ARIKA RESOURCES LIMITED — Capital/Financing Update 2008

Apr 14, 2008

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ASX/media announcement

Portland Orthopaedics Share Purchase Plan closes

15 April 2008 , Sydney, Australia : Portland Orthopaedics Limited (ASX: PLD) closed its Share Purchase Plan (“SPP”) on 9 April. The SPP raised $280k. A total of 3.7 million new shares will be allotted tomorrow.

“We were pleased with the response to the SPP by our shareholders given market conditions and we were grateful for the positive and constructive shareholder feedback we received as part of the SPP process.” said CEO John Brassil.

Portland will use the funds raised from the SPP for working capital and to facilitate sales growth in the US and Australia.

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Enquiries:

John Brassil CEO Portland Orthopaedics 02 9700 1533

James Wynn CFO and Company Secretary Portland Orthopaedics 0412430583