Now that mining is underway, the company said it has fulfilled the conditions required by the authorities in order for it to preserve the company’s right to exploit the Šturec ore deposit located in the Kremnica Mining License Area for a minimum period of three years.
It means Ortac can continue its efforts towards establishing a commercial scale mine on the licence, the company added.
Ortac, meanwhile, remains in active talks with a potential local partner for the development of Šturec.
The mine could potentially produce some 873,000 oz of gold equivalent from the current mineral resource, at a low (life of mine) cash cost of around US$555 per ounce according to a 2013 prefeasibility study.
Vassilios Carellas, Ortac chief executive, said: “Today's positive update enables us to refocus our attention on this promising asset.
“The development of a commercial project has the potential to create hundreds of jobs in the area and boost the local economy.
“We can now focus on concluding agreements with our potential JV partner and executing a strategy that will ultimately generate long term value for all stakeholders."