They are like flies going from ...4 Nov 2017 23:25
One pile of s..t to the next while you pick up the tab.
This is an old post from a poster on iii....but you'll get the picture.
Is is very interesting to read back through old RNSs from our current management team. Apart from the huge sums of money spent, achieving, well �. nothing. The two extracts below don�t appear to have been reported on since the RNS dates, anyone remember anything? I ask because they don�t respond to questions asked through their website.
RNS 22/12/2010
In terms of the Company's non-European portfolio, Ortac retains a 77% interest in the Rio Paranaiba Iron Ore Project in Brazil, through our subsidiary company, Paranaiba Minerals Ltd. The Board is currently considering a preliminary exploration programme for early 2011 as a first step in seeking a third party funder and/or development partner.
Ortac also retains 500,000 shares in Vatukoula Gold Mines plc ('Vatukoula'), which owns 100% of the Vatukoula Gold Mine in Fiji, a producing gold mine which contains 680,000 ounces of Au Reserves and 4.3 million ounces of Au Resources. This is following the sale of Vatukoula shares after the reporting period end, raising some �960,000 of additional working capital. The Board continues to closely follow Vatukoula's development and remains committed to extracting maximum value out of this investment for the benefit of shareholders. The current value of these shares is �1 million.
RNS 07/04/2011
Rio Parana�ba exploration licences to be transferred to a BVI registered privately funded vehicle, Parana�ba Minerals Limited ('Parana�ba Minerals')
Up to $C2m will be raised from external sources to be used to rapidly advance the Project
The funding is via a placement of up to 8,000,000 shares at 25c which provides a pre money valuation of Paranaiba Minerals of $C2.2 million
Participants in the funding will also receive 1 warrant for every two shares exercisable at 35c
Ortac will retain controlling interest with its 80% pre money stake valued at $C1.6m
Ortac to retain majority board control of Parana�ba Minerals
Drilling campaign expected to commence imminently following the completion of the fundraising
Parana�ba Minerals will have a mandate to evaluate additional iron ore projects in the region - several assets currently being assessed as potential acquisition opportunities