Kinda agree wide spread buys out weighing sells great news over past 5 Rns's movement of large sums by bod... Cmon we are not blind mms have brakes on this aren't they nice scaring off a forming of a market... Hmm it's one to watch 5p broker rating keeps me interested happy to watch
The rest of 2014 will see Ortac Resources (LON:OTC) focus on continuing activity in Slovakia and work towards a mining permit application for the Yacob Dewar deposit in Eritrea. The firm said its year to end March had seen it achieve milestones in what was a challenging market.
It ended the period with £2,253 million in cash and posted a pre-tax net loss of £1.768mln against a re-stated £1.849mln in 2013.
Highlights post period have been the completion of the first phase of trial underground mining activity at the Šturec deposit - the first mining in two decades at the site.
Also, assays have shown near surface high-grade oxide copper and gold at Yacob Dewar, where it is partnered with Andiamo Exploration.
Broker Cantor said Ortac had entered full year 2015 in "decent" shape with good news flow expected, particularly from continuing exploration in Eritrea.
OTC has now increased its shareholding in Andiamo to 25% by funding ongoing exploration at Yacob Dewar, noted analyst Asa Bridle.
"Results to date have been very encouraging in our view, and have included the discovery of the gold-and-silver bearing Ber Gebey deposit, along strike from Yacob Dewar.
"With OTC’s ongoing assistance, Andiamo expects to complete a feasibility study on the project over the next 12-18 months, allowing an application to be made for a mining permit.
"The Yacob Dewar project lies on the relatively under-explored Haykota Licence tenement and over the coming months the companies will be working together to develop property-wide programmes to identify other target deposits."
They will not spend any more cash as theg would need to raise more ar a discounted price. I will continue to watch this was in for a couple of years until last week. Out at 0.255 can see placing at 0.2. Probably fly now but good luck to all.
That is the best ideas I have read in a long time which would transform this company beyond recognition. Acquire Andiamo - the assets are world class - investment grade. Consolidate shares -100 to 1 raising the share price to around 25 pence or above , benefits institutional investments. Raise finance at the same time. Divest Sturec into a private company with majority ownership-JV partner a local basis.
The biggest problem with Sturec is not necessarily the local opposition but the mine tailings. If you dig a hole where do you put the waste. The locals are asking for it to be transported away and processed away from the mining site.
My personal opinion is the 400 tons will have the sample tests done, but will not be immediately processed and in turn no RNS from the results .
What has been mined is being stored to be processed at a later date when they have the space for it.The 400 tons is probably how much they can hold at anyone time.
To get round this situation, the local opposition and working with the environmental departments is going to take time. But first base is the tailings.Best thing to do is to divest Sturec into a private company with majority ownership-JV partner a local basis.Then come back to it when they have a permit to quarry.
Personally, Andiamo is the superior project .The profits from this may unlock the potential of sturec.In fact it may even substantially dwarf sturec .
That's my point, Andiamo is all Otc have of any value now (Kremnica is a dead duck ) and it is this that will add value in the future. But with the % they own now and with the future funds that will have to be raised to further Andiamo, I can't any reason for the sp to increase apart from manipulating it.
Quote from spot on what to invest in " what the company has" The alliance with Andiamo Exploration in Eritrea. Ortac now holds 10.0 million shares (25.37%) of Andiamo for an investment of US$1.5million in January 2014.
Ortac CEO Vassilios Carellas commented
Andiamo's internal calculations indicate that it can probably be developed as a viable stand-alone project. Andiamo is getting closer to the potential of being a public company in its own right which Ortac will have 26% of and perhaps setting on one of the best resources I have come across in a long time.
Back then we had over £8 million in the bank, we had the Rio iron ore project (disappeared now), we had Vgm shares worth £1 million (no mention of these any more)......hey, how times have changed, so I think it's fair to say that things have gone t.ts up since my 2p days and thats why I don't rate this company, its going nowhere, just keeping the bod on their fat salaries. ...
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