Ortac Resources Notes Complaints Against Underground Mining Plan At Sturec

LONDON (Alliance News) - Ortac Resources Ltd Thursday said the District Mining Bureau in Slovakia has received complaints against its application to begin underground mining in its mining license area at its ?turec deposit.

The natural resource development company said the matter has now been added to the Slovak Central Mining Bureau for its decision, which is expected in the next month or so.

The company received approval for the underground mining plans in April and said at the time that it anticipated certain complaints against the decision.

"As always, we will continue to work closely with interested parties to address any, and all, concerns as they arise, which is all part of a normal, healthy and transparent engagement process," Chief Executive Vassilios Carellas said in a statement.

The company met with the Slovak District Mining Bureau on February 18 to discuss the company's mining licence with local interested parties, civic associations and other stakeholders in order for Ortac to hear any concerns that may arise from its plan.

In order to prepare for underground mining at the site, the company recently took channel samples from its phase I development zone. The tests returned high grade gold and silver intercepts of up to 78 grams per tonne of gold and 72 grams per tonne of silver in a 1.5 metre long channel sample.

Ortac Resources shares were down 6.9% to 0.200 pence Thursday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

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