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QUARTERLY REPORT
For three months ending 31 December 2007
HIGHLIGHTS
PUNGKUT GOLD PROJECT, INDONESIA (75%)
�� Significant results received from resource extension drilling at Sihayo 1 North deposit, with best
results including:
�� 22.75m @ 4.84g/t Au from 41m
�� 22m @ 3.96g/t Au from surface
�� 6m @ 2.15g/t Au from surface
�� 6m @ 3.66g/t Au from 1m
�� 17.55m @ 1.82g/t Au from surface
�� Revised resource calculation for Sihayo 1 North to commence in February 2008.
�� Excellent potential to increase current 710,000oz resource base (Sihayo 1 North and Sambung).
�� Drill testing commenced at Hutabargot Julu targeting gold in extensive epithermal quartz vein
systems.
MALAWI – URANIUM EXPLORATION
�� Chizani Project granted covering an area adjacent to Globe Uranium Ltd’s Kanyika uranium project.
�� Central African uranium portfolio further expanded following MOU’s covering two EPLs to the north
of Paladin Energy Limited’s world-class Kayelekera uranium project.
�� Stream sediment and rock chip sampling programs commence at Mzimba Northwest and Chitunde
Projects.
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1. CORPORATE
At the Company’s Annual General Meeting which was convened on 28 November 2007, all resolutions as set
out in the Notice of Meeting were carried with the required majorities.
On 28 November 2007, the Company’s directors announced that a meeting of shareholders was to be convened
at a date to be fixed to consider and if thought fit, to pass a resolution for the Company to issue up to 13,280,376
new options, each at an issue price of $0.002 per new option and expiring on 31 January 2011 (“2011 Options”)
to those persons recorded as holders of unexercised options that expired on 31 December 2007. A Notice of
Meeting is currently being prepared.
If this resolution is passed, the Company will offer the holders of the expired 31 December 2007 options and
those who accept the offer will be issued with the 2011 Options. The Company’s directors reserve the right to
issue the shortfall to allottees no later than 3 months from the date of the shareholders meeting.
2. REVIEW OF OPERATIONS
2.1 INDONESIA
Pungkut Gold Project, Sumatra (75%)
A major resource extension drilling program completed during the Quarter generated encouraging results at the
Sihayo 1 North deposit, prompting Oropa to undertake a revised resource calculation which is scheduled to
commence in February 2008. Once this revised resource estimate is completed, Oropa intends to undertake to a
mining scoping study on the combined resources at Sihayo 1 North and Sambung with a view to advancing the
Pungkut Project to the development stage.
The Company’s exploration focus has now moved to the Hutabargot Julu prospect, centred approximately 6
km south-east of Sambung, where drilling is currently underway targeting parallel sets of epithermal quartz veins
interpreted to be up to 3km in length.
Figure 1: Pungkut project area North Sumatra, showing principal prospects
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Activities – Northern Block:
Sihayo 1 North:
�� 7 diamond drill holes (520.95m) completed.
�� Drilling completed to the west of the existing Inferred Resource.
Hutabargot Julu:
�� 10 diamond drill holes completed (1,025.6m, Sarahan & Sunday veins).
�� Rock sampling and mapping of epithermal quartz veins exposed in historic Dutch exploration
tunnels on the Sarahan and Sunday veins.
�� Rock-chip and hand auger soil sampling at the Sihorbo vein.
Figure 1: Sihayo – Sambung – Hutabargot Julu gold trend, North Block, Pungkut Project
Sihayo 1 North
A drilling program was completed during the Quarter to the west of the Sihayo 1 North Inferred Resource
targeting high grade outcropping jasperoid. This program has returned significant gold intersections from most
holes drilled, which are summarised in Table 1 and include:
SHDD096: 17.55m @ 1.82 g/t Au from surface
SHDD097: 6m @ 3.66 g/t Au from 1m
13m @ 1.53 g/t Au from 15m
SHDD098: 6m @ 2.15 g/t Au from surface
SHDD100: 7m @ 1.33 g/t Au from surface
SHDD101: 3m @ 2.59 g/t Au from 7m
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SHDD103: 22m @ 3.96 g/t Au from surface
6m @ 1.45 g/t Au from 25m
SHDD104: 22.75m @ 4.84 g/t Au from 41m
SHDD105: 2m @ 6.38 g/t Au from 2m
The Sihayo 1 North and the nearby Sambung prospects are currently estimated to contain a total of 8.2 Mt @ 2.7 g/t
Au for 710,000 oz Au. Based on the encouraging results returned from the recent drilling, the Company considers
that there is strong potential to add to these inferred resource ounces. A mining Scoping Study will be required to
fully evaluate the economic potential of the Pungkut Project, particularly taking into account the current gold
prices. Oropa is currently evaluating options to commission this study.
In preparation for the Scoping Study, the Sihayo 1 North resource will be recalculated to reflect the additional
mineralisation encountered in close proximity to the current resource outline (7.1Mt @ 2.7 g/t Au for 610,000 oz
Au), which was last calculated in early 2004.
All drill collars are currently being surveyed, there has been a fresh geological interpretation and updating and
improvements to the existing Sihayo 1 North digital database. The upgraded database and quality controls are
currently being validated, and a digital terrain model (DTM) is being created for the Sihayo area. Resource
modelling, which is scheduled to commence late in February, has been contracted to a specialist independent
firm.
Table 1: Sihayo 1 North significant drill results
Notes
1. All assays determined by 50gm fire assay with AAS finish by Intertek- Caleb Brett Laboratories of Jakarta
2. Lower cut of 1.0ppm Au used
3. A maximum of 2m of consecutive internal waste (material less than 1.0ppm Au) per reported intersection
4. All interval grades were calculated as a weighted average
5. All intervals reported as down hole lengths
6. All drilling diamond core predominantly of PQ diameter
7. Sampling regime as quarter core for PQ diameter core and half core for HQ diameter core
8. Quality Assurance and Quality Control (QAQC):
9. Coordinates in local Sihayo 1 North grid system
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Figure 2: Sihayo 1 North drill location plan
Test pits, which were previously dug to the north-west of the existing resource boundary to assist with the
planning of the recent drilling program, also returned some positive results. These test pits confirm the presence
of extensive regolith gold throughout this area, which must now be considered as a potential drill target,
because it may overlie further concealed jasperoid. Figure 3 shows the locations of these test pits in relation to
the drill holes; best results include:
Test Pit B: 1m @ 4.43 g/t Au from surface
Test Pit H: 4m @ 3.07 g/t Au from 1m,
including 7.09 g/t Au grab sample from 2-4m
Test Pit D: 4m @ 1.73 g/t Au from surface
Test Pit F: 1m @ 2.16 g/t Au from surface
6.19 g/t Au grab sample
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Figure 3: Sihayo 1 North Test Pit Locations
Hutabargot Julu
Hutabargot Julu is located at the south-eastern end of the Sihayo-Sambung gold trend (Figure 1). Epithermal
veining occurs in Miocene volcanics which overlie Permian sedimentary-volcanic basement. The presence of
gold mineralisation in jasperoid at the nearby Dolok prospect, which lies to the north in an erosion window of
underlying Permian rocks, demonstrates the continuity from Permian to Miocene and jasperoid to epithermal
veins. The extent and thickness of veining indicates a very large hydrothermal system, both in terms of strike
length and depth.
Hutabargot Julu was selected as an exploration priority due to the gold mineralisation potential of sub-parallel
north-south striking epithermal quartz vein zones up to 3km in length, as well as its proximity to Sihayo and
Sambung on the same ridge, enhancing its strategic value as a potential supplementary resource for a centrally
located treatment plant. Exploratory diamond drilling commenced during the December Quarter.
The vein system is interpreted as being mid-sulphidation epithermal, with upper level exposure interpreted from
predominantly chalcedonic quartz textures observed in outcrops and exposures in shallow historic Dutch
exploration tunnels. The system is interpreted to be preserved in almost its entirety, with potential for substantial
high-grade gold accumulation(s) at depth. Epithermal quartz vein systems require careful and systematic
exploration, as barren or low grade quartz veins often overlie economic grade gold mineralisation which is
typically located in high grade shoots separated by low grade veining along strike.
Oropa has committed to a comprehensive drilling program to test the vein systems at depth to evaluate their full
potential. This includes near surface drilling beneath outcropping veins to determine their strike orientation and
dip to facilitate drill targeting for following up of the structures at depth.
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At this early stage, most of the drilling has been focussed on the Sarahan vein, which has produced the most
consistent surface and adit sampling results, including numerous 1-2 g/t Au rock and channel chip samples,
together with some higher grade results up to 27.1 g/t Au. However, from work undertaken to date, it appears
that this vein is not continuously mineralised.
The first phase of the program has shown that the Sarahan vein dips consistently at around 60º to the west, with a
strike dip of 170º, and vein-zone thickness of 2-12 metres. Veining consists of massive silicification, dogstooth
quartz and calcite veining, and minor adularia. A halo of hydrothermal brecciation flooded with silica and quartz
stockwork is common in wallrock surrounding the veins. Drilling to date has only explored to depths similar to
those of the deepest Dutch exploration adits. Additional deeper holes such as HUTDD010 (in progress) are
testing nearly 100 metres vertically down-dip, probing for bonanza grade mineralisation. All seven drill holes
from which results are available have intersected reportable gold mineralisation, including:
HUTDD001: 6m @ 2.07 g/t Au from 16m
HUTDD002: 2m @ 2.67 g/t Au from 20m
HUTDD004: 3m @ 2.66 g/t Au from 48m
1m @ 8.61 g/t Au from 64m
HUTDD007: 5m @ 2.12 g/t Au from 23m
including 1m @ 5.81 g/t Au from 25m
The second rig from Sihayo 1 North has recently commenced drilling at the Sunday vein, where three drill holes
are planned to test the vein orientation and for continuity of mineralisation beneath mineralised outcrop, which
grades up to 3.83 g/t Au in rock chip samples.
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Figure 4: Hutabargot Julu Drill Location Plan
Concurrently with drilling, surface work for the area includes continued mapping and sampling of the extensive
Dutch exploration adits in the Sunday vein area, along with a soil auger grid and surface rock-chip sampling
program in the Sihorbo vein area to identify the strongest geochemical anomalism prior to drill target selection.
Recent outcrop sampling of newly discovered vein sets has returned some exciting results, including:
Sarahan Creek 400m west and sub-parallel to Sarahan Vein:-
• 61.0 g/t Au & 149 g/t Ag from 1m wide silicified breccia with pyrite and chalcopyrite
• 2.18 g/t Au in adjacent vuggy quartz vein with manganese
Siborok Creek east of Sarahan Vein:-
• 7.18 g/t Au & 216 g/t Ag from a 2m quartz vein breccia with trace sphalerite, galena and chalcopyrite
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Table 2: Hutabargot Julu Significant Drill Intersections
Notes
1. All assays determined by 50gm fire assay with AAS finish by Intertek- Caleb Brett Laboratories of Jakarta
2. Lower cut of 1.0ppm Au used
3. A maximum of 2m of consecutive internal waste (material less than 1.0ppm Au) per reported intersection
4. All interval grades were calculated as a weighted average
5. All intervals reported as down hole lengths
6. All drilling diamond core predominantly of PQ diameter
7. Sampling regime as quarter core for PQ diameter core and half core for HQ diameter core
8. Quality Assurance and Quality Control (QAQC):
9. Coordinates in UTM grid system
Southern Block:
No significant activities in the southern block during the December quarter.
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2.2 MALAWI
Malawi, located in south-eastern Africa, is an emerging world region for uranium exploration and mining. In a
country which is substantially under-explored, two uranium deposits are currently being developed. Paladin Energy
Ltd’s (“Paladin”) Kayelekera uranium project, in the north of the country, is currently at an advanced stages of
construction for 3.3 Mlbs U3O8 per annum production with a 7-year mine life, while Globe Uranium Ltd (“Globe”)
is conducting a scoping study scheduled for completion in Q2 2008 for its Kanyika uranium-niobium-tantalumzirconium
deposit in central Malawi.
Oropa’s wholly owned subsidiary, Oropa Exploration Pty Ltd (“OEPL”), has now been granted 100% ownership of
three Exclusive Prospecting Licences (“EPLs”) for uranium and other minerals covering the Mzimba Northwest,
Chitunde, and Chizani project areas. Additionally, OEPL has entered into joint ventures for a 90% interest in the
mineral rights for uranium and other minerals (excluding coal) in two contiguous EPLs to the north of Kayelekera
with local EPL holders who were previously licensed to explore for coal. OEPL has established an office and transit
base in Lilongwe and stocked necessary field supplies for ongoing exploration campaigns.
A regional geochemical survey was initiated in November 2007 over the areas of Mzimba Northwest and Chitunde
and continued through until the commencement of the wet season in December. Results from the samples collected
from the two project areas are being correlated and interpreted, with an announcement to be made in early February.
During the past six months, Oropa, via OEPL has become the holder of a substantial and diverse exploration
tenement portfolio (in excess of 3,800km2) in Malawi, which it intends to actively explore during 2008 and over the
coming years. Field activities are scheduled to resume in late March.
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Mzimba Northwest Project (100%)
Mzimba Northwest comprises EPL0211/2007, covering an area of 2,169km2, and is situated in the north-central
portion of Malawi.
Immediately after acquiring the EPL, Oropa commissioned two independent interpretive studies to identify and
prioritize targets for the initial sampling programs. The first study, conducted by Southern Geoscience
Consultants, considered data available from a country-wide airborne radiometric uranium and magnetic
geophysical survey flown in 1984/85 by Hunting Geology and Geophysics Ltd based at the time in the United
Kingdom. The second study, completed by Mackay and Schnellmann Pty Ltd, interpreted Landsat satellite
imagery with the aid of Malawian Geological Survey geological maps and bulletins, combined with the Hunting
airborne geophysical survey, to produce a geological interpretation of the project area.
The combined results from these interpretive studies have outlined targets for Karroo sediments with potential
for ‘roll front’ style uranium mineralisation, similar to that at Paladin’s Kayelekara project; Mafingi quartzites
for unconformity style uranium mineralisation; and circular anomalies potentially associated with intrusives and
uranium-niobium-tantalum mineralisation, such as that at Globe’s Kanyika project.
Last November, OEPL commenced a ground geochemical survey of selected targets identified in the interpretive
studies. Due to the lack of any previous systematic exploration of the project area, regional sampling programs,
together with ground radiometrics, will need to be completed before follow up exploration is conducted.
Stream sediment sampling of fine fractions at creek junctions, with panned concentrate samples at major sites is
the chosen exploration method, with samples to be assayed for uranium plus 28 other elements to evaluate the
potential for a broad suite of other minerals. Upon the completion of these sampling programs, the targets will be
re-rated according to their mineral potential for more advanced exploration.
Sampling focussed in the Emoneni district in the west of the block where a north-south striking ridge coincident
with uranium radiometric anomalies has been interpreted to be caused by Mafingi quartzites. These quartzites,
formed from the erosion of the basement sediments during the Proterozoic era, filled valleys, basins and other
topographic low areas. Subsequently, the entire Proterozoic sequence has experienced deformation and high
grade metamorphism. The contact between the quartzites and gneiss is unconformable, and has been associated
with uranium mineralisation. Sixty eight stream sediment samples, 14 panned concentrate samples, and 26 rock
chip samples were collected to complete the initial exploration program for this target area.
Chitunde Project (100%)
The Chitunde project (EPL0212/2007 covering an area of 196km2 is situated some 86 km west-north-west of
Lilongwe and is accessible in most parts by sealed roads. The target area is a coincident airborne radiometric
anomaly over an outcropping hill of quartz-syenite. Sampling focused on rock chip sampling, spectrometer
readings and stream sediment samplings from creeks radiating from the hill. 58 rock chip samples were
collected, along with 10 stream sediment samples.
Ngana and Ngana East Projects (90%)
Ngana and Ngana East are the subject of two separate Memorandum of Understandings (“MOU”) with two local
EPL holders who hold the mineral rights for coal exploration and development. Substantial coal occurrences are
thought to exist in the area, although no systematic coal exploration has been completed to date. Ngana and
Ngana East are located in the far north of the country, with their northern boundaries coincident with the
Tanzanian border. The two prospects are in a strategic location, containing basins of Karroo sediments, with the
nearest mapped Karroo occurrence being located some 20km to the south at Kayelekera.
Uranium can be hosted in stratabound deposits in the Karroo sediments, particularly where mobile uranium is
trapped by carbonaceous mudstone or sandstone layers.
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Brief site inspections of both locations were undertaken as part of the MOU agreements. Formal Shareholders
Agreements are currently being prepared for new Malawian joint venture companies to be incorporated prior to
field activities, which are scheduled to commence in late March.
Chizani Project (100%)
The Chizani project (EPL0223/2007, with an area of 1,283 km2) was the third tenement selected by OEPL due to
the area covering a major deformation zone, which is often an environment where mineralisation occurs. The
area is geologically diverse, and contains many uranium radiometric anomalies. Globe’s multi-element uraniumniobium-
tantalum-zirconium Kanyika project borders Chizani’s southern boundary. According to recent ASX
announcements, Globe is currently undertaking a scoping study of the Milenje Zone at Kanyika which is
scheduled for completion in Q2, 2008. Considering that Globe commenced field programs as recent as July
2006 generated from a radiometric anomaly demonstrates the potential of the area.
The granting of Chizani by the Malawian government in mid-December 2007 was too late for any exploration to
be undertaken prior to the onset of the wet season. Similar interpretative studies as completed for Mzimba
Northwest and Chitunde are being initiated to permit OEPL to commence stream geochemical surveys early in
the coming field season.
Chizani Project Area Malawi
Geology
Chizani Project Area Malawi
Radiometric Contours Uranium
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2.3 PROJECT EVALUATION
The Company is continuing to pursue a number of advanced coal opportunities in Indonesia, particularly in
Kalimantan East Kalimantan has become a major world producer of coal in the past 10 years and Oropa is
utilising its considerable knowledge of Indonesia to acquire tenements with the potential to quickly advance
from exploration to production.
Negotiations are currently well advanced on a group of KPs located in East Kalimantan in relatively close
proximity to existing infrastructure. If these negotiations are successful, Oropa will undertake site visits and
complete legal due diligence as a prelude to acquiring an interest in these leases.
From Oropa’s recent experience, the attrition rate on these evaluations is relatively high and a thorough due
diligence and technical appraisal is imperative, prior to entering into any formal commitments to joint venture, or
farmin into these projects. However, the rewards are considered to be worthwhile and these evaluation processes
continue.
PHILIP C CHRISTIE
Director
31 January 2008
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
Appendix 5B
Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
30/9/2001 Appendix 5B Page 1
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
OROPA LIMITED
ABN Quarter ended (“current quarter”)
77 009 241 374 31 DECEMBER 2007
Consolidated statement of cash flows
Cash flows related to operating activities
Current quarter
$A
Year to date
(6 months)
$A
1.1 Receipts from product sales and related debtors
- -
1.2 Payments for (a) exploration and evaluation
(b) development
(c) production
(d) administration
(598,762)
-
-
(217,734)
(1,250,425)
-
-
(417,666)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature
received
7,559
20,128
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -
Net Operating Cash Flows
(808,937) (1,647,963)
Cash flows related to investing activities
1.8 Payment for purchases of: (a)prospects
(b)equity investments
(c) other fixed assets
-
-
(4,667)
-
-
(13,541)
1.9 Proceeds from sale of: (a)prospects
(b)equity investments
(c)other fixed assets
-
20,000
-
-
20,000
-
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other – cash acquired on purchase of subsidiary - -
Net investing cash flows
15,333
6,459
1.13 Total operating and investing cash flows
(carried forward)
(793,604)
(1,641,504)
Appendix 5B
Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
30/9/2001 Appendix 5B Page 2
1.13 Total operating and investing cash flows
(brought forward)
(793,604) (1,641,504)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 977,040 1,024,437
1.15 Proceeds from sale of forfeited shares - -
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings - (294)
1.18 Dividends paid - -
1.19 Other – cost of share issue (65,960) (65,960)
Net financing cash flows 911,080 958,183
Net increase (decrease) in cash held
117,476
(683,321)
1.20 Cash at beginning of quarter/year to date 623,552 1,450,311
1.21 Exchange rate adjustments to item 1.20 (3,482) (29,444)
1.22 Cash at end of quarter 737,546 737,546
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
Current quarter
$A
1.23
Aggregate amount of payments to the parties included in item 1.2
81,227
1.24
Aggregate amount of loans to the parties included in item 1.10
-
1.25
Explanation necessary for an understanding of the transactions
NOT APPLICABLE
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on consolidated
assets and liabilities but did not involve cash flows
NOT APPLICABLE
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the
reporting entity has an interest
NOT APPLICABLE
Appendix 5B
Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
30/9/2001 Appendix 5B Page 3
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available
$A
Amount used
$A
3.1 Loan facilities
- -
3.2 Credit standby arrangements
- -
Estimated cash outflows for next quarter
$A
4.1 Exploration and evaluation
300,000
4.2 Development
-
Total
300,000
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as
shown in the consolidated statement of cash flows) to
the related items in the accounts is as follows.
Current quarter
$A
Previous quarter
$A
5.1 Cash on hand and at bank 688,096 574,101
5.2 Deposits at call – Bank Guarantee
- Letter of Credit
- Term Deposit
20,000
29,450
-
20,000
29,450
-
5.3 Bank overdraft - -
5.4 Other – Share Purchase Plan A/c - -
Total: cash at end of quarter (item 1.22) 737,546 1,450,311
Changes in interests in mining tenements
Tenement
reference
Nature of interest
(note (2))
Interest at
beginning
of quarter
Interest at
end of
quarter
6.1 Interests in mining
tenements relinquished,
reduced or lapsed
- - - -
6.2 Interests in mining
tenements acquired or
increased
- - - -