Ortac Resources reports 785,000 pound loss on ordinary activities

AIM-listed exploration company Ortac Resources reported a loss on ordinary activities of 785,000 pounds for the six months ending September 30th, according to the group's interim results published on Tuesday morning.

The company, which is currently engaged in the advancement of the Sturec precious metal deposit in Slovakia, stated that the retained loss for the financial period was £785,000 compared to £1.12m in the corresponding period of 2011.

The loss per share came in at £0.003 compared to a loss of £0.005 for the same period of 2011.

That was set against a backdrop of strong development in the group's Slovakian mining areas.

Promising resultsThe group's Scoping Study on the Sturec Deposit, finalised in January 2012, demonstrated economic fundamentals including a post tax Net Present Value with an 8% discount rate, of $153m, a cash cost of less than $500 per ounce and a $1.5bn life of mine revenue.

Anthony Balme, Chairman of Ortac Resources, commented: "2013 is set to be another highly active year for Ortac, as we co-design the investments around the turec Deposit and move the associated projects up the development curve in conjunction with the local community.

"The work we have completed to date has confirmed that the turec Deposit is a highly attractive and technically sound asset, and the Ortac team is committed to adopting the optimum route for development to reap the rewards of this valuable resource for all stakeholders."

"The board continues to assess other complementary projects to enhance shareholder value however we are yet to find an asset which fits the stringent Ortac investment criteria. This evaluation process is on-going and we remain proactive in appraising different assets which would build and strengthen our portfolio," he added.

Ortac Resources' share price was down 2.17% to 0.45p at 10:51 on Tuesday morning.

MF