Operations Update

RNS Number:0550V
Investika Ltd
18 April 2007

INVESTIKA LTD
("the Company")

18 April 2007

The following is the Company's Quarterly Activity Report to 31 March 2007 that
has been released to the Australian Stock Exchange.

Enquires to:

Chrisilios Kyriakou, Chief Executive Officer

Investika Ltd

Telephone: 020 7514 1480

Paul Dudley/James Joyce

WH Ireland Limited

Telephone: 020 7220 1666

Quarterly Activities Report to 31 March 2007

Berong Nickel Project, Philippines (18.7% Direct interest, 6.2% indirect
interest)

A total of approximately 121,391 tonnes of laterite nickel ore was shipped to
China in three separate shipments-

o Shipment 1 18,819 wet metric tons 1.44% Ni

o Shipment 2 51,103 wet metric tons 1.57% Ni

o Shipment 3 51,468 wet metric tons 1.51% Ni

At quarter end, a fourth ship of over 50,000 wet metric tons was one day short
of being fully loaded, with a fifth ship of similar capacity currently being
loaded.

All ore shipments were extracted from the bulk metallurgical sample area, and
are being tested in various plants across China to assess the suitability of the
ore in the Chinese nickel pig iron, acid leaching and ferro-nickel processing
plants. Initial test results indicate the Berong ore is of superior quality with
low phosphorus content. This will pave the way for long term supply contracts.

Production is on track to reach the export target of approximately 900,000 wet
metric tons for 2007. However, production will be heavily dependent on weather
patterns and rainfall levels. Production costs are as planned.

Demand for nickel ore, across all grade ranges from 1% to above 2% nickel ore
grade, exceeds supply by a large margin. Consequently, nickel ore payment terms
continue to rise to historical highs. Up until late 2006, laterite nickel ore
prices were based on individually negotiated producer prices. Today, laterite
ore prices are directly linked to the LME nickel price as a percentage of the
LME price. The percentage varies according to the nickel grade and is calculated
on the contained nickel content of the ore, on a dry basis. The Berong project
is able to supply all nickel grade ranges, and all sales are directly linked to
the LME nickel price. No hedging is undertaken.

The access road from the bulk metallurgical sample area to the commercial mining
area has been completed and bench formation commenced. Future ore shipments will
come mainly from this area where nickel ore grades are higher.

Project activities currently underway or being programmed include the design of
the permanent office and accommodation village, construction of the assay
laboratory facilities, the design of the Dangla road and the assessment of the
trestle conveyor for the direct loading of ships. Permit approvals have delayed
the start of construction of the Dangla road, a dedicated haul road without
community development along its route. Modelling of the sea conditions and
design of the trestle conveyor continues.

A JORC compliant mineral resource prepared by Snowdens Mining Industry
Consultants from Perth, Australia was completed in draft form and is currently
being reviewed.

The assessment of processing options to add value to the large Berong lateritic
resource continued. SNC Lavalin is undertaking this work and covers the
metallurgical testing of the various ore types and assessing the most suitable
processing options covering high pressure acid leaching ("HPAL"), vat leaching,
ferro-nickel smelting and the Chinese nickel pig iron process.

Chilean Copper Project (Direct and indirect interest 66%)

SRK Consultants of Santiago, Chile was retained to provide an independent
resource estimate of the Las Pascualas project and the following information is
an extract therefrom, compiled by Mr. Roger Shakesby(i).

"The mineralization comprises an enrichment blanket of secondary sulphides
overlain by oxides.

At 0.2% Copper cutoff grade the resource (including Inferred Resources) is
estimated to be:

Secondary sulphides 20.974 million tonnes @ 0.68% Copper

Green oxides 8.090 million tonnes @ 0.37% Copper

Black oxides 0.863 million tonnes @ 0.38% Copper

TOTAL 29.927 million tonnes @ 0.58% Copper

The classification of the resource, which confirms to the JORC code, is as
follows:

Secondary Sulphides Green Oxides Black Oxides

Resource Classification Tonnage Copper Grade Tonnage Copper Grade Tonnage Copper Grade
(Kilotonnes) (Percent (Kilotonnes) (Percent) (Kilotonnes) (Percent)

Measured 5745.6 0.79 7183.0 0.36 132.9 0.32
Indicated 9713.6 0.68 906.8 0.41 303.1 0.37
Total measured and 15459.2 0.72 8089.8 0.37 436.0 0.35
Indicated

Inferred 5514.8 0.56 - - 427.4 0.40

The Company has commenced a scoping study to make a preliminary assessment of
the economics of a possible operation to produce 12,000 tonnes of copper cathode
per annum. This study is expected to be completed in April 2007.

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

Work continued on refining the preliminary orebody model using data from
historical drillhole intersections and trench mapping.

Towards the end of the quarter a contract for 3050m of diamond core drilling was
entered with Boart Longyear. The contract covers the drilling of ten in-fill
holes and will commence in April 2007.

UMC Energy Plc (20.5% interest)

Due to the wet season in Madagascar only planning activities were undertaken
during the quarter.

--------------------------

(i) The information in this report that relates to Exploration Results, Mineral
Resources or Ore Reserves is based on information compiled by Roger Shakesby,
who is a Member of the Australasian Institute of Mining and Metallurgy and the
Geological Society of Australia. He has a B.Sc from the University of Durham in
Geology and Geography and has 45 years experience in the mining industry. His
knowledge gained in PNG, the Philippines, the USA and Chile is relevant to the
style of mineralisation and deposit formation in Chile. Mr. Shakesby is a
consulting economic geologist in sole practice.

Roger Shakesby has sufficient experience which is relevant to the style of
mineralisation and the activity which he is undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the 'Australian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Roger
Shakesby consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.

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

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