viewArc Minerals Limited

Ortac Resources continues to assess projects


Ortac Resources (LON:OTC) continues to appraise projects that could strengthen its portfolio, the AIM-quoted mining firm told investors in its latest half year results.

Last week, shares surged after a preliminary environmental report for trial underground mining at the Šturec deposit near Kremnica was 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.

For the six months to September 30, the loss before tax was £870,000 compared to a loss of £785,000 in 2012.

"The board continues to assess projects which may enhance shareholder value, and while we have identified a number which met our investment criteria, so far we have not yet concluded a transaction.

"Our evaluation process is on-going and we continue to remain proactive in appraising projects which would further build and strengthen our portfolio," it said.

Quick facts: Arc Minerals Limited

Price: 2.95 GBX

Market: AIM
Market Cap: £21.77 m

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