“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 past and present production and resources exceed 9 million ounces of gold.” [source http://www.ortacresources.com/]

I have held shares in Ortac since September 2010. I chose to invest in the company because of the following:

? OTC’s interests were in Europe and not in a far flung part of the world.
? There appeared to be a strong possibility that a successful gold mine project could be established.
? The first production, if the project was to be a success, would be an open-pit mine, a far less costly process than underground mining
? The company had produced decent exploration results in other areas of its licence so there were other possibilities in Slovakia as well as at Sturec.
? When I first bought, the shares appeared to be held mainly by private investors in he UK. However Henderson Global investors (HGI) was one institution to hold more than 3% of the company’s shares, the remainder being held apparently by nominee accounts..
? Today’s announcement that HGI has now raised its holding to over 10% can, I feel, be taken as a real boost for the company..
? OTC recently produced a Scoping Study for their Sturec gold-silver deposit and, in today’s announcement, stated that they are working towards a Bankable Feasibility Study, which hopefully will be completed by the end of 2012. [Source – Statement made by the CEO Vassilios Carrelas, at a recent presentation in London.

There are, of course, still many hurdles that Ortac must overcome, before the Sturec project could go ahead. These include:

? The completion of the BFS – but see above timescale
? Getting the approval of the local authorities of the company’s Environment Impact Assessment [EIA] and as importantly – when asked the CEO said that it was hoped that this might be obtained along with the BFS but that this was not certain
? Getting the approval of the local population of the company’s plans. Apparently a previous mining company used acid leaching - see above
? So it might be…

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