Arc Minerals Regulatory News (ARCM)

Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration 2014

7 April 2014

Ortac Resources Ltd ('Ortac' or 'the Company')

Šturec Trial Underground Mining Permit Approved

Ortac Resources Ltd, the AIM listed exploration and development company is pleased to report that following on from announcements dated 20 December 2013 and 21 February 2014 in connection with Ortac's trial underground mining application, the District Mining Bureau, Banská Bystrica has now approved its application to begin underground mining at its Šturec deposit in Slovakia.

The decision by the District Mining Bureau to approve the application is subject to the conditions that mining activities are carried out in accordance with the scope of works detailed in the Project Plan submitted by Ortac, which is registered as having been received at the District Mining Office in Banská Bystrica under no. 236-288/2014 and the extraction of ore is to be carried out using underground mining methods only.

The decision by the District Mining Bureau is subject to appeal in accordance with Act No. 71/1967 Coll. on Administrative Proceedings. Any appeal needs to be filed with the District Mining Office in Banská Bystrica within 15 days of receipt of the decision. The decision of the District Mining Bureau becomes final once the deadline for receipt of appeals has passed, or in the event of an appeal, the delivery by the Central Mining Bureau of its review decision.

Vassilios Carellas, Ortac CEO, said: "We are very pleased to have received a positive decision from the District Mining Bureau and look forward to making preparations to start mining from the Šturec deposit. At the same time and as we have previously reported, it is likely that appeals for review by the Slovak Central Mining Bureau of the District Mining Bureau's decision will be lodged, as indeed will calls arise for a judicial review of the process itself. These are to be expected and are part of a normal, healthy and transparent engagement process, and we will continue to work closely with interested parties to address any and all concerns as they arise."

ENDS