Ortac Resources Limited Update - Slovakia (2427R)
December 07 2016 - 11:16AM
UK Regulatory
TIDMOTC
RNS Number : 2427R
Ortac Resources Limited
07 December 2016
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining
& Exploration
07 December 2016
ORTAC RESOURCES LTD
("ORTAC" OR THE "COMPANY")
Update - Slovakia
Ortac Resources Ltd, the AIM listed exploration and mine
development company, provides an update on an amendment to the size
of the Kremnica Mining License Area ("KMLA") in Slovakia and the
conclusion to a judicial proceeding brought against the Central
Mining Bureau ("CMB") in the Regional Court in Banská Bystrica for
an underground mining permit issued to the Company.
The amendment of the KMLA is as a result of productive
discussions between the Company, the Regional Mining Bureau ("RMB")
in Banská Bystrica and the town of Kremnica to amend the boundary
of the KMLA so that the town of Kremnica is no longer located
within the KMLA.
The Regional Court in Banská Bystrica has ruled against the CMB
in relation to an underground mining permit issued to the Company
in 2014 and revoked the decision to issue the mining permit.
Vassilios Carellas, Ortac's CEO, commented: "The amendment of
the KMLA is as a result of concerns raised within the Kremnica
community during the engagement process that mining would
eventually end up in the town. With Kremnica town no longer located
within the boundary of the KMLA, this sensitive issue is now
resolved.
This judicial decision against the CMB does not impact current
activities, as no mining is at present taking place."
Background
Kremnica Mining License Area
The KMLA was designated in the Decision of the Ministry of
Economy in Prague, no. MKHD-D.P.12 dated 21 January 1961. Following
a process that commenced in 2012, a revised boundary for the KMLA
was agreed to by the Planning Permission and Building Regulation
Office in Kremnica, the Company and the RMB.
As a result of this amendment to the boundary of the KMLA, the
town of Kremnica is no longer located within the KMLA and the area
of the KMLA has been reduced from 11.80 km(2) to 9.47km(2) This has
no bearing on the current resource at turec, which is located over
one kilometre to the west of the town and it is on this side where
all the known prospective gold targets are located.
Provincial Court Proceeding
In a court proceeding on the legality of the CMB's Decision
regarding the issuance of an underground mining permit ("Decision")
issued to the Company in 2014, the Regional Court in Banská
Bystrica has decided against the CMB and revoked the Decision.
In a lengthy judgement, the court did not object to issuance of
an underground mining permit itself but rather criticised
insufficient reasoning given by the CMB in justifying the grant of
an underground mining permit.
The Company was not a participant in the case and Ortac await
the response from the CMB. This decision by the Regional Court can
be appealed to the Supreme Court of Slovakia.
**ENDS**
For further information, please contact:
Ortac Resources Ltd
Vassilios Carellas (CEO) +44 (0) 20 7389 9050
SP Angel (Nominated Adviser & Broker)
Ewan Leggat/Lindsay Mair +44 (0) 20 3470 0470
Joint Brokers
Beaufort Securities
Jon Belliss / Elliot Hance +44 (0)20 7382 8300
Peterhouse Corporate Finance Limited +44 (0) 20 7469 0930
Guy Miller www.pcorpfin.com
Lucy Williams
This information is provided by RNS
The company news service from the London Stock Exchange
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