13th Jun 2014 06:02
LONDON (Alliance News) - Ortac Resources Ltd Friday said the Slovak Central Mining Bureau has approved the company's application to begin trial underground mining at its Sturec deposit in Slovakia, where Ortac will begin mining imminently.
The natural resource development company said the Mining Bureau decision confirms a regional decision received in April to approve mining at the site.
The decision means that after a break of nearly 20 years, Sturec will again be mined for gold and silver, with Ortac planning to batch process the mined ore at a processing facility in the region.
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.
In May, Ortac said that the District Mining Bureau in Slovakia had received complaints against its application which had been passed on to the Central Mining Bureau for its decision.
The company also said on Friday that Ortac Slovakia Managing Director Viktor Pomichal will step down, but has agreed to assist the management of Ortac in an advisory capacity as required. It said Ing Peter Corej will formally manage the mining programme at Sturec and mining operations will be undertaken by an independent local mining contractor selected through a procurement process.
Ortac said it will also be working closely with the local community and environmental authorities to ensure that the highest environmental and social standards are delivered and adhered to.
"After a thorough engagement process with stakeholders and regulatory agencies, the confirmation by the Central Mining Bureau of the Regional Mining Bureaus? decision, to allow underground mining is an important step in the development of ?turec," Chief Executive Vassilios Carellas said in a statement.
By Tom McIvor; [email protected]; @TomMcIvor1
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