn is a full time employee of Oropa Ltd and has sufficient experience which is relevant to the
style of mineralisation and type of deposit which is under consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves”. Mr. Dean Pluckhahn consents to the inclusion in this report of the matters based on his information in the form
and context in which it appears.
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.