Kremnica Gold Project Progress Report

Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration

18 April 2011

Ortac Resources Ltd ('Ortac' or 'the Company')

Kremnica Gold Project Progress Report

Ortac Resources Ltd, the AIM listed exploration and development company focussed on precious metal projects in Europe, is pleased to announce a progress report on its 100% owned Kremnica Gold Project ('Kremnica' or 'the Project') in Slovakia, setting out the commencement of a drilling programme and advancement of the Scoping Study.

The diamond drill programme, which currently includes approximately 5,000m of drilling, has been designed to target areas of the deposit where there is currently little or no information. Results from this, along with the additional geological and geotechnical data, should allow for an increase in the current JORC compliant resource of 1.1 million ounces ('Moz') of gold equivalent ('Au eq'), in addition to upgrading additional ounces into higher confidence Indicated and Measured categories.

The plans for the drilling programme were submitted to the various stakeholders and regulatory authorities in March this year. Following receipt of the necessary approvals to start, a local contractor, Geovrty-Drillrock s.r.o. ('Geovrty-Drillrock'), a company with extensive previous experience of drilling the style of mineralisation at Kremnica, commenced the programme.

The Company continues to work closely with Snowden Mining Industry Consultants Pty Ltd ('Snowden') with the assistance of newly appointed Knight Piesold Canada ('Knight Piesold') and a number of independent consultants in advancing the Scoping Study at Kremnica. Elements recently completed include the conducting of additional metallurgical test work, blasting and vibration studies as well as the re-design and locating of tailings storage facilities. The board believes it is on track to announce the results of this report in H2 2011.

Ortac CEO Vassilios Carellas said, "I am delighted to announce the commencement of the drilling campaign at Kremnica, our flagship project. The programme will focus on targeting areas of the deposit where we have limited information, and where results will enable the Company to get a better geological understanding of these areas, whilst at the same time expanding and upgrading our current 1.1Moz Au eq.

"The Scoping Study is also advancing well, with the completion of a number of important elements. These have been completed in tandem with a number of our consultants who have made a number of site visits in recent months, and who are working closely with our technical team, in order to complete the study as soon as practicable.

"We remain fully committed to advancing this highly prospective project and we are working closely with all parties to take it up the development curve and unlocking value for the benefit of all stakeholders."

**ENDS**

Notes:

Ortac Resources Limited is an AIM listed exploration and development company focussed on the development of precious metal projects in Europe. Its focus is on the Carpatho Balkan Metallogenic Belt, initially the Central Slovakian Volcanic Field.

The Company has a current JORC compliant resource of 1.1Moz of gold equivalent from its flagship Kremnica Gold Project in Slovakia, and Snowden Mining Industry Consultants Pty are in the process of preparing a preliminary scoping study on the project, which is expected in H2 2011. The Company's objective is to complete a definitive feasibility study and environmental impact assessment with a view of bringing the Kremnica Gold Project into production. 

The Company's strategy is to utilise its highly experienced board and management team and its solid foothold in Central Europe to consolidate additional precious metal development opportunities to build shareholder value.