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Ortac Resources soars on possible joint venture partner for Sturec gold mine project in Slovakia

Sturec has a reserve of just under 900,000oz gold equivalent

picture of gold
Ortac wants production to start this year

Ortac Resources Ltd (LON:OTC) shares jumped by almost a third as it revealed a joint venture to develop its Sturec gold project in Slovakia.

The partner was not named but should be once the joint venture has been formalised into a legally binding document, Ortac said.

Sturec has a reserve of just under 900,000oz gold equivalent, which has been progressed to pre-feasibility stage.

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Last month, Ortac was re-issued with a permit for Sturec as the District Mining Bureau reversed a decision to revoke the licence.

Once confirmed after any possible appeals Ortac intends to re-start mining by July.

Due to the legal wrangling there has been no activity at Sturec since 2014.

Joint venture could "reinvigorate" Sturec project, says City broker SP Angel

"The agreement with a local company for the joint development of the Sturec project looks as if it could reinvigorate the project which had encountered delays over permitting and aspects of the proposed treatment process," said SP Angel analyst John Meyer.

Shares had climbed more than 40% in the morning but fell back slightly in the afternoon.

Shortly before close of play in London, they were changing hands for 4p, a 27% increase on yesterday's closing price.

--Updates for share price and broker comment--

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Price: 2.65 GBX

Market: AIM
Market Cap: £19.56 m

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