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Ortac Resources team visits Slovakia – September 2011

AIM-listed Ortac Resources, which is working towards permitting at its flagship 1.32 million ounce Šturec Gold Project in Central Slovakia, announced a significant investment in Andiamo Exploration Ltd in January 2014. Offering access to a stand-out portfolio of advanced high-grade gold-copper exploration projects in Eritrea, the US$1.5m Andiamo investment broadens the Ortac portfolio and gives the company an additional margin of investment safety.

 

INVESTMENT RATIONALE

  • Ortac Resources Ltd’s (“Ortac”) flagship Šturec Gold Project has a JORC compliant Mineral Resource of 1.32 million ounces of gold equivalent and stated reserves of approx 850,000 ounces of gold equivalent.

  • Studies show that Šturec contains an economic gold resource that is amenable to surface mining with low waste ratios and could be processed using EU-approved technology.

  • Excellent infrastructure, roads and power. Stakeholder engagement and dialogue is underway.

  • Ortac is working towards regulatory approval for surface and underground mining operations and intends, on approval, to progress to a Definitive Feasibility Study. An August 2013 official ruling confirmed that OTC’s licences for the Šturec deposit are intact.

  • Following an extensive process of reviews and evaluations concerning additional gold investment assets, January 2014 saw Ortac announce the formation of a formal alliance with Andiamo Exploration (“Andiamo”), which has a highly prospective portfolio of high-grade gold-copper exploration projects in Eritrea. 

  • Ortac has entered a subscription agreement to acquire up to 26.7% of the enlarged share capital of Andiamo for a total of US$1.5m, and has secured the right to acquire an additional 21% shareholding for a further US$2m.

  • Funds will be used to advance exploration and technical development, including Q1 2014 drilling on recently discovered high-grade copper and gold mineralisation at the Yacob Dewar deposit.

  • Acquisition offers substantial upside given the prospectivity and scale of Andiamo’s Volcanogenic Massive Sulphide (”VMS”) gold-copper projects, which is 40 kms south of Nevsun Resources’ Bisha VMS producing mine.

  • Changes to the rules for Individual Savings Accounts mean that, from August 2013, investors can add AIM-traded stocks to their ISAs for the first time.

Ortac Operations in Slovakia

Kremnica

  • Šturec Project - 100% owned and located in central Slovakia close to the town of Kremnica and 17km west of central Slovakia's largest city, Banská Bystrica.

Eastern Slovakia

  • Cinobaňa - Located in central Slovakia 175kn ENE of Bratislava and 40km SE of the town of Banská Bystrica.
  • Smolnik - Located 60kms west of Košice.

 

Project Summary

 

In addition to the Kremnica Mining Licence, Ortac owns 3 exploration licences across Slovakia. Two exploration licences are adjacent and to the south of the Kremnica Mining License, while the remaining seven exploration licences are located in central and eastern Slovakia.

 

The Šturec Project is located in central Slovakia close to the town of Kremnica and 17km west of central Slovakia's largest city, Banská Bystrica. The project area is easily accessed from the international airports at Vienna and Bratislava by driving northeast along the newly constructed highway between Bratislava and Banská Bystrica. The Šturec Project comprises two licence areas: the Kremnica Mining Licence, with an area of 11.8km2, and the Lutila Exploration Licence with an area of 63.2km2.

A Pre-Feasibility Study (‘PFS’) of the mining aspects of the Šturec Project was completed by SRK Consultants (UK) in April 2013. The PFS builds upon the Scoping Study which was completed by SRK in January 2012 and further confirms the economic viability of the Šturec Project.

 

Market Information

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Cash Position
At Bank & in Hand (Jan 31, 2013) Approx £5.8 million