Arc Minerals Regulatory News (ARCM)

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

5 November 2010

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

Board Changes

Ortac Resources Limited, the AIM listed exploration and development company focussed on the development of precious metal projects in Europe, announces the appointment of Mr. David Paxton as a Non-executive Director with immediate effect. Mr. Paxton has a wealth of experience in the mining industry and this appointment is designed to further strengthen the Ortac board as it moves into its next phase of development focussing on the Kremnica Gold Project in Slovakia. Mr. Paxton replaces Mr. Alastair Clayton, who has stepped down from the board in order to concentrate on his other business interests.

Mr. Paxton is a professional engineer with over 35 years of experience in the mining industry. Beginning his career with mine production at Goldfields of South Africa, he then moved into the corporate mining arena working with a number of Canadian and UK stockbrokers as a mining analyst and a international equity sales specialist. During this time, Mr. Paxton provided mining finance expertise to a range of resource companies, from due diligence and product acquisition, through to corporate finance and equity sales. In November 2008, Mr. Paxton joined the board of Vatukoula Gold Mines plc ('Vatukoula') as Chief Executive Officer. 

Ortac CEO Vassilios Carellas said, "David is a respected figure with extensive experience in both the gold sector and investment markets, and I am confident that his considerable industry and business acumen will prove an invaluable addition to our board. I believe he will undoubtedly help raise Ortac's profile as we approach our next phase of development at the Kremnica Gold Project, and work towards the publication of an updated resource estimate."

Mr. David Karl Paxton, aged 56, is or has been a director of the following companies during the previous five years:

Since the admission of Ortac, on 15th September 2010, the Company has sold 25.125 million shares of its holding in Vatakoula realising gross proceeds of £969,925. Ortac retains a balance of 25 million shares in Vatakoula and has no current intention of selling further shares.

There is no further information required to be disclosed in respect of the above appointment pursuant to Schedule Two paragraph (g) of the AIM Rules.

**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 produced an interim JORC compliant resource statement of 0.76 million ounces of gold equivalent and has appointed Snowden Mining Industry Consultants Pty to prepare an updated resource statement which is expected before year end.

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.