RNS

RNS Number : 8098D
Ortac Resources Limited
11 July 2016
 

Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration

 

ORTAC RESOURCES LTD 

("ORTAC" OR THE "COMPANY")

Update - Slovakia 

 

Ortac Resources Ltd, the AIM listed exploration and mine development company, is pleased to report the positive conclusion to a judicial proceeding brought against the District Environmental Office ("DEO") in Ziar nad Hronom for a decision made in favour of the Company.

 

Vassilios Carellas, Ortac's CEO, commented: "It is sometimes necessary for exploration and development companies to navigate local opposition to new projects. With such a backdrop, it is extremely promising to see the regional court rule in favour of the environmental office, but it is even more encouraging to see that the application submitted by the Company has passed such rigorous scrutiny by both the environmental office and the regional courts."

 

Background

These judicial proceedings relate to an underground mining application submitted in 2014 for which the DEO approved the application. Following this, an appeal was lodged in the regional court in Banska Bystrica by a local NGO group and the local municipality against the DEO. The Company has been informed that the regional court dismissed the appeal. Further judicial proceedings with respect to a decision made by the Central Mining Bureau for the same application are currently underway and a decision is expected in due course.

The Company has also been advised by its lawyers that it has recently been cleared to proceed with a surface mining application which had been held up by the actions of local opposition groups.

 

 

**ENDS**

Contacts

 

Ortac Resources Ltd

Vassilios Carellas (CEO)

 

+44 (0) 20 7389 9050

SP Angel (Nominated Adviser & Broker)

Ewan Leggat / Tercel Moore

 

+44 (0) 20 3470 0470 / +44 (0) 20 7382 8300

Beaufort Securities (Joint Broker)

Jon Belliss / Elliot Hance

 

+44 (0) 20 7382 8300

Yellow Jersey (Media Relations)

Dominic Barretto

+44 (0) 7768 537 739

 

 

For additional information please visit - www.ortacresources.com

 

 


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