Last checked at 8 Oct 2010 12:26
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration
8 October 2010
Ortac Resources Limited ('Ortac' or 'the Company')
Result of the Annual General Meeting
Ortac Resources Limited, the AIM listed exploration and development company focussed on the development of precious metal projects in Europe, held its Annual General Meeting today and all resolutions were duly passed.
At the meeting, Ortac CEO Vassilios Carellas said, "We are very pleased with Ortac's progress since its admission to AIM last month. We are targeting a JORC resource upgraded from 760,000 ounces of gold equivalent to 1 million ounces by the end of the quarter. In tandem with this, we continue to assess additional precious metal assets to strengthen our portfolio going forward."
**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 |
Competent Person
The information in this Announcement that relates to Mineral Exploration results and Mineral Resources, together with any related assessments and interpretations, have been verified by and approved for release by Vassilios Carellas, a qualified geologist and full-time employee of the Company. Vassilios Carellas has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Vassilios Carellas consents to the inclusion of the information contained in this release in the form and context in which it appears.
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.