Good afternoon, Please find attached a BUY note from Seymour Pierce regarding Ortac Resources (AIM: OTC) the European gold development company focussed on restarting production in Slovakia.

The note has been released on the back of two highly encouraging pieces of news from Ortac in recent days. On 8 May the Company announced a 24% increase in the total mineral resource at its �turec gold-silver project in central Slovakia to 1.3 Moz Au Eq with over 1.0Moz in the Measured and Indicated categories.

Encouragingly, the Board believes there is potential for further resource upside for the project due to the high grade vein structure remaining open both at depth and along strike. Following this, on Monday the Company revealed a �20 million equity financing agreement from Darwin Strategic Limited, owned by Henderson Global Investors (Henderson also recently increased its holding in OTC to 11.06%) ensuring that Ortac has a flexible source of funding in addition to its current cash treasury of �7.8 million to readily execute the Company�s comprehensive development objectives without having to rely directly on the equity markets. The two announcements are pasted below for convenience. Kind regards, Lottie [cid:image001.jpg@01CD34F8.4DA14200] Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration 8 May 2012 Ortac Resources Ltd (�Ortac� or �the Company�) Updated Mineral Resource Estimate for �turec Project, Slovakia Ortac Resources Ltd, the AIM listed exploration and development company focussed on natural resource projects in Europe, is pleased to report an updated Mineral Resource estimate for its �turec Project located in central Slovakia (�the �turec Project�). Overview � Total Mineral Resource, classified in accordance with the JORC Code (2004), increased by 24% to 1.36Moz Au Eq from 1.1Moz Au Eq � The proportion of the Mineral Resource classified in the Measured and Indicated categories increased by 75% to over 1.0Moz from 579,000oz � Updated Mineral Resource estimate represents a key milestone in the development of the �turec Project � Potential for further resource upside � the high grade Schramen vein structure remains open at depth and along strike as a future exploration target Ortac CEO Vassilios Carellas said, �This is a further key development in the advancement of the �turec Project.

Following the completion of our Scoping Study earlier this year, which confirmed highly positive economic fundamentals for the �turec Project, this updated Mineral Resource estimate further increases the scope and potential of this valuable asset. �The infill drilling campaign undertaken during 2011 has resulted in the resource being increased from 1.1Moz Au Eq to over 1.3Moz Au Eq, but much more significantly, the proportion of material classified in the Measured and Indicated categories has increased by 75% to over 1.0Moz.

It is also encouraging to note that the grade of the Measured and Indicated Resource in the new model has not been unduly lowered despite reporting at a lower cut-off grade.

This new classified resource gives us further confidence going into the next stage of technical studies.� Detailed Results Snowden Mining Industry Consultants (�Snowden�) was commissioned by Ortac to update the Mineral Resource estimate for its �turec Project located in central Slovakia.

The updated Mineral Resource estimate includes the results of the 2011 diamond drilling campaign and is classified in accordance with the requirements of the JORC Code (2004).

The resource is divided into an open pit resource and an underground resource.

The open pit resource is defined by an economic open pit shell with a cut-off grade of 0.26g/t Au; material inside this pit shell is reported at a cut-off grade of 0.40g/t Au.

The underground resource is defined as material outside the economic open pit shell, which is greater than a cut-off grade of 2.85g/t Au.

The updated Mineral Resource is detailed in Table 1 below: Table 1: Mineral Resources for the �turec Deposit Classified in Accordance with the JORC Code (2004) � Snowden, May 2012 Resource Category Resource Type Cut-Off Grade Mass (Kt) Au Grade g/t Ag Grade g/t Contained Metal Koz Au Eq* Measured Open Pit 0.4 3,000 1.69 13.54 187 Indicated Open Pit 0.4 12,400 1.76 15.17 823 M+I Open Pit 0.4 15,400 1.75 14.85 1,010 Inferred Open Pit 0.4 9,700 0.89 5.08 310 Total Open Pit 0.4 25,100 1.42 11.07 1,320
Indicated Underground 2.85 19 3.60 23.81 2 Inferred Underground 2.85 310 3.50 19.73 39 Total Underground 2.85 328 3.51 19.96 41
Measured OP + UG
3,000 1.69 13.54 187 Indicated OP + UG
12,400 1.76 15.18 825 M+I OP + UG
15,400 1.75 14.86 1,012 Inferred OP + UG
10,000 0.97 5.53 349 Total Resource OP + UG
25,400 1.44 11.18 1,361 Notes: Open pit resource is defined by an economic pit shell with a cut-off grade of 0.26g/t Au; and *Gold Equivalent (Au_Eq) grades are calculated using a 50:1 ratio of silver to gold values. The gold-silver mineralisation at the �turec Project is part of a large low-sulphidation quartz-sericite-adularia epithermal-hydrothermal system hosted in Tertiary andesite volcanic flows and tuffs and lesser diorites and rhyolite dikes.

It has been mined and explored since the 8th century with extensive modern exploration through drilling, adits and some open pit mining from the early 1960s through to the present day. The Snowden grade-tonnage estimate uses data from the sampling of adits, surface and underground diamond drill core, surface reverse circulation drilling and trench samples.

The database was compiled and verified by Ortac.

Snowden�s checks indicate that the data is of sufficient quality to support the resource classifications applied.

Multiple Indicator Kriging was used to estimate the gold and silver grades into a block model constrained by the Ortac geological interpretation.

This model reflects the interpreted structure and geology.

Search ellipses and ranges used in estimation reflect the spatial continuity and trends of the mineralisation in each of the mineralised domains. Density estimation was based on the density of the mineralisation (based on core measurements) and on the measurement of bulk density from adits through the mineralised zone.

Variations in the density are known to exist due to the nature of the broken mineralisation, and this has been estimated and incorporated into the model.

Snowden based the classification of the Mineral Resource upon a number of criteria, including the confidence in the geological interpretation, the integrity of the data, the spacing between the data, and the grade continuity as demonstrated by the variography.

The resource estimate in Table 1 has been classified using the guidelines of the JORC Code (2004). Competent Persons The Mineral Resource for the �turec Deposit was estimated by Snowden Mining Industry Consultants and is dated 1 May 2012.

The competent person responsible for the estimation is Mr.

Ivor Jones, (BSc (Hons), MSc, FAusIMM, CPgeo), Group General Manager � Geosciences at Snowden Mining Industry Consultants.

The resource estimate is based upon the data and interpretations provided by Ortac.

Mr.

Jones has sufficient experience relevant to the type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2004).

Mr.

Jones consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Mr.

Owen Mihalop, (MCSM, BSc (Hons), MSc, MIMMM, CEng) is Technical Director for Ortac Resources Ltd and provided the sample database as well as geological interpretations for the Mineral Resource estimation.

Mr.

Mihalop has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2004). The information in this announcement is based on information compiled by Mr.

Owen Mihalop (who takes responsibility for the data and geological interpretation).

Mr.

Mihalop consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears and is a Qualified Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies. **ENDS** For further information please visit www.ortacresources.com or contact: Vassilios Carellas Ortac Resources Ltd Tel: +44 (0) 20 7389 9050 Charles Wood Ortac Resources Ltd Tel: +44 (0) 20 7389 9050 Jeremy Stephenson Seymour Pierce Limited Tel: +44 (0) 20 7107 8000 Stewart Dickson Seymour Pierce Limited Tel: +44 (0) 20 7107 8000 Catherine Leftley Seymour Pierce Limited Tel: +44 (0) 20 7107 8000 Jeremy King Optiva Securities Ltd Tel: +44 (0) 20 3137 1904 Jason Robertson Optiva Securities Ltd Tel: +44 (0) 20 3137 1906 Hugo de Salis St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177 Lottie Brocklehurst St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177
Glossary Au The chemical symbol for gold. Ag The chemical symbol for silver g/t grammes per tonne Gold equivalent Gold equivalent ounces include silver ounces, converted to a gold equivalent based on a ratio of 50:1. Measured Mineral Resource That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence.

It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drillholes.

The locations are spaced closely enough to confirm geological and grade continuity. Indicated Mineral Resource That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence.

It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill-holes.

The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed. Inferred Mineral Resource That part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence.

It is inferred from geological evidence and assumed but not verified geological and/or grade continuity.

It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill-holes which may be limited or of uncertain quality and reliability. JORC Code (2004) Mineral Resource A Mineral Resource estimate which meets the requirements of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, as published by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia. m metre Mineralisation The process or processes by which a mineral is introduced into a rock, resulting in a valuable or potentially valuable deposit.

It is a general term, incorporating various types; e.g., fissure filling, impregnation, and replacement. Mineralised Structure A volume of rock which contains mineralisation.
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration 14 May 2012 Ortac Resources Ltd (Ortac or the Company) Financing Update Ortac Resources Ltd, the AIM listed exploration and development company focussed on natural resource projects in Europe, is pleased to announce that it has entered into a �20 million Equity Financing Facility (�EFF�) with Darwin Strategic Limited (�Darwin�), a company majority owned by funds managed by the Henderson Volantis Capital Team (�Henderson Volantis�), a subsidiary of Henderson Global Investors (�HGI�), which holds a 11.06% interest in the Company.

As a result of the EFF and the Company�s existing strong cash balance of �7.8 million it is well positioned to progress with its growth strategy including the development of its �turec Project in Slovakia in addition to the evaluation and acquisition of further value enhancing assets. Vassilios Carellas, Chief Executive of Ortac said, �This strategic financing facility ensures that we have a flexible source of funding in addition to our current cash treasury of �7.8 million to readily execute Ortac�s development objectives.

This is particularly important at present when, in the Board�s view, the current share price does not reflect the true value of the Company.

This financing facility offers a useful and cost effective source of equity funding, which we will use judiciously to maximise the value of existing and new opportunities with minimal dilution for shareholders. �The structure of this facility with Darwin not only strengthens our ability to grow the business providing for a significantly stable position should potential acquisitions arise but also shows a clear sign of confidence in our current strategic assets in Slovakia, further highlighted by Henderson Global Investors increasing its holding in Ortac last week to 11.06%.� Anand Sambasivan, Chief Executive of Darwin, said, �We are pleased to support Ortac Resources and the highly experienced management team to advance the significant resources and exploration potential in Slovakia.

We view this facility as entirely complimentary to the existing shareholding of Henderson Global Investors.

� Related Party Transaction Henderson Global Investors is currently a holder of 256,166,095 Ordinary Shares in the Company.

As Darwin is ultimately majority owned by HGI, the EFF constitutes a Related Party Transaction for the purposes of AIM Rule 13 of the AIM Rules for Companies. The Company�s Directors consider, having consulted with the Company�s Nominated Adviser, that the terms of the transaction are fair and reasonable insofar as the Company�s shareholders are concerned. Terms of the EFF The EFF agreement with Darwin provides Ortac with a facility which (subject to certain limited restrictions) can be drawn down at any time over the next three years.

The timing and value of any draw down is at the sole discretion of the Company. Ortac is under no obligation to make a draw down and may make draw downs at its discretion, up to the total value of the EFF, by way of issuing subscription notices to Darwin.

Following delivery of a subscription notice, Darwin will subscribe and the Company will allot to Darwin new ordinary shares in Ortac (�Ordinary Shares�). The subscription price for any Ordinary Shares to be subscribed by Darwin under a subscription notice will be at a 5% discount to an agreed reference price determined during 15 trading days following delivery of a subscription notice (the �Pricing Period�).

Ortac is also obliged to specify in each subscription notice a minimum price below which Ordinary Shares will not be issued to Darwin.

The Company will have the right (with the agreement of Darwin) to modify that minimum price at any time during the relevant Pricing Period. The number of Ordinary Shares which may be issued under any individual subscription notice will primarily be determined by reference to the average daily trading volume of Ortac�s Ordinary Shares over the 15 trading days preceding the issue of the relevant subscription notice.

This may be reduced in certain circumstances, including where the minimum price is not maintained. There is also an over-allotment facility available to Ortac, under which Ortac may authorise Darwin, at Darwin�s discretion, to increase the amount of the draw down, subject to certain limited restrictions. The issuance of a Subscription Notice is conditional upon the satisfaction of certain Subscription Notice Conditions which have been agreed between Darwin and the Company.

Any subscription notice which Ortac may issue will only be valid to the extent that it has the requisite shareholder authority to issue the maximum number of Ordinary Shares that Darwin may be required to subscribe under the relevant subscription notice. In conjunction with the EFF, Ortac has entered into a warrant agreement with Darwin dated 11 May 2012 to subscribe for up to 20,000,000 Ordinary Shares, such warrants to be exercisable at a price of 1.25p and to be exercisable at any time prior to the expiry 36 months from the date of the warrant agreement. * * ENDS * * For more information on Ortac, please visit www.ortacresources.com Contacts: Vassilios Carellas Ortac Resources Ltd Tel: +44 (0) 20 7389 9052 Charles Wood Ortac Resources Ltd Tel: +44 (0) 20 7389 9050 Anand Sambasivan Darwin Strategic Limited Tel: +44 (0) 20 3178 6174 Jeremy Stephenson Seymour Pierce Limited Tel: +44 (0) 20 7107 8000 Stewart Dickson Seymour Pierce Limited Tel: +44 (0) 20 7107 8000 Catherine Leftley Seymour Pierce Limited Tel: +44 (0) 20 7107 8000 Lottie Brocklehurst St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177 Susie Geliher St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177
About Ortac Ortac Resources Limited is an AIM listed exploration and development company focused on natural resource projects in Europe.

Its primary focus is on precious metals exploration and development within the Carpatho-Balkan Metallogenic Belt, primarily the Central Slovakian Volcanic Field. The Company has a current JORC compliant resource of 1.1Moz of gold equivalent from its �turec Project in Slovakia, and a scoping study on the project was completed in January 2012.

The Companys objective is to complete a bankable feasibility study (BFS) and environmental and social impact assessment (ESIA) of the project, with a view to bringing the �turec Project into production for the benefit of all stakeholders. The Company�s strategy is to utilise its highly experienced board and management team and its solid foothold in Central Europe to consolidate additional natural resource development opportunities to build shareholder value. About Darwin Strategic Darwin is an institutional provider of equity based investments for a variety of sectors in the AIM market. Working at times in partnership with Henderson Volantis, Darwin specialises in providing AIM companies with flexible, low cost access to capital. Darwin structures bespoke investments and financings according to each company�s need via a broad range of structures. More details are available from: http://www.darwin-strategic.com/