Last checked at 13 Jun 2014 07:00
13 June 2014
Ortac Resources Ltd
("Ortac" or "Company")
ŠTUREC DEPOSIT, UNDERGROUND MINING APPLICATION APPROVED
Resumption of Gold and Silver Mining at Šturec
Ortac Resources Ltd, the AIM listed exploration and mine development company is pleased to report that the Slovak Central Mining Bureau has confirmed the decision of the Regional Mining Bureau, Banska Bystrica to approve Ortac's application to begin trial underground mining at its Šturec deposit in Slovakia.
With the decision now in hand, it is the Company's intention to start mining imminently, with a view to batch process the mined ore at a processing facility in the region. This means that after a break of nearly 20 years, Šturec will once again be mined, and the requirements of the Kremnica Mining License will also be satisfied. Today's announcement follows on from releases dated 20 December 2013, 21 February 2014, 7 April 2014, and 8 May 2014 issued in connection with this matter.
Pursuant to today's announcement, Mr Viktor Pomichal will step down as Managing Director of Ortac Slovakia. Viktor has achieved the Company's goal of re-establishing mining operations at Šturec. We thank Viktor for his hard work and wish him well in his future endeavours. Viktor has agreed to assist the management of Ortac in an advisory capacity as required.
Ing Peter Čorej PhD, a Slovak Mining Engineer with more than 30 years of experience, and who led the development of the Trial Underground application, will formally manage the mining programme. Mining operations will be undertaken by an independent local mining contractor selected through a procurement process. Ultimate regulatory oversight of the operations will be conducted by the Slovak Mining Bureau. Ortac will also be working closely with the local community and the environmental authorities to ensure that highest environmental and social standards are delivered and adhered to.
Vassilios Carellas, Ortac CEO, said:
"After a thorough engagement process with stakeholders and regulatory agencies, the confirmation by the Central Mining Bureau of the Regional Mining Bureau's decision, to allow underground mining is an important step in the development of Šturec. Further, it demonstrates that with a healthy and transparent engagement and application process, results that work towards win-win solutions are achievable and projects in the natural resource sector can be moved forward in Slovakia. Following this announcement, we anticipate and expect to receive further requests for clarification with respect to this decision. We welcome such requests as they are essential ingredients in designing projects which are successful for all stakeholders."
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 |
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 |
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.
For additional information please visit - www.ortacresources.com