Last checked at 19 Oct 2010 16:18
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration
19 October 2010
Ortac Resources Limited ('Ortac' or 'the Company')
Issue of Options
Ortac Resources Limited, the AIM listed exploration and development company focussed on the development of precious metal projects in Europe, announces that today, it has resolved to grant options over 25 million ordinary shares of 0.10 pence each in the Company to key management.
The options have been granted as part of an overall strategy to remunerate and incentivise key management. The criteria for eligibility include workload, operational input, the disparity between actual salary and market equivalent rates and parity with other management and staff within the organisation.
It has been resolved that the options have been granted to the following persons:
|
| Position | No. of Options | Exercise price | Expiry date | % of current issued share capital
|
| Gordon Lewis | Project Director | 5,000,000 | £0.01 | 31 December 2020 | 0.29% |
| Slovakia based staff | Various | 20,000,000 | £0.01 | 31 December 2020 | 1.15% |
**ENDS**
| For further information please visit www.ortacresources.com or contact: | ||
| Vassilios Carellas | Ortac Resources Ltd | Tel: +44 (0) 20 7440 0646 |
| Charles Wood | Ortac Resources Ltd | Tel: +44 (0) 20 7440 0646 |
| Roland Cornish | Beaumont Cornish Limited | Tel: +44 (0) 20 7628 3396 |
| Rosalind Hill Abrahams | Beaumont Cornish Limited | Tel: +44 (0) 20 7628 3396 |
| Hugo de Salis | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
| Lottie Brocklehurst | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
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 where past and present production and resources exceed 9 million ounces of gold.
The Company's initial project is the Kremnica Gold Project in Slovakia which has been reported to contain in excess of 1.5 million ounces gold equivalent. The Company has produced an interim JORC compliant resource statement of 0.76 million ounces of gold equivalent.
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.