Last checked at 1 Oct 2015 07:00
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration
1 October 2015
ORTAC RESOURCES LTD
("ORTAC" OR THE "COMPANY")
Zambia Update
Further support for Ortac's US$1.2 million investment into Zamsort
Ortac Resources Ltd., the AIM listed exploration and mine development company, is pleased to announce that Zamsort Limited ("Zamsort"), a company in which Ortac has acquired secured convertible loan notes, has raised a further US$2 million from Kopara Investments Limited ('Kopara').
This investment into Zamsort takes Kopara's interest in the share capital of Zamsort to 20% and extends the right for Kopara to appoint a director to the board of Zamsort, to represent its interests.
Vassilios Carellas, Ortac CEO, commented: "Kopara's investment is an endorsement of the quality and potential of Zamsort's licenses and stands in stark contrast to the prevailing market. It provides further support for Ortac's US$1.2 million investment into Zamsort loan notes, which if converted will provide Ortac with a 19.35% interest in the share capital of that company.
"Over the last six months, Zamsort has raised US$3.2 million in order to develop its licenses located in the copper belt. Zamsort is now better positioned to rapidly proceed with the development of a mining operation at its Kalaba deposit and commence initial exploration activities in the rest of its exploration license."
For additional information please visit - www.ortacresources.com
Ortac Resources Ltd Vassilios Carellas (CEO) | +44 (0) 20 7389 9050 |
SP Angel (Nominated Adviser & Broker) Ewan Leggat / Tercel Moore | +44 (0) 20 3470 0470 |
Beaufort Securities (Joint Broker) Jon Belliss | +44 (0) 20 7382 8300 |
Yellow Jersey (Media Relations) Dominic Barretto / Aidan Stanley | +44 (0) 7584 085 670 |
About Ortac Resources
Ortac Resources is an AIM listed exploration and development company focused on natural resource projects. The Company's flagship asset is the 1.32 million ounce gold project in Slovakia. It has also diversified its portfolio through its strategic investment in Andiamo Exploration Limited, a private company with gold and copper exploration projects in Eritrea and in Zamsort Limited, a private company with copper licenses in Zambia.
About Zamsort Limited
Zamsort is a private Zambian registered company that is the 100% owner of the Kalaba Cu-Co Project located approximately 900 km from Lusaka, in Mwinilunga, North Western Province, well within the trending arm of the major geological structure known as the Lufilian Arc (copper belt), on the western flank of the Kabompo Dome.
The project consists of a 4km2 Small-Scale Mining Licence ('SML') over the Kalaba Cu-Co mineral resource enclosed within a 999.28km2 Large Scale Prospecting Licence ('LPL'). This was previously explored by Equinox Minerals Limited ('Equinox') and Anglo American Prospecting Services ('AAPS') by way of the Zambezi Joint Venture ('JV') through AAPS's affiliate Zamanglo Prospecting Ltd ('Anglo American') during the late 1990s as part of the Kabompo Property. The current LPL encompasses 7 of the top 10 high priority exploration targets identified through the JV prior to Anglo American exiting the country in 2001.
In order for Zamsort to maintain the SML in good standing it has undertaken seasonal mining from the oxide copper resource exposed on surface. Zamsort has estimated that approximately 70,000 tonnes of material has been mined to date from Kalaba. At present, it has estimated that it has approximately 33,000 tonnes of screened ore grading at 3.5% ASCu stockpiled on site and ready to be shipped and toll treated at one of the local facilities in the copper belt where non-exclusive off-take agreements are already in place.
The estimated Kalaba Cu-Co oxide resource of 16.59Mt @ 0.94% Cu equivalent is exposed on surface and has been generated in-house by Zamsort's Chief Geologist and although it has been registered by Zamsort with the Geological Survey and Ministry of Mines in Zambia, at present it is not considered to be code compliant.
Appendix
Lufilian Arc/Copperbelt - The Lufilian Arc / copperbelt is a region of Central Africa running through northern Zambia and the southern Democratic Republic of Congo known for copper mining.
ASCu - Acid Soluble copper
Cu - Copper
Not Code Compliant - Not compliant to any internationally recognised method for estimating and calculating ore resources, such as JORC or National Instrument 43-101.