Yes, but it doesn't really say anything we don't already know. Over the many years I have been invested here, such articles have appeared intermittently in the press. Nothing will move here until they can demonstrate they can actually get the gold and copper out of the ground.
The company has a terrible history in bringing projects to fruition. Casa seem to have been trying get metal out of the ground in Africa as for as long as Ortac have been trying in Slovakia.
The portfolio certainly looks good at present; but it has done in the past as well. If the market thought that the company was able to get all of its ducks in a row, then the heavy investors would already be in. The fact that they are not tells us what the market thinks of the BOD and their ability to carry out due diligence and to bring investments to the point of viable profitable production.
Extended adverts under the guise of independent journalism will do nothing to lift up the price. The only thing that will start this ticking up in a sustainable way is starting sustainable production in Slovakia and in the various African investments.
It matters not who else has invested in CASA or Andiamo or how many articles appear on the internet. Get the gold and copper out of the ground, that's it; nothing else matters.
Ortac looks to gain from recent investments 20:54 25 Nov 2016 "Back in January nobody wanted to know anything about resources, let alone gold, and we saw an opportunity..." Ortac looks to gain from recent investments INVESTMENT OVERVIEW: OTC The Big Picture Ortac has invested in some prospective mining projects in 2016
Ortac Resources Ltd (LON:OTC) is continuing to build on its investments and the focus is currently on gold and its stake in private firm CASA Mining.
Gold has obviously attracted interest recently and seen an upswing in prices.
Ortac chief executive Vassilios Carellas told Proactive the firm's decision to take a stake in the DRC-focused firm in February this year had been vindicated by peer Premier African Minerals Limited (LON:PREM) joining the party and investing last month.
Via a private placing Ortac maintained its stake at 19.5%, while Premier acquired an initial 4.5% interest.
"Back in January nobody wanted to know anything about resources, let alone gold, and we saw an opportunity..." said Carellas.
"This was a new discovery. It was something they (CASA) had worked on in the last five years. It was a project where over US$30mln had gone in in the last five years. Everyone knows going into a new environment, proving up the first million ounces is the most expensive.
"Casa has demonstrated that the believe they could double, potentially triple the resource and that potentially they could prove up quite a substantial gold resource in that part of the DRC."
Premier paid US$250,000 for its 4.5% interest, which valued CASA at US$5.57mln, while Ortac's interest in the private firm was valued at around US$ 1.1mln - a significant uplift on its investment so far.
CASA has three mining licenses covering 133 sq km known as the Misisi project in the highly prospective South Kivu province in the eastern Congo gold belt.
An initial near surface inferred resource of 1.2mln ounces at 1.7 g/t (grams per tonnes) gold has been reported at the most advanced Akyanga deposit, which is open along strike and down dip.
A scoping study at this site showed the viability of an 80,000 ounce of gold per year heap leach operation, with a total cash operating cost of US$628 per ounce.
CASA now plans a 5,000 metre exploration program to validate a 3mln ounce potential target at Akyanga and issue an updated scoping study by the end of 2017.
In Slovakia the firm also holds its flagship Kremnica mining licence area and the Lutila exploration licence, giving it rights to explore an area to the south of Kremnica.
In July , Ortac was boosted with a legal win to proceedings brought against the District Environmental Office (DEO) in Ziar nad Hronom, a town in Slovakia’s Banská Bystrica
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.