7th Apr 2014 09:10
LONDON (Alliance News) - Ortac Resources Ltd Monday said the district mining bureau in Slovakia has approved its application to begin underground mining at its ?turec deposit.
The natural resource development company said the approval is subject to mining activities being carried out in accordance with its project plan, while the extraction of ore on site is to be carried out using underground mining methods only.
The company noted that the decision is subject to appeal, but becomes final once the deadline for receipt of appeals has passed in fifteen days.
Ortac said that as part of the normal, healthy and transparent engagement process in Slovakia, it expects an appeal to be lodged, along with calls for a judicial review of the process itself.
The company met with the Slovak District Mining Bureau on February 18 to discuss the company's mining licence with local interested parties, civic associations and other stakeholders in order for Ortac to hear any concerns that may arise from its plan.
In order to prepare for underground mining at the site, the company recently took channel samples from its phase I development zone. The tests returned high grade gold and silver intercepts of up to 78 grams per tonne of gold and 72 grams per tonne of silver in a 1.5 metre long channel sample.
Ortac Resources shares were up 4.6% to 0.230 pence, putting it among the top AIM risers in early trading Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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