Last checked at 3 Jul 2014 07:00
3 July 2014
Ortac Resources Ltd
("Ortac" or "Company")
ŠTUREC DEPOSIT, UNDERGROUND MINING COMMENCED
Ortac Resources Ltd, the AIM listed exploration and development company, has commenced underground mining at its Šturec deposit in Slovakia. Today's news follows last week's inspection and approval by the District Mining Bureau and marks the return of mining to Šturec after a break of nearly 20 years.
Extracted ore will be used for further test work, which will help determine the longer term development of the Šturec deposit and the economy in the Kremnicko region. This mining activity also satisfies the Company's obligations to the Slovak Republic, for maintaining the validity of its Mining License Area.
Vassilios Carellas, Ortac CEO, said:
"The recommencement of mining at Šturec is an important milestone in the development of the project. Having satisfied the technical and legal requirements of the mining license area, we will continue to focus on the engagement process."
"Throughout this process we will work towards the development of win-win solutions connected with the resources at Šturec."
"We are confident that the sustainable development of Šturec can exceed the highest applicable standards and has the potential of achieving successful outcomes for Ortac and the Kremnicko region. We believe that this project will act as a beacon for the development of natural resources projects elsewhere."
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/ John Moriarty | +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 787koz Au equivalent of recoverable metal in Proven and Probable Ore Reserves at an annualised production rate of over 70,000 Au oz eq. with 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