In Europe 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 was 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 commenced environmental baseline studies. The PFS was completed on schedule and the submission of a Preliminary Environmental Report to the appropriate authorities will occur in the near future. The objective for 2014/2015 will be the commencement of the environmental and social impact assessment to international standards and a Definitive Feasibility Study.[+] expand
Elsewhere: in January 2014 Ortac entered into a subscription agreement to acquire up to 26.7% of the enlarged share capital of Andiamo Exploration Limited (‘Andiamo’), a private UK incorporated Eritrean focussed mineral exploration company. Under the terms of this strategic alliance, Ortac has an additional right to acquire an additional 21%. The Company continues to seek consolidation opportunities at various stages of development which might increase Ortac’s resource inventory and maximise shareholder value. Third party companies with advanced staged projects which can be fast-tracked to achieve near term production are also being actively sought and evaluated.