Ortac Resources

• 14/05/12

  Financing Update

• 08/05/12

  Updated Resource Estimate for Sturec Project

• 03/05/12

  Holding(s) in Company

• 04/04/12

  Directorship Update

• 19/03/12

  New Corporate Website

• 

  18/05/12

  Ortac Resources has golden touch, says broker

  Gold miner Ortac Resources offers a significant opportunity for value investors given the recent fall in the share price, says broker Seymour Pierce.

• 

  08/05/12

  Ortac Resources' Šturec gold project could support 2 Mtpa operation, says broker

  Ortac Resources' significant resource upgrade today to its wholly owned Šturec project in Slovakia means the project could support a larger mining operation than previously thought.

• 

  10/01/12

  Ortac Resources says Šturec scoping study confirms a robust and profitable gold-silver project

  The Šturec deposit is part of the group’s flagship Kremnica project which is located in central Slovakia. Ortac today said that a scoping study confirms that it would be a robust and profitable project.

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  25/10/11

  Ortac Resources: high-grade intercepts found at Šturec deposit

  The miner, which is mainly focused on precious metals in Slovakia, said that the results provide further confidence in its resource model, which currently indicates a resource of 1.1 million ounces of gold equivalent

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  20/10/11

  Ortac Resources steps up its exploration campaign with 1,200 metre drill programme at Zlata Bana

  Ortac Resources said it is embarking on a 1,200 metre drilling programme on its Zlata Bana exploration licence in eastern Slovakia. In total the company’s contractors Drillrock will sink five holes, the aim being to verify the results of previous exploration which points to the existence of gold and silver in bonanza grades. 

• 14/05/12

  Ortac Resources secures £20 mln financing - UPDATE

• 14/05/12

  Ortac Resources secures £20 mln equity financing

• 08/05/12

  Ortac Resources says there is “potential for further resource upside” following JORC upgrade

• 21/02/12

  Ortac Resources unearths more high grade gold and silver at Šturec project - UPDATE

• 21/02/12

  Ortac Resources unearths more high grade gold and silver at Šturec project

• 

  01/03/2012

  Ortac Resources One2One Presentation - 1st March (PDF)

  Ortac Resources One2One Presentation - 1st March
•  

  27/01/2012

  Ortac Resources has 1.2 million ounces of gold in Slovakia

  Vassilios Carellas, CEO of Ortac Resources, talks about 1.2 million ounces of gold equivalent, a scoping study confirming attractive fundamentals, hardly any infrastructure requirements, very straightforward metallurgy with recoveries around 95%, cash costs of just over $500 per ounce gold, and potential to host at least 2 million ounces (Jan 2012).

Ortac Resources Limited is an AIM listed exploration and development company focused on natural resource projects in Europe.  The Company is centred on creating shared value through responsible natural resource development.

The Company has a current JORC compliant resource of 1.36 million ounces (‘Moz’) of gold equivalent (‘Au Eq’) from its Šturec Project in Slovakia, and a scoping study on the project was completed in January 2012 which demonstrated a post-tax NPV of $309m and IRR 36% at current metal price $1,586Au oz Eq.  The Company’s objective is to complete a bankable feasibility study (BFS) and environmental and social impact assessment (ESIA) of the project, with a view to bringing the Šturec Project into production for the benefit of all stakeholders.

The Company’s strategy is to utilise its highly experienced board and management team and its solid foothold in Central Europe to consolidate additional natural resource development opportunities to build shareholder value.

Šturec Project

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 three licences: the Kremnica Mining Licence with an area of 11.8km2, the Lutila Exploration Licence with an area of 63.2km2 and the Vyhne Exploration Licence of 36.9km2.

Geology & Structure

The geology of the Kremnica region is well established. The Šturec zone is continuously mineralised for 1,200m along strike, is typically 100 to 150m wide and extends to a known depth of at least 300m. The main part of the Šturec zone is the Schramen Vein, which is up to 100m wide along a 500m strike section and accounts for some 90% of the gold contained in the present Measured and Indicated Mineral Resources.

It is a massive to sheeted quartz vein that strikes almost due north, generally dips steeply to the east, and thins to the north, south, and at depth. Some additional exploration is required to clarify the extent and continuity of hangingwall and footwall mineralisation in the Šturec zone.

Mineral Resources

The Company completed an updated Mineral Resource estimate for its Šturec deposit in May 2012 which provided a total JORC Code (2004) compliant Mineral Resource of 1.36 Moz of gold equivalent.

Licences in Slovakia

In addition to the Kremnica Mining Licence, Ortac owns nine 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.

Byšta Skároš

The Byšta Skároš licence area is located in the south east of Slovakia, 25km SSE of Košice and adjacent to the Hungarian border. There are five national nature reserves in the most prospective southern part of the exploration licence but their significance in terms of future mining development is uncertain.

Cejkov

The Cejkov licence area is located near Trebišov in the south east of Slovakia, 40km SE of Košice and close to the Hungarian border. The area has been explored since the mid-1960s with effort being concentrated around the villages of Cejkov and Zemplin. This exploration involved soil geochemistry, geophysics and drilling, although very little information was seen on the results of this work.

Cinobaňa

The Cinobaňa licence area is located in central Slovakia 175km ENE of Bratislava and 40km SE of the town of Banská Bystrica. It was subject to minor historical working by short adits, trenches and pits on hydrothermal gold, iron and quartz mineralised structures. Since the 1990s, the license area has been explored in some detail by geological mapping, stream sediment and soil geochemical sampling, rock sampling, geophysics and drilling.

Poruba pod Vihorlatom

The Porubsky potok (Poruba pod Vihorlatom) licence area is located approximately 75km ENE of the town of Košice in the east of Slovakia. The most recent exploration over the licences was conducted in 2008 and comprised resistance (SOP), induced polarisation (IP) magnetometry and gravity profiling, together with soil geochemical and lithogeochemical sampling.

Ruská Bystrá

Ruská Bystrá licence area is located approximately 75km ENE of the town of Košice in the east of Slovakia. The most recent exploration over the licence was conducted in 2008 and comprised resistance (SOP), induced polarisation (IP) magnetometry and gravity profiling, together with soil geochemical and lithogeochemical sampling.

Smoĺnik

The Smoĺnik licence is located 60km west of Košice. The area is one of historic mining for antimony from the 16th Century to 1962, using adits as the principal means of underground access. With the successful development of flotation technique, gold began to be recovered as a by-product after World War I.

Zlatá Baňa

The Zlatá Baňa licence area is located in the east of Slovakia 24km NE of the town of Košice. It is an area of historic mining activity with the main interest being for gold and silver mineralisation. The licence area was extensively explored over the period 1960-90 through more than 120 holes and some 4,000m of underground development in three adits. 

Ortac has recently completed a programme of confirmation drilling at Zlatá Baňa.

Board of Directors

Anthony Balme - Executive Chairman

Anthony Balme is Chairman of Carter Capital Ltd and AMC Ltd, both private UK investment companies, and Forum Uranium Corp, a TSX quoted exploration company. He has extensive European and North American finance experience linked to the resource sector

Vassilios Carellas - Chief Executive Officer

Vassilios Carellas is a geologist by profession with extensive experience gained in the mining and exploration industry in Central Asia. Prior to joining Ortac Resources plc, Vassilios held the post of Managing Director of Kryso Resources plc, an AIM listed company that he co-founded and listed in 2004.

Before founding Kryso, Vassilios worked for two Canadian listed companies operating producing mines in various positions ranging from Mine Geologist through to Chief Geologist and General Manager.

Charles Wood - Executive Director Corporate

Charles Wood holds a Bachelor of Commerce, a post graduate degree in Corporate Finance and has 10 years of experience working in corporate positions across a range of industries including agriculture, resources and banking.

Charles has worked in numerous jurisdictions in Africa, South America and Australia and has extensive experience in independent experts’ reports, due diligence, capital raisings and mergers and acquisitions.

David Karl Paxton - Non-Executive Director

David is a professional engineer with over 35 years experience in the mining industry, starting with mine production at Goldfields of South Africa, and then 24 years as a mining analyst at their head office.

As a mining analyst he has worked for a number of Canadian and UK stockbrokers, most recently Religare Hichens, Harrison Plc. David is the CEO of Vatakoula Gold Mines Plc. He is a director of India Minerals Plc, Adit Investments Ltd, Sahara Mines Ltd, Far North Platinum Ltd and Mining and Dining Club Ltd.

Senior Management

Owen Mihalop - Group Mining Engineer

Mr. Mihalop has over 15 years broad based experience in the mining industry both in Europe and internationally.

He has developed particular expertise in the implementation and management of Feasibility Studies and his past positions also include geologist and engineer at Navan Resources Plc, engineer for Homestake Mining Corporation and Technical Director of Mining at Wardell Armstrong International.

Hugo Green - Chief Financial Officer

Hugo Green is based full-time in Slovakia and has extensive experience working in Central Europe, having spent more than 15 years living in the region working with major financial and accounting firms.

Prior to joining Ortac, Hugo held various senior management positions in the Central European practices of Deloitte where he led their Business Recovery Services division, and also at PricewaterhouseCoopers. In addition to acting as an independent financial specialist, providing privatisation, turnaround, financial restructuring services and transaction support to a wide range of publically and privately owned companies.

Updated from Ortac Resources website 10.05.2012

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