The Company has a current JORC Code (2004) compliant Mineral Resource of 1.32 million ounces of gold equivalent from its Šturec Project located in central Slovakia. SRK Consulting (UK) Limited completed a Scoping Study examining the Šturec Project in January 2012. On the basis of the study findings, the Company’s objective for 2013 is to complete a Pre-Feasibility Study (‘PFS’) of the project in which the current Measured and Indicated Mineral Resources will be upgraded and converted to Proven and Probable Ore Reserves. Running in conjunction with the PFS, the Company has commenced environmental baseline studies. Following the completion of the PFS and submission of a Preliminary Environmental Report to the appropriate authorities, the next stage will be the commencement of the environmental and social impact assessment to international standards and a Definitive Feasibility Study.[+] expand
Outside Slovakia the Company has identified several regional consolidation opportunities at various stages of development which are currently being evaluated to significantly increase Ortac’s resource inventory and maximise shareholder value. Third party companies with advanced staged projects in the region which can be fast-tracked to achieve near term production are also being actively sought and evaluated.