ASX questions Oroya over share price bounce

IN a stock market taking a battering as investors retreat amid fears of a US recession, the stocks that run hot become all the brighter. One such stock caught the attention of the Australian Securities Exchange this week, with nickel, copper and uranium explorer Oroya Mining Ltd asked to explain its 95 per cent jump in share price gain on Tuesday. Oroya told the ASX it was not aware of any information not already announced that would have trigged the strong trading, which pushed its shares from 2.1 cents to a high of 4.1 cents. Enjoying the spoils of the share price run was Oroya chairman and director Kenneth Lim, who bought 1.7 million shares at an average price of 2 cents on January 4. The change of directors interest notice was lodged with the ASX on Tuesday, revealing Mr Lim had doubled his investment in four days. Oroya said it had previously revealed in November that its joint venture partner at its Roe Hills nickel project, VALE INCO, was planning to commence diamond drill testing of nickel targets in late January.