Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration
11 September 2017
ORTAC RESOURCES LTD
("Ortac" or the "Company")
Strategic focus on high potential African exploration
Ortac Resources Ltd, the AIM listed exploration and mine development company, is pleased to provide an update on its corporate strategy. As was previously announced, the board of Ortac has been restructured with Nick von Schirnding taking over as Chairman and Brian McMaster joining the board as a Non-Executive Director. Both Nick and Brian bring extensive mining and restructuring experience. The revamped board has reviewed the strategy of the Company and a number of significant changes have been agreed.
The Company has decided to focus exclusively on its high potential, African exploration mining assets. This will see Ortac progressing its core gold and copper assets in the Democratic Republic of Congo and Zambia. Ortac now has significant investments and board representation in respect of both operating companies being Casa Mining Ltd ("Casa") and Zamsort Limited ("Zamsort").
The Board believes the core investments in Casa and Zamsort present the best near term opportunity for Ortac to create value for shareholders, and that this strategy will ensure a new, focused, value accretive approach going forward.
The Company continues to explore a number of strategic options with respect to its Slovakia (Kremnica) gold project and will now seek to divest its investment in Eritrea (Andiamo). In Slovakia, the Company is in constructive discussions with a number of parties, both local and international and in the interim, will keep associated expenditures to a minimum.
Nick von Schirnding, newly appointed Chairman of Ortac, commented:
"We are pleased to be able to set out the parameters of a clear and simple direction for Ortac's future. This strategic focus is underpinned by two potentially highly value accretive exploration assets in the DRC and Zambia. We believe this is the right direction for us, in order to generate near term value for the Company's investors and sets a clear path to long term sustainable growth. Both of these projects have been substantially de-risked and with near term catalysts are at exciting times in their development. We look forward to keeping shareholders updated on progress."
Market Abuse Regulation ("MAR") Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Ortac Resources Ltd
Vassilios Carellas (CEO)
+44 (0) 20 3874 8664
SP Angel (Nominated Adviser & Broker)
Ewan Leggat / Lindsay Mair
Celicourt Communications (PR)
Mark Antelme / Jimmy Lea
+44 (0) 20 3470 0470
+44 (0) 20 7520 9261
This information is provided by RNS