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BEAUFORT JOINT VENTURE
WITH RANGE RIVER GOLD LIMITED
Oroya Mining Limited is pleased to announce the signing of two joint venture
agreements with Range River Gold Limited (“Range”).
The joint ventures will explore Oroya’s E4943 at Ballarat North and E4935 at Beaufort,
30 kilometres west of Ballarat in Victoria. In both areas, the main exploration targets
are primary gold deposits.
Range will expend $2.275 million to earn a 75% interest at Ballarat North, with
$275,000 minimum expenditure before having the right to withdraw. Dilution and preemptive
rights apply. A similar structure applies to the Beaufort Joint Venture, with
Range expending $2.265 million to earn 75%, with an initial target generation phase of
$65,000.
Range’s participation in these projects reflects a growing recognition of the potential of
Oroya’s projects in the Lachlan Fold Belt, where it has built a large ground holding and
is actively engaged in exploration for major gold deposits.
Ballarat North E4943 covers the projected northern strike extensions of the historic
Ballarat West Goldfield where 24 tonnes of gold was mined from primary gold lodes at
a reported average grade of 18 g/t gold between 1860 and 1914. The target zones
occur in Ordovician bedrock which is largely covered by Cainozoic basalt, and were
therefore not readily explored by the 19th century miners who developed the historic
Ballarat goldfields.
At Beaufort, the site of the famous Fiery Creek goldfield, alluvial gold was discovered
in 1852. Mining of the deep lead placer gold systems of Beaufort, Waterloo and
Raglan continued into the early 20th century, with total production estimated to be well
in excess of 1 million ounce



ROE HILLS NICKEL JOINT VENTURE
CVRD INCO DIAMOND DRILLING
Oroya Mining Limited’s joint venture partner CVRD INCO has commenced the precollars
for a diamond drilling program at the Roe Hills Project, 85 kilometres east of
Kambalda in Western Australia.
The drill holes will be pre-collared by reverse circulation drilling to depths up to 200
metres during the next two weeks. Over 1,100 metres of NQ diamond drill ‘tails,’ using
a dedicated diamond drilling rig, are planned to test the target zones in late January
2008.
Strike extensions of nickel sulphides intersected at the Talc Lake Prospect in previous
drilling will be tested to a maximum planned hole depth of 270 metres. Targets are
located on the basal contacts of komatiitic ultramafic units and other structural
surfaces.
Five holes will test a large Moving Loop Electromagnetic (MLEM) anomaly over a
strike length of 600 metres, to maximum depths of up to 300 metres. Modelling of
electomagnetic data shows discrete steeply dipping target zones which may represent
nickel sulphide lodes.
Another anomaly was considered for drill testing but requires additional
electromagnetic surveying.
Roe Hills Nickel Joint Venture Background
In October 2006 CVRD INCO entered into an option to acquire a 75% interest in the Roe Hills Nickel
Project by achieving a Favourable Feasibility Study (Decision to Mine) with six years. Oroya is free
carried with 25% to a Decision to Mine. Previous exploration by Oroya and others intersected komatiitic
nickel sulphides in several drill holes with results including 0.5 metres of 6.15% nickel and 0.38% copper
from 155 metres depth in drill hole ROE 114. These targets occurred within a 36 kilometre belt of
prospective ultramafic rocks. By mid 2007 CVRD INCO had completed 15,136 metres of aircore drilling
in 477 holes along the belt and a surface electromagnetic survey in the Talc Lake Prospect area which
located strong anomalies potentially sourced from nickel sulphides.