IVK Investika Di

RNS Number:7822M
Investika Ltd
30 January 2008





                                 INVESTIKA LTD

                                ("the Company")

                           Quarterly Activity Report



30 January 2008



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



Enquiries to:



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



James Joyce /Sarang Shah
WH Ireland Limited
Telephone: 020 7220 1666





Berong Nickel Project, Philippines (18.7% direct interest, 6.1% indirect
interest)



A total of 55,447 wet metric tons of laterite nickel ore at an average grade of
1.49% Ni (approximately 544 tonnes contained nickel on a dry basis) was shipped
to Australia and China.  Shipments were impacted by the wet season on Palawan
Island and high sea swells.



Total shipments for year 2007 amounted to 530,168 wet metric tons at an average
grade of 1.53% Ni.  A further 141,000 wet metric tons of ore were stockpiled at
the coast awaiting shipping.  A BHP Billiton vessel is scheduled for loading in
late January.



Market conditions remain strong for Berong ore, especially for shipment grades
above 1.4% Ni.



The wet season on Palawan started later than normal and extended well into
December 2007, a period of 6 weeks longer than in 2006.  Total rainfall for the
year was 429 centimetres, with highest falls associated with typhoons in the
December quarter.  Wet weather makes mining difficult, prevents the laterite ore
from drying, and restricts shipments because of the high moisture content.



At least 13 typhoons impacted the Philippines, with two typhoons in late
November (Lando & Mina) causing damage to the mine access road and the causeway.
Typhoon Lando passed through Palawan which is unusual as typhoon activity is
normally associated with the northern part of the Philippines.  The damage has
been repaired but resulted in loss of production.



The period from October through December was also challenging from the view
point of ship loading with excessive sea swells preventing the offshore
transhipment of ore.  This is likely to be an annual event until such time a
trestle conveyor is built.  Studies on a trestle conveyor continue.



Because of the wet conditions, a total of approximately 52,000 wet metric tons
of ore was mined in the December quarter.  However, the slowdown in mining
operations was used to replace some of the temporary facilities with permanent
facilities.  A permanent mine office was constructed, accommodation facilities
for the workforce were put into place, the assay laboratory was brought on
stream, and the pedestrian footbridge over the Berong River was opened.
Further, the crusher/aggregate plant was commissioned to provide necessary road
base and stockpile sheeting material.  Construction also commenced on the heavy
equipment workshops and maintenance facilities.



Permit approvals continue to delay the construction of the Dangla Road, a
dedicated haul road without community development along its route.  Production
ramp-up for 2008 is heavily dependent upon gaining the approvals for the
construction of the Dangla Road.  Upon completion of the Dangla Road, production
would be expected to be at an annualised rate of about 1.5 million wet metric
tons.  Little or no production is expected from Long Point and/or Moorsom since
these adjacent areas will require drill testing and pitting, environmental
approvals and a feasibility study before development.  This is planned to be
completed over 2008.



Rehabilitation of the first area initially mined was completed.  The company has
already met in full its obligations for the trees cut in the initial 13 hectares
cleared.  Approximately 130,000 endemic trees, 350,000 strands of vetiver
grasses and thousands of fruit trees and seedlings have been planted.  The
company is obligated to plant 50 trees for every tree cut.  International
certification for ISO 14001 (Environmental Management Systems) and ISO 18001
(Occupational Health and Safety Systems) is expected to be completed in 2008.



The assessment of processing options to add value to the large lateritic
resources at Berong continued.  The investigation and due diligence of a Joint
Venture with two Chinese companies to produce nickel pig iron and stainless
steel in China was terminated late in the quarter.  Although disappointing, a
number of other Chinese producers have expressed an interest in forming a JV in
both China and the Philippines.  Discussions are underway with a number of
parties.



Metallurgical leach test work on samples from Berong shows very good recoveries
for both nickel and cobalt. Whilst at an early stage of testing, more complete
results will become available early in the March 2008 quarter.



Chilean Copper Project (Direct and indirect interest 93.3%)



The feasibility study commenced early in the quarter with the appointment of
Idesol Ingenieros SA, an experienced Santiago based consultancy firm, as the
principal engineers.  Progress has been largely to plan, with the key activities
undertaken including the preparation of flow-sheets, water balance, general
arrangement drawings, leach-pad design and the mechanical equipment list.   In
addition, initial vendors quotations for some major equipment has been received
and work commenced on a revised preliminary cost estimate.   The target
completion date for the feasibility study remains the September 2008 quarter.



Four diamond drill holes were completed for geomechanical appraisal, nine to
validate previous RC holes and four larger diameter holes to provide samples for
further metallurgical testwork.



The Phase 1 metallurgical test programme was largely completed with preliminary
results indicating metal recoveries in line with pre-feasibility study
assumptions.  The final report for this programme is expected in February 2008.



Good progress continued to be made with the Environmental approvals with final
approval now expected by February 2008.



A contract was let for the re-drilling of the water well that is proposed as the
major source of project water supply.  This programme of drilling and the
associated pump tests are scheduled to commence in January 2008.



Exploration continued in the vicinity, and at Las Nipas a significant
copper-molybdenum-gold geochemical anomaly was located, detailed geological
mapping was completed and drill sites prepared for a drilling programme to
commence in March.



The project has been renamed Puquios (the project is located adjacent to the
Puquios valley) to avoid confusion with another Chilean mining project with a
similar name to Las Pascualas



Belitung Lead/Zinc Project, Indonesia (100% interest)



The decision to undertake a re-assessment of the Belitung geological model late
in the quarter led to a suspension of drilling activities in December.  Only one
hole was completed in this latest drill programme with full assay result
expected in February 2008.



Field activities have reverted to surface mapping and validation of various
geophysical and soil geochemical anomalous zones that were reported by prior
exploration campaigns.  This mapping programme and the geological model
re-assessment should be completed by March/April 2008.



UMC Energy Plc (20.4% interest)



Exploration activities for the year were completed in late November with the
onset of the wet season.  It is intended to finalise the assay and analysis of
these results during the first quarter of 2008.  This assessment will form the
basis for planning future exploration programmes over the tenement areas.



This analysis and assessment also includes the results of the airborne work
undertaken during 2007.  Sufficient analysis of this airborne survey data was
completed in time to enable relinquishment of clearly non-prospective areas
within the Makay tenements and therefore substantially reduce tenement holding
costs for 2008.






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

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