ARIKA RESOURCES LIMITED — Capital/Financing Update 2008

Jun 23, 2008

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MEDIA RELEASE

PORTLAND NON-RENOUNCEABLE RIGHTS ISSUE

June 24, 2008 :Artificial hip joint manufacturer Portland Orthopaedics Limited (ASX: PLD) has today lodged documents with the ASX for its shareholders to participate in a non-renounceable rights issue.

Under the offer, existing eligible Portland shareholders will have the opportunity to subscribe for 1 new share for each share held on the record date (3 July 2008) at a price of 2.5 cents per new share.

The three largest shareholders are considering the opportunity to provide their irrevocable commitment of support for the offer. As such commitments are made, Portland will update the market.

Portland Chairman John Lee, together with Chief Executive Officer, John Brassil, Chief Technology Officer, Director and Founder, Ron Sekel and Chief Financial Officer, James Wynn have provided commitments to take up a minimum of their share of entitlements.

Portland Chief Executive Officer John Brassil said: “The company is on track in meeting our development milestones. I encourage you to read the Investor Brief that will follow this announcement. Funds raised will be used prudently to build inventory so we can accelerate our sales and marketing efforts in the US and Australia.

We have established a successful track record in the high value, high margin US orthopaedics market with our M-COR™ hip replacement implant which has been described by a leading US surgeon as the best product in the market.

Additional product launches will exploit our current strong relationship with US and Australian orthopaedic surgeons.”

For further information please contact:

James A Wynn Company Secretary Portland (61 + 2) 9700 1533

(ENDS)