Last checked at 27 Jun 2012 07:00
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration
27 June 2012
Ortac Resources Ltd ('Ortac' or 'the Company')
Appointment of Slovakian Managing Director
Ortac Resources Ltd, the AIM listed exploration and development company focussed on natural resource projects in Europe, has appointed Mr. Viktor Pomichal as Managing Director in Slovakia with immediate effect. Mr. Pomichal, a native Slovakian with extensive experience in investment and development within Eastern Europe, will be instrumental in delivering the Company's Šturec Gold-Silver Project ('Šturec') in Slovakia through to commercial production following the positive Scoping Study released in January 2012 which demonstrated a post-tax Net Present Value of US$309 million.
Mr. Pomichal, a graduate from University College London, has held various senior positions at leading institutions including UBS Bank where he was Director of Fixed Income and Derivatives Structuring and Sales, responsible for numerous landmark transactions covering Central Europe, Russia, Central Asia and sub-Saharan Africa. He was also a Director and Partner at Private and Syndicated Investments where he made investments and aided the recovery of distressed debt in Central and Eastern Europe. Most recently he was Managing Director of Finance and a Partner at Slovak Forestry Company, responsible for establishing, financing and running the timber trading division and establishing an Asset Management division of the business.
Ortac CEO Vassilios Carellas said, "We are delighted to welcome Viktor to our growing team in Slovakia, home to our Šturec gold-silver project, where we are working together with the local communities and authorities to evaluate the optimum path toward monetising the asset in order to complement and benefit local and regional development. Viktor's strong in-country and European-wide network, as well as extensive knowledge of Slovakia's economy and market environment, will, I am certain, be pivotal in our endeavors to advance the project following the successful Scoping Study released in January 2012, which confirmed its economic viability. We look forward to working with him during this key time for the Company and building Šturec into a significant gold production asset in the region."
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Notes:
Ortac Resources Limited is an AIM listed exploration and development company focussed on natural resource projects in Europe. Its primary focus is on precious metals exploration and development within the Carpatho-Balkan Metallogenic Belt, primarily the Central Slovakian Volcanic Field.
The Company has a current JORC compliant resource of 1.1Moz of gold equivalent from its Šturec Project in Slovakia, and a scoping study on the project was completed in January 2012. The Company's objective is to complete a bankable feasibility study (BFS) and environmental and social impact assessment (ESIA) of the project, with a view to bringing the Šturec Project into production for the benefit of all stakeholders.
The Company's strategy is to utilise its highly experienced board and management team and its solid foothold in Central Europe to consolidate additional natural resource development opportunities to build shareholder value.