Operations Update

RNS Number:8942P
Investika Ltd
22 January 2007

INVESTIKA LTD

22 January 2007

Please find the Company's ASX announcement relating to its operations update.

Enquiries to:

Chrisilios Kyriakou, Chief Executive Officer
Investika Ltd
Telephone: 020 7514 1480

Paul Dudley / James Joyce
WH Ireland Limited
Telephone: 020 7220 1666

OPERATIONS UPDATE

Investika Ltd ("Investika" or the "Company") (AIM : IVK), the investment company
in the mining finance industry with a focus on pre-production emerging resource
opportunities wishes to inform and update the market on the following activities
which have been carried out during the quarter ended 31 December 2006.

Berong Nickel Project, Philippines (18.7% Direct interest, 6.5% indirect
interest)

The Berong Nickel Project achieved two key milestones, namely (i) commenced
extraction of a bulk metallurgical sample of some 30,000 dry metric tons of
laterite nickel ore, and (ii) was granted a Special Mines Permit (SMP) by the
Mines and Geosciences Bureau to commence commercial mining operations.

At the end of the quarter, approximately 50,000 tons of ore was stockpiled at
the coastal causeway ready for shipment. The bulk sample was extracted from the
closest accessible ore within the Permit Area, whilst commercial operations will
start from a separate area identified to have higher grades. Road access to the
commercial mining area is under development.

The bulk metallurgical sample is currently being loaded onto a ship for a
customer in China. Loading is slower than expected due to sea weather
conditions. The bulk sample will have a grade of around 1.5% nickel due to the
high limonitic ore extracted during bench forming and the opening up of the
mine. The bulk sample will be used for metallurgical test purposes in the
Chinese char-nickel process. The successful testing of this ore will pave the
way for a long term supply contract.

Activities currently underway or being programmed include the development of the
Dangla road, and the trestle conveyor for the direct loading of ships without
the use of barges. The Dangla road will considerably shorten the road distance
from the mine to the coastal stockpile areas and has the advantage of being a
dedicated road without community housing development along its route. This is
expected to be completed in second quarter 2007. The trestle conveyor will
allow the loading of ships under most sea conditions, and at loading rates
considerably faster than achievable using barges. Design and construction should
take about 6 months, with completion planned for mid-2007.

Requests for laterite ore continue strongly, with demand far exceeding supply.
The demand is across all grade ranges from around 1% nickel grade ore through to
above 2% nickel grade ore. The Berong project will be able to supply all grade
ranges, with initial commercial development and sales concentrating on the high
grade ore, and opportunistically selling the lower grade ore. Negotiations
continue with BHP Billiton/QNI on the long term supply (4 years + annually for
another 5 years) of up to 500,000 tpy ore.

Preparations for a JORC compliant ore reserve by Snowdens Mining Industry
Consultants (Perth) has been delayed due to the inclusion of the latest pitting
and drill hole data up to 15 November 2006, as well as the inclusion of the
Ground Penetrating Radar data to better define the ore horizons. This is now
expected mid next quarter.

Options analysis and metallurgical testing for future value added processing of
the laterite ore continued. International engineering consultants S.N.C.Lavalin
has been commissioned to help undertake this work. Processing options being
considered include HPAL, vat leaching, ferro-nickel smelting, and the Chinese "
blast furnace" process.

Field exploration and evaluation of the Permit Area continued until 15 November
2006. Key achievements include-

Quarter Ended Total Program since
31st December 2006 Commencement (Nov.'06)
Test Pits - Re-sampled 145 1299
- # samples 819 (731 metres) 8763 (8000 metres)

Test Pits - Re-deepened 0 414
- # samples 0 2026 (1543 metres)

Test Pits - New 27 157
- # samples 203 (204 metres) 972 (986 metres)

Drilling - # Holes 130 640
- # samples 1478 (1597 metres) 7885 (7627 metres)

Lines Cleared - kms 0 95
GPR Survey - kms 0 55
Density Measurements - # 0 313

Chilean Copper Projects (Direct and indirect interest 64%)

Project Las Pascualas

Additional holes were drilled to permit a better interpretation of the southern
intrusive contact boundary of the Pascuala North deposit where some further
oxide and supergene ore had been identified from the previous drilling campaign.
The drilling comprised 16 reverse circulation holes totalling 1,530 metres.
Assay results have been received and a revised geological model is being
generated. This model will be given to SRK Consultants (Santiago, Chile) in
January to complete an external Resource block model and ore estimate. This
work is now planned for completion in late January / early February.

A Scoping Study for the supergene (enrichment) zone of the Pascuala North
deposit to confirm project viability commenced and was around 50% complete at
the end of the quarter. Mining, processing, infrastructure and services and
environment reports from various consultant studies are expected in January.

A metallurgical progress report from the University of La Serena on bacterial
leaching (cultivation) was received. In summary, the test work to date has
proved that the underground mine water at Pascuala North contains bacteria that
can be successfully cultured and used in the leaching of the supergene ore and
that the ore sample showed good bioleaching characteristics. A seven month
leach test work program for both the supergene and oxide ores has commenced at a
laboratory in Santiago.

Results of the scout drilling at four nearby prospects were disappointing.

Belitung Lead/Zinc Project, Indonesia (42.5% interest)

The most significant development during the quarter was the receipt of the KP
for the exploration of all base metals, including tin, within the Kelapa Kampit
deposit.

Trenching and mapping of the central 2.5 km ( Central Block ) of the
approximately 12 km long mineralised zone was completed during November and a
start was made in December on cutting additional trenches to the east and west
of the Central Block.

The mineralogical model of the Central block is expected to be completed by the
end of January and the in-fill diamond-core drilling of this zone is scheduled
to commence later in the first quarter of 2007.

UMC Energy Plc (19.6% interest)

Notification was received of the completed transfer of the Madagascan
exploration licences to the Company.

A geological field camp was established, in mid-November, in the Folakara area
of the Morondava Basin and a start was made on the drilling of approximately 12
diamond-core drill holes, in the area previously explored by Cogema in the
1960s, in order to verify the stratigraphy documented by the French and to
establish the nature of the minerals present.

Due to the onset of the rainy season, field operations were curtailed in early
December and are scheduled to resume during the second quarter of 2007, once the
water levels in the rivers have subsided sufficiently to permit vehicle access.

This information is provided by RNS
The company news service from the London Stock Exchange
END

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