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Ortac Resources lifts Andiamo stake


Ortac Resources (LON:OTC) has increased its stake in Andiamo Exploration to over 18% after investing another US$500,000 into the Eritrean gold-copper group.

The AIM-listed company has signed a deal with the private group to acquire up to 27% of its shares in three chunks.

This is the second tranche of the investment and puts the total investment so far at US$1mln, taking Ortac's stake to 18.85%.

Drilling is now well underway at the Yacob Dewar project in Eritrea.

Ortac’s chief executive Vassilios Carellas said: “The investment of the second tranche into Andiamo, follows a recent site visit by the company. 

“The drill program, targeting the copper and gold mineralization, is now well underway and we look forward to seeing the results.”

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