Last checked at 24 Jul 2014 07:00
24 July 2014
Ortac Resources Ltd
("Ortac" or "Company")
ŠTUREC DEPOSIT, FIRST PHASE UNDERGROUND MINING COMPLETED
Ortac Resources Ltd, the AIM listed exploration and development company, announces that it has completed the first phase of its trial underground mining activity at its Šturec deposit in Slovakia.
The recent underground mining operations have resulted in the extraction of approximately 400 tonnnes of ore from the Andrej exploration adit. The ore extracted will primarily be used for metallurgical testing to help determine the longer term development of the Šturec deposit and the economy in the Kremnicko region. Mining activity has now been suspended pending the outcome of this test work.
Vassilios Carellas, Ortac CEO, said:
"As previously reported, the recommencement of mining at Šturec is an important milestone in the development of the project. It is important to recognise that it was carried out by a Slovak team, monitored by both in-house and external professionals, and was in full compliance with the standards set, which meet or exceed applicable Slovak and European legislation. Furthermore, and as we promised, it was undertaken with the minimum level of fuss or disruption.
"The ore that has been mined is sufficient in quantity to carry out any additional bulk-scale metallurgical test work that may be requested as we work with the local communities in crafting future plans for Šturec."
Ortac Resources Ltd Vassilios Carellas (CEO)
| +44 (0) 20 7389 9050 |
Cantor Fitzgerald Europe (Nominated Adviser & Broker) Stewart Dickson/ Carrie Lun / Jeremy Stephenson
| +44 (0) 20 7894 7000 |
SP Angel (Broker) Ewan Leggat
| +44 (0) 20 3463 2260 |
Blytheweigh (Investor Relations) Tim Blythe / Halimah Hussain / Camilla Horsfall
| +44 (0) 20 7138 3204 |
Yellow Jersey (Media Relations) Dominic Barretto | +44 (0)7768 537 739 |
The technical information in this press release was compiled and prepared by Mr Owen Mihalop (MCSM, BSc (Hons), MSc, MIMMM, CEng), Technical Director, Ortac Resources Limited. By virtue of his education, membership of a recognised professional association and relevant work experience, Mr Mihalop is a Competent Person as defined by the JORC Code (2012). Mr Mihalop consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
Note to Editors
The Šturec Deposit is based in Slovakia and has a JORC Code compliant ore reserve of 1.32 million ounces of gold equivalent, with over 1 Moz in the Measured and Indicated categories. An SRK Pre-Feasibility Study estimates 873koz Au equivalent of metal in Proven and Probable Ore Reserves with an anticipated annualised production rate of over 70,000 Au oz eq. and cash costs of less than $600 per ounce.
An underground mining license has been awarded to the company in April 2014 permitting it to extract up to 4,000 tonnes of ore over a three year period via an underground adit that has been remodernised for this purpose.
For additional information please visit - www.ortacresources.com