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Ortac to start again in Slovakia as permit is re-issued

With the permit re-issued said Ortac intends re-start mining activity by July this year

picture of gold being poured
Sturec is an underground gold mine

Ortac Resources Ltd (LON:OTC) has been re-issued with a permit for the Sturec mine in Slovakia, though there is still scope for an appeal against the decision.

In December, the Regional Court (RC) in Banská Bystrica revoked the previously issued underground mining permit, but the District Mining Bureau has now reviewed that decision and reversed it.

With the permit re-issued said Ortac intends re-start mining activity by July this year subject to any appeal.  As a result of the recent judicial proceedings it has not been able to carry out any mining activity since July 2014.

Under the terms of the Kremnica Mining License Area (KMLA), if Ortac does not carry out any mining activity for a period of three years, the mining licence area reverts back to the Slovak State.

Vassilios Carellas, Ortac's chief executive, said: "We are naturally pleased that the DMB has re-issued the permit, which has been amended to consider the points raised by the RC.

“This decision, whilst welcome, does allow for an appeal process to be made by potential complainants, within a period of approximately one month from the issue of this permit, which if triggered, would result in a final judgement on the permit being undertaken by the Slovak Central Mining Bureau.” 

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