Arc Minerals Regulatory News (ARCM)

Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration

24 May 2011

Ortac Resources Ltd ('Ortac' or 'the Company')

Appointment of Chief Financial Officer

Ortac Resources Ltd, the AIM listed exploration and development company focussed on precious metal projects in Europe, is pleased to announce the appointment of Mr. Hugo Green as Chief Financial Officer with immediate effect. Mr. Green, who will be based full-time in Slovakia, has extensive experience working in Central Europe, having spent more than 15 years living in the region working with major financial and accounting firms. This non-board appointment is designed to further strengthen Ortac's in-country corporate presence, as it accelerates development of the Company's flagship Kremnica Gold Project in Slovakia.

Mr. Green is a graduate of the University of Manchester Institute of Science and Technology, where he studied Business Studies and Chemical Sciences. On leaving university he started his career in finance as an Auditor with Deloitte, Haskins & Sells,. He then moved on to a managerial position at Touche Ross & Co. where he managed viability and monitoring studies, support operations and development of debtor and creditor led restructurings.

In 1994, Mr. Green moved to Bratislava, Slovakia, subsequently becoming a Financial Advisory Services Partner with Deloitte Central Europe. During Mr. Green's tenure at Deloitte Central Europe, he led their Central Europe Corporate Recovery practice in addition to their Slovak Financial Advisory Practice. Following a period of almost 10 years as an independent financial specialist, providing privatisation, turnaround, financial restructuring services and transaction support to a wide range of publically and privately owned companies, Mr. Green took a one year directorship position in Business Recovery Services at PricewaterhouseCoopers in 2010.

Over the course of Mr. Green's career in Central Europe, he has developed and led multi-cultural and multi-disciplinary teams in the region undergoing rapid transition, enabling him to gain diverse sector, cultural and industrial experience, and become adept in a number of European languages, including Slovak.

Ortac CEO Vassilios Carellas said, "Hugo has a broad range of international and financial management experience and we are confident that with his Slovak network and knowledge, and his extensive experience across Central and Eastern Europe within the "Big 4", he will prove to be an invaluable addition to the Ortac team. With Hugo's full time commitment in Slovakia, as he leads the corporate team at our new representative office in Bratislava, the Company will benefit from a further enhanced presence in Slovakia, which we understand is critical as we develop the Kremnica Gold Project towards production for the benefit of all stakeholders."

**ENDS**

Notes:

Ortac Resources Limited is an AIM listed exploration and development company focussed on the development of precious metal projects in Europe. Its focus is on the Carpatho Balkan Metallogenic Belt, initially the Central Slovakian Volcanic Field.

The Company has a current JORC compliant resource of 1.1Moz of gold equivalent from its flagship Kremnica Gold Project in Slovakia, and Snowden Mining Industry Consultants Pty are in the process of preparing a preliminary scoping study on the project, which is expected in H2 2011. The Company's objective is to complete a definitive feasibility study and environmental impact assessment with a view of bringing the Kremnica Gold Project into production. 

The Company's strategy is to utilise its highly experienced board and management team and its solid foothold in Central Europe to consolidate additional precious metal development opportunities to build shareholder value.