ARIKA RESOURCES LIMITED — Capital/Financing Update 2008

Jun 29, 2008

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30 June 2008

ASX Announcement

PLD: Non-renounceable Rights Issue-Irrevocable Commitments

Portland Orthopaedics Limited ( Company ) (ASX: PLD) announces today that it has advanced discussions with two key Shareholders in respect of their support for the rights issue.

We expect the two key shareholders to have reached a decision on this matter by Thursday 3[rd] July 2008.

We reiterate that other Company shareholders have given an irrevocable commitment to subscribe for a minimum of their full entitlements under the Rights Issue, including:

• the Chairman of Portland Mr John Lee and his associates;

• the Chief Technology Officer, Director, Founder and fourth largest shareholder, Mr Ron Sekel and immediate members of his family; and

• the Chief Financial Officer and Company Secretary of Portland , James Wynn and his associates.

The Rights Issue is on the basis of one new share for every one ordinary share held at 7.00pm on 3 July 2008 ( Record Date ) at a price of 2.5 cents per New Share, announced on 24[th] June 2008

For further information please contact:

James A Wynn Company Secretary Portland (02) 9700 1533

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