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  • 15 Mar 17

Ortac Resources* (OTC LN) 0.04p, mkt cap £3.6m – Sturec mining permit  Ortac Resources reports that the District Mining Bureau (DMB) in Banska Bystrica has re-issued the underground mining permit for Ortac’s Sturec Gold Project in Slovakia.  The permit was originally issued in 2014 but has since been the subject of legal challenges which concluded on 7 th December 2016 when the company “was notified that the Regional Court in Banska Bystrica (“RC”) had revoked the previously issued underground mining permit.”  “The DMB has reviewed the ruling of the RC and amended the original permit to address the insufficient reasoning that the RC felt was lacking in the issuance of the original underground mining permit in 2014.”  Commenting on the decision to reinstate the licence, Ortac CEO, Vassilos Carellas, commented “We are naturally pleased that the DMB has re-issued the permit, which has been amended to consider the points raised by the RC. This decision, whilst welcome, does allow for an appeal process to be made by potential complainants, within a period of approximately one month from the issue of this permit, which if triggered, would result in a final judgement on the permit being undertaken by the Slovak Central Mining Bureau (“CMB”).” Conclusion: The reinstatement of the underground mining licence is a step forward for the Sturec gold project, however, it appears that the Slovak legal system could still allow further challenges over the next month. We look forward to the end of April in the hope that no such further actions have emerged.


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