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8 July 2008

Company Announcements Office

Australian Stock Exchange Limited

Level 10

20 Bond Street




Dear Fellow Shareholder,


I would like to take this opportunity to introduce myself and emphasise the significant opportunity I see for our company in the future.


As a starting point, I believe it is important to acknowledge that shareholders have not yet seen an acceptable return from their investments. Whilst it is easy to be critical, I believe the current board and management have worked diligently to achieve some significant results in recent years. In particular, I would mention the following three:


ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ Delivery of the recently announced one million ounce inferred resource at the 75% owned Pungkut property located in Indonesia, which represents a significant uplift from the

previous estimate and elevates the project into a different league.


ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ Identification of the Hutabargot Julu prospect at Pungkut which represents a new, large and highly prospective target with some favorable early exploration results.


ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ Acquisition of large and prospective uranium tenements in Malawi for reasonable outlays at a time when such properties were in very heavy demand.


The stock market remains skeptical of smaller gold equities despite significant increases in bullion prices and a macro-economic backdrop that is highly similar to the period leading up to the stagflationary 1970s. During that decade, gold prices rose from US$35 per oz to over US$700 per oz, which represented an increase of greater than 1900%. Gold equities were one of the best performing asset classes during that period, despite the fact general stock market returns were poor.


Oropa currently has 75% ownership of Pungkut, which has the potential to provide shareholders with significant leverage to increasing gold prices should the project ultimately be developed.


With the gold price today trading at US$925/oz, the market value of OropaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s 75% share of inferred resource inventory is US$700m. Importantly, the inferred resource is only an early

estimate of gold mineralisation at Pungkut and does not indicate anything about economically extractable mineralisation nor ultimate profitability. However, it does show that the project is large in comparison to OropaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s present market capitalisation of A$10m.


There remains much work to be done at Pungkut, both in terms of outlining the likely economics of the project and in adding further to resource inventory. That process is not without risk, however further success will make the potential value of the project difficult to ignore.


So far the equity market has not rewarded positive developments at Pungkut with sustained higher share prices and market value. Oropa is not the only developing gold company to be treated by the market in that way. Be assured that the board and management are working hard to improve the value of the company. Should we continue to succeed, history shows the share price will follow.


My own investments in Oropa reflects my views gold will see much higher prices in the future and that Pungkut has world class potential. I believe the period ahead will be similar to the 1970ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s in many ways. Already there are signs of increasing inflation and history indicates investors turn to gold and gold equities during times like these. There are of course risks, but in my opinion Oropa is favorably positioned at this time.


I look forward to working toward increasing the value of our company in the future.


Yours faithfully,



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In reply to: mort20 on Wednesday 15/10/08 01:58pm



Used to follow the Chhattisgarh High Court website for court listing dates. It has been listed over 100 times over the past 6 or so years. http://www.sharescene.com/html/emoticons/wacko.gif


Since its last hearing (some 8 or so months ago) it has been handballed to some 'court' in Delhi of which the directors of the company don't even know exists or not!


So I don't know anymore. I gave up and sold on the last spike to 8c.


You can try emailing Phillip Christie, the MD. He always answered my queries.


Good luck.




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Oropa Limited




19 January 2009




We refer to Oropa LimitedÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s (ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“Oropa or the CompanyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ) announcement dated 31st December

2008 concerning the appointment of Blackwood Capital Limited (ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“BlackwoodÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ) as lead

arranger to complete a funding package of up to $2.0 million for the Company prior to 31st

March 2009.


The Company is still in negotiations with Blackwood in relation to the final details of the

funding package and expects to be in a position to make an announcement within the next

week and convene a General Meeting of shareholders in late February.


Since entering into the arrangement, the Company has received $266,000 from sophisticated

investor clients of Blackwood, which is being used for ongoing working capital requirements.


As outlined in the 31st December announcement, the directors have engaged Blackwood in

this role to enable Oropa to resume exploration activities at its 75% owned Pungkut gold

project in Sumatra, Indonesia and to provide much needed working capital. The timing of the

funding initiatives proposed by Blackwood is critical to the ongoing viability of the Company.


OropaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s directors consider that securing the proposed $2.0 million funding package will

facilitate the undertaking of the initial phase of the ongoing Pungkut development programs

while the Company sources additional substantial funding to advance the project towards



Yours faithfully,





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This appears to be an emerging gold producer with upside potential.
The Board of Directors of Sihayo Gold Limited ("the Company") is pleased to announce the raising of A$10.8m via

a fully underwritten private placement of 76.9 million ordinary shares at a price of A$0.14c per share.

The placement is underwritten by Summit Investments Pty Ltd ("Summit"), the Company's largest shareholder.

The placement price of A$0.14c represents a significant premium of 39% to the 90 day "VWAP" and 8% premium

to the last traded price. (VWAP ‐ volume weighted average price)

The issuance of shares shall occur in three tranches over a period not greater than 65 days from the date of this


Summit will be the single largest participant in the placement together with other selected long‐term professional

and/or institutional investors, which includes some existing shareholders.

The funds raised will enable the Company to remain on target to complete the Definitive Feasibility Study ("DFS")

by December 2010, to continue the strong resource extension / exploration drilling program adjacent to and

along strike of the existing Sihayo resource and to significantly increase explorations efforts on other identified

mineral prospects across the Contract of Work ("COW") area.

Mr. Peter Bilbe, Chairman, says "Summit have demonstrated yet again their long term commitment to work with

the Board and Management of the Company for the greater benefit of all shareholders. With the additional

funding we are looking forward to progressing our DFS to completion by year end and seeking to advance our

project into the construction phase next year."


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