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
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+44 (0) 20 3470 0470 / +44 (0) 20 7382 8300
|
Beaufort Securities (Joint Broker)
Jon Belliss / Elliot Hance
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+44 (0) 20 7382 8300
|
Yellow Jersey (Media Relations)
Dominic Barretto
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+44 (0) 7768 537 739
|
For additional information please visit - www.ortacresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
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