25 May 2012

Ortac raises £8.4m for Slovak gold quest 

09/02/2011 Robert Tyerman

Gold hopeful Ortac Resources (OTC) has secured £8.4 million at 1.5p to increase estimated gold resources at Kremnica in Slovakia. The company, which joined AIM last summer when chairman Anthony Balme reversed it into Templar Minerals, has newly established a formal resource estimate of 1.1 million oz of gold at Kremnica and now wants to probe new areas in the project and convert more of the existing resource from the inferred to the more confident measured and indicated categories.

Welcoming support from 'some of the larger institutions in the City', chief executive officer Vassilios Carellas, founder and former boss of fellow AIM counter Kryso Resources (KYS), says the placing money will also help Ortac explore some of its other licences in the region. Ortac's volatile shares, which have traded between 0.78p and 2.79p over the past year, now change hands at 1.64p, valuing the company at £28.4 million, and offer speculative possibilities.       

Tags: AIM market, Gold explorer, Placing

Sector: Mining

Companies: Ortac Resources

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