Last checked at 18 Mar 2014 07:00
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration
18 March 2014
Ortac Resources Limited ('Ortac' or 'the Company')
Ortac increases its stake in Andiamo Exploration Ltd to over 18%
Ortac Resources Limited ('AIM: OTC) today announces it has completed payment of the second tranche of the conditional subscription agreement, entered into with Andiamo Exploration Ltd. ('Andiamo') as per the Company's announcement 13 January 2014. As a result of a further US$500,000 investment into Andiamo, Ortac's stake now stands at 18.85% (6.66 million shares) and puts the Company's total investment into Andiamo at US$1million.
Vassilios Carellas, Ortac CEO, commented:
"The investment of the second tranche into Andiamo, follows a recent site visit by the Company. The drill program, targeting the copper and gold mineralization, is now well underway and we look forward to seeing the results."
**ENDS**
For further information please visit www.ortacresources.com or contact:
Ortac Resources Ltd Vassilios Carellas (CEO)
| +44 (0) 20 7389 9050 |
Cantor Fitzgerald Europe (Nominated Adviser & Broker) Stewart Dickson/ Catherine Leftley / Jeremy Stephenson
| +44 (0) 20 7894 7000 |
RFC Ambrian Limited (Broker) Jonathan Williams | +44 (0) 20 3440 6800 |
Blytheweigh Tim Blythe / Halimah Hussain / Camilla Horsfall | +44 (0) 20 7138 3204 |