Ortac Resources Limited Corporate Update (2999Q)
September 11 2017 - 2:00AM
UK Regulatory
TIDMOTC
RNS Number : 2999Q
Ortac Resources Limited
11 September 2017
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining
& Exploration
11 September 2017
ORTAC RESOURCES LTD
("Ortac" or the "Company")
Corporate Update
Strategic focus on high potential African exploration
Ortac Resources Ltd, the AIM listed exploration and mine
development company, is pleased to provide an update on its
corporate strategy. As was previously announced, the board of Ortac
has been restructured with Nick von Schirnding taking over as
Chairman and Brian McMaster joining the board as a Non-Executive
Director. Both Nick and Brian bring extensive mining and
restructuring experience. The revamped board has reviewed the
strategy of the Company and a number of significant changes have
been agreed.
The Company has decided to focus exclusively on its high
potential, African exploration mining assets. This will see Ortac
progressing its core gold and copper assets in the Democratic
Republic of Congo and Zambia. Ortac now has significant investments
and board representation in respect of both operating companies
being Casa Mining Ltd ("Casa") and Zamsort Limited ("Zamsort").
The Board believes the core investments in Casa and Zamsort
present the best near term opportunity for Ortac to create value
for shareholders, and that this strategy will ensure a new,
focused, value accretive approach going forward.
The Company continues to explore a number of strategic options
with respect to its Slovakia (Kremnica) gold project and will now
seek to divest its investment in Eritrea (Andiamo). In Slovakia,
the Company is in constructive discussions with a number of
parties, both local and international and in the interim, will keep
associated expenditures to a minimum.
Nick von Schirnding, newly appointed Chairman of Ortac,
commented:
"We are pleased to be able to set out the parameters of a clear
and simple direction for Ortac's future. This strategic focus is
underpinned by two potentially highly value accretive exploration
assets in the DRC and Zambia. We believe this is the right
direction for us, in order to generate near term value for the
Company's investors and sets a clear path to long term sustainable
growth. Both of these projects have been substantially de-risked
and with near term catalysts are at exciting times in their
development. We look forward to keeping shareholders updated on
progress."
Market Abuse Regulation ("MAR") Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Contacts
Ortac Resources Ltd +44 (0) 20
Vassilios Carellas (CEO) 3874 8664
SP Angel (Nominated Adviser
& Broker) +44 (0) 20
Ewan Leggat / Lindsay Mair 3470 0470
Celicourt Communications (PR) +44 (0) 20
Mark Antelme / Jimmy Lea 7520 9261
This information is provided by RNS
The company news service from the London Stock Exchange
END
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