share purchase plan offer, page-3

agree oly was a very odd to way to announce a spp, only thing that comes to mind is they want the sp higher with some news before they finalise the spp price, other then the spp the the other news in the announcement was fairly bullish:


The proceeds of the SPP are being used to fund activities primarily associated with the Pungkut gold
project and other activities related to its existing mineral portfolio. In particular, funds will assist with the
advancement of exploration works as part of a pre-feasibility study for the Sihayo-Sambung resource
area and nearby extensions, along with regional exploration associated with other highly prospective
areas within the Contract of Work (“CoW”), including those that will become accessible to the Company
within the western portions of the CoW that had previously been quarantined from exploration due to a
proposed National Park boundary.
Drilling has resumed on the open extensions to the Sihayo 1 North resource and additional drill rigs are
planned to be mobilised in coming months to increase the momentum of work to convert the already
identified Inferred Resource into a more appropriate JORC compliant Indicated/Measured Resource.
Your Directors firmly believe that Pungkut has now achieved a critical mass and that the stock market is
not reflecting that value in the present share price of Oropa.
The Directors are optimistic that the positive outcome to the November 2008 Scoping Study will
translate into a more meaningful future feasibility study that delivers results consistent with our view of
the project’s potential – this should be more favorably accepted by the market and reflect in a positive
re-rating of Pungkut (and therefore Oropa’s share price) as momentum builds over the coming period.
Such results will clearly define a path towards a full bankable feasibility study being planned during 2010
to assess the commercial viability of mining operations at Pungkut.