Ortac Resources (OTC) the AIM listed gold and copper mine developer announced today that it had struck a deal with Zamsort, a Zambian based company that holds the 100% rights to the Kalaba project, a large scale copper and cobalt polymetalic asset, located in the heart of Zambia’s proven copper production belt.
Vassilios Carellas, chief executive officer of Ortac Resources (ORC), is not resting on his laurels, after beginning trial underground mining at the company’s 1.32 million-oz. gold in Slovakia’s Kremnicko region, with the first permit issued there for 20 years. The authorities are already considering London-based Ortac’s application for a licence to take the project further, in the hope of producing around 70,000 oz. of gold a year, with cash costs (before capital repayment) of below $600/oz an ounce, against today’s $1,319.8/oz market price. Ortac is launching proposals for a series of employment-creating, environmentally-friendly -- and potentially money-spinning -- developments to calm suspicious local critics.
I happen to think that Ortac (OTC) is a well-run company with some interesting assets but today’s £500,000 placing at 0.25p shows in the starkest of terms why the AIM Cesspit so urgently needs reform to stop the systematic buggering (without the lubrication of profit) of private investors.
Ortac Resources (OTC), the AIM listed developer of the 1.32 million ounce, Šturec gold mine in Slovakia, today announced that it will make significant investments into Andiamo, a private UK registered company, which holds advanced stage, large scale VMS gold-copper exploration projects in Eritrea.
The misery of the junior mining markets has caused pain for many but it also gives an opportunity to those with cash…step forward Ortac Resources (OTC) which has today announced a very interesting little deal which could be a real winner.
Ortac Resources (OTC) has announced the submission of a preliminary environmental report for a proposed application to mine from the existing underground development at its Šturec gold deposit in Slovakia. This follows an application for small-scale surface mining – which is currently going through the environmental consideration process – and their approvals would enable the company to extend the current 30th June 2014 expiration date on its underground and surface mining rights to the Kremnica mining licence area. So what does that mean?
The share price of AIM-listed precious metals exploration and development company Ortac Resources (OTC) has suffered in recent times - as those across its sector have. From January 2011 highs of 2.785p and above 0.6p in January, the shares currently trade at 0.24p, capitalising the company at little more than £5.5 million.
Ortac Resources (OTC), the AIM listed developer of a gold mine in the Slovak Republic is today hosting an analysts jolly and has announced as much via RNS. Is it worth the trip? Is there value there?
The Daily Telegraph reports that shares in AIM listed gold exploration company Ortac Resources (OTC) rose yesterday on the back of bid speculation. Yeah right.
