LONDON (Alliance News) - Ortac Resources Ltd on Thursday said it has agreed to form a joint venture with a Slovakian company to jointly develop the Sturec gold project at Kremnica, which holds a reserve of nearly 900,000 ounces of gold equivalent.
Ortac shares were up 20% on Thursday at 3.75 pence.
Ortac said the project has "progressed to pre-feasibility stage", with the immediate focus on validating the underground mining licence.
In March, Ortac was reissued with an underground mining permit for the project. The Central Mining Bureau in Slovakia issued the company with the permit back in 2014, but that decision was challenged and the matter was taken to the Regional Court in Banska Bystrica as the parties tried to reduce the size of the licence area to please all those involved.
Ortac said in March that it was on track to re-start mining by July as, under the terms of the mining licence, if it does not carry out mining activity for a period of three years, the licence reverts back to the Slovak State. Due to the judicial proceedings, its mining activities have been suspended since July 2014.
"Further details of the joint venture agreement will be published when it has been formalised in a legally binding contract," said Ortac.
By Joshua Warner; email@example.com; @JoshAlliance
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