7th Feb 2011 15:56
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration
7 February 2011
Ortac Resources Limited ('Ortac' or 'the Company')
Seeking to Raise Approximately £8 Million
Ortac Resources Limited (AIM: OTC), the AIM listed exploration and development company focussed on precious metal projects in Europe, announces that, further to recent press speculation, it is seeking to raise approximately £8 million at 1.5p per ordinary share in order to accelerate development of the Kremnica Gold Project in Slovakia. The Company hopes to be in a position to announce full details of the placing shortly.
**ENDS**
For further information please visit www.ortacresources.com or contact:
Vassilios Carellas | Ortac Resources Ltd | +44 (0) 20 7440 0646 |
Charles Wood | Ortac Resources Ltd | +44 (0) 20 7440 0646 |
Roland Cornish | Beaumont Cornish Limited | +44 (0) 20 7628 3396 |
Rosalind Hill Abrahams | Beaumont Cornish Limited | +44 (0) 20 7628 3396 |
Jeremy Stephenson | Seymour Pierce Limited | +44 (0) 20 7107 8072 |
Stewart Dickson | Seymour Pierce Limited | +44 (0) 20 7107 8335 |
Jeremy King | Optiva Securities Ltd | +44 (0) 20 3137 1904 |
Jason Robertson | Optiva Securities Ltd | +44 (0) 20 3137 1906 |
Susie Geliher | St Brides Media & Finance Ltd | +44 (0) 20 7236 1177 |
Lottie Brocklehurst | St Brides Media & Finance Ltd | +44 (0) 20 7236 1177 |
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, where its Kremnica gold deposit forms part of a large low-sulphidation quartz-sericite-adularia epithermal-hydrothermal system hosted in Tertiary andesite volcanic flows, tuffs, lesser diorites and rhyolite dikes. The Company has produced an interim JORC compliant resource statement of 1.1 million ounces of gold equivalent and has appointed Snowden Mining Industry Consultants Pty to prepare a preliminary scoping study which is expected during the course of the year.
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.
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