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UPDATE - Ortac Resources: Preliminary environmental report given thumbs up

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Shares in Ortac Resources (LON:OTC) surged after a preliminary environmental report has been approved by the regional Slovakian authorities.

It paves the way for the Slovak District Mining Bureau to review the AIM-listed company’s application to mine 1,000 tonnes of gold and silver a year from the existing underground development at the Šturec deposit.

The company said it believes opposition to the approval process may arise based on experience elsewhere. This is a strategy employed by non-governmental organisations and other groups who intend to force more transparent and more sustainable decisions, it added.

Vassilios Carellas, chief executive of Ortac Resources, said: “Ortac is pleased at the progress made with this application and welcomes actions that might lead to greater transparency and clarification of issues in public.  

“Moreover, Ortac will do everything it can to ensure that the discussions and the findings arising from such actions are made freely available.”

Shares gained 13.64% to stand at 0.25p each.

Quick facts: Arc Minerals Limited

Price: 3.075 GBX

AIM:ARCM
Market: AIM
Market Cap: £22.69 m
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