🕐07.09.11 - 09:27 Uhr

ORTAC RESOURCES LTD - AGM STATEMENT



Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration 7 September 2011 Ortac Resources Ltd (Ortac or the Company) AGM Statement Ortac Resources Ltd, the AIM listed exploration and development company focussed on natural resource projects in Europe, is holding its Annual General Meeting today where Chairman Anthony Balme will make the following statement: "The last twelve months has been a transformational period for your Company, setting out with the reverse takeover of Ortac Resources plc in September 2010 and following with an oversubscribed placing in February 2011; and this current financial year is proving no less exciting.

In line with our defined strategy of focussing on natural resource projects in Europe, we have restructured the board, strengthened the management team and made aggressive strides developing our Kremnica Gold Project (Kremnica), which is located in the highly prospective Central Slovakian Volcanic Field. "With the aim of indentifying the prospectivity of the wider Kremnica area, a ground based geophysical survey commenced over the northern section of our 63 km sq Lutila Exploration Licence Area, which is contiguous to our Kremnica mining licence.

This work has already generated a number of new gold and silver exploration targets for follow up drilling.

Additionally, exploration work programmes are in the planning phase at some of our Eastern Slovakian licences to verify some of the historical exploration results.

In particular, this will focus on Zlata Bana where, over a 40 year period, over 120 drill holes were drilled and three exploration adits were developed and also at Cejkov, where early stage exploration efforts towards the end of socialism intercepted high grade mineralisation that has not yet been followed up.

As well as organic activity, we continue to evaluate other licences at various stages of development in Europe with a view to further strengthening our portfolio. "Kremnica remains our primary focus, and the past twelve months has seen an updated resource estimate published on the historic Sturec gold and silver open pit (Sturec), contained within the Kremnica area.

Sturec currently has a gold equivalent JORC resource of 1.1 million ounces (Moz) of gold at a 0.75 g/t cut-off and a 5,000m diamond drill programme at the licence is underway, with a view to upgrading and improving this resource.

Best results from the first two completed holes included 24m at 3.65 g/t gold from 161m and 11m @ 1.85 g/t gold from 40.6m, whilst silver assay results included 11m at 112.66 g/t silver from 40.6m and 24m at 36.05 g/t silver from 161m.

A Scoping Study is also underway, elements of which have been completed including additional metallurgical test work, blasting and vibration studies as well as the re-assessment of the waste rock and tailings storage facilities design.

We are also looking at how the development of Sturec could compliment opportunities in other local natural resource projects. "Looking ahead, we anticipate a steady flow of news over the coming months, reporting on new results generated from the Kremnica exploration programme and outlining defined plans at our other prospects.

I am confident that the Company, with its healthy cash balance, can deliver real value to shareholders and look forward to keeping the market up to speed on our progress." **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 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
Notes:
Ortac Resources Limited is an AIM listed exploration and development company focussed on natural resource projects projects in Europe.

Its focus is on the Carpatho Balkan Metallogenic Belt, initially the Central Slovakian Volcanic Field. The Company has a current JORC compliant resource of 1.1Moz of gold equivalent from its Kremnica Gold Project in Slovakia, and a preliminary scoping study on the project is currently being finalised ahead of release in H2 2011.

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.
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