🕐28.09.10 - 10:00 Uhr

Ortac Resources Limited - Snowden Appointed & Resource Remodelling Commences



Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration 28 September 2010 Ortac Resources Limited (Ortac or the Company) Snowden Appointed & Resource Remodelling Commences at Kremnica Gold Project Ortac Resources Limited, the AIM listed exploration and development company focussed on the development of precious metal projects in Europe, announces that, as contemplated in our AIM Admission Document, it has appointed Snowden Mining Industry Consultants Pty Ltd (Snowden) to commence resource remodelling and complete a scoping study at its highly prospective Kremnica Gold Project in Slovakia (Kremnica or the Project).

Kremnica, which is the Companys initial focus has a current resource of c.760,000 ounces (oz) of gold (Au) equivalent.

The mineralisation will be remodelled and updated by Snowden and classified in accordance with the JORC Code ahead of the publication of a preliminary scoping study in Q1 2011. Ortac has completed a significant rework of the geological model which will form the basis of this study.

Snowden will update the grade model, utilising the historical drilling data that has been compiled over the past 10-15 years, which will enable Ortac to better understand the mineralisation of the Project.

Snowdens subsequent scoping study will include a starter pit concept study and an optimal mine mining study.

The optimal mine mining study will investigate various strategies involving open pit and underground mining methods and identify and implement the optimum development strategy. Ortac Resources Limited CEO Vassilios Carellas said, "This appointment marks a key milestone in the implementation of our defined development plan aimed at progressing Kremnica towards production.

The resource estimate, remodelling and subsequent publication of a preliminary scoping study allow the board to establish the best possible path to production, thereby maximising the potential for all stakeholders." Resource Estimation The Competent Persons report assigned mineral resources to the Kremnica project as follows:
Kremnica in situ Resource at 0.75 g/t Gold Equivalent (AuEq) cut off
Resource Category
Quantity
Grade (g/t)
Metal (oz)
Tonnes
SG
AuEq
Au
Ag
AuEq
Au
Ag
Measured
3,419,000
2.24
2.30
2.01
16.20
252,700
220,600
1,780,700
Indicated
4,631,000
2.25
2.45
2.12
18.41
364,500
315,200
2,742,100
Measured + Indicated
8,050,000
2.24
2.38
2.07
17.47
617,200
535,800
4,522,800
Inferred
2,895,000
2.34
1.57
1.40
9.46
145,900
130,000
880,400
TOTAL
10,945,000
2.27
2.17
1.89
15.35
763,100
665,800
5,403,200
**ENDS** For further information please visit www.ortacresources.com or contact: Vassilios Carellas Ortac Resources Ltd Tel: +44 (0) 20 7440 0646 Charles Wood Ortac Resources Ltd Tel: +44 (0) 20 7440 0646 Roland Cornish Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396 Rosalind Hill Abrahams Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396 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
Competent Person The information in this Announcement that relates to Mineral Exploration results and Mineral Resources, together with any related assessments and interpretations, have been verified by and approved for release by Vassilios Carellas, a qualified geologist and full-time employee of the Company.

Vassilios Carellas has sufficient experience which is 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 in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves".

Vassilios Carellas consents to the inclusion of the information contained in this release in the form and context in which it appears. Glossary of terms used in the Announcement: Mineral Resource is a concentration or occurrence of material of intrinsic economic interest in or on the Earths crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction.

The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.

Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. Inferred Mineral Resource is 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. Indicated Mineral Resource is 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. Measured Mineral Resource is 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 drill holes.

The locations are spaced closely enough to confirm geological and grade continuity Mineral Resource estimate An estimate of tonnage and grade (mineral content) of a deposit by a variety of techniques including geometrical classical methods and or geostatistical methods. Mt Million Tonnes Moz Million Ounces
The technical information in the Announcement was prepared under the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC). Notes:
Ortac Resources Limited is an AIM listed exploration and development company focussed on the development of precious metal projects in Europe.

Its focus is on the Carpatho Balkan Metallogenic Belt, initially the Central Slovakian Volcanic Field where past and present production and resources exceed 9 million ounces of gold.
The Companys initial project is the Kremnica Gold Project in Slovakia which has been reported to contain in excess of 1.5 million ounces gold equivalent.

The Company has produced an interim JORC compliant resource statement of 0.76 million ounces of gold equivalent and expects to produce an updated resource estimate before the end of 2010 in excess of 1 million ounces gold equivalent.
The Companys objective is to complete a definitive feasibility study and environmental impact assessment with a view of bringing the Kremnica Gold Project into production.
The Companys strategy is to utilise its highly experienced board and management team and its solid foothold in Central Europe to consolidate additional precious metal development opportunities to build shareholder value.
Lottie Brocklehurst St Brides Media & Finance Ltd Chaucer House 38 Bow Lane London EC4M 9AY T: +44 (0) 207 236 1177 M: +44 (0) 7917 010 468 F: +44 (0) 207 236 1188 www.sbmf.co.uk



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