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Ortac Resources in strong position as continues to advance Šturec project


Ortac Resources (LON:OTC) is in a strong position to deliver value this year due to its robust finances and mature flagship project, Šturec.

So says the Slovakia-focused firm, which today unveiled its results for the year to March 31, 2012.

The completion of some of the key Šturec development milestones is due this year, including the pre-feasibility study, as well as the environmental studies and community programmes, which are key aspects of the bankable feasibility study, it said.

The firm is also continuing to evaluate potential investment targets in Europe and specifically Slovakia.

Among the highlights of the past year was the completion of a scoping study on the project, which showed highly attractive economic fundamentals.

Post year-end, the Šturec resource has been lifted to 1.36 million ounces, from 1.1 million previously.

Chief executive Vassilio Carellas told investors that  Šturec had already demonstrated highly attractive economic fundamentals including a post tax net present value of $309 million (post tax).

"The company is also well funded, with approximately £7.2 million in cash and investments and an additional £20 million equity financing facility available to us," he added.

"This is of vital importance during the current market uncertainty enabling Ortac to readily execute our development objectives.

"This is particularly important at present when the board believes that the current share price and market capitalisation of £13 million does not reflect the true value of our mature assets, not withstanding the significant natural resource upside potential I am confident that we can deliver through further investment and development activity."

For the year to March 31, the firm posted an operating loss of £1.43 million (2011: loss of £2.04 mln).

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Price: 4.0715 GBX

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