Ortac scoping study fails to impress

Positive results from a scoping study failed to impress Ortac Resources's investors, despite confirming that the turec gold and silver desposit is "robust and profitable".

The share price dipped slightly, losing 8% or 0.1p.

Ortac Resources Chief Executive Officer Vassilios Carellas said: "The successful completion of this technical and economic study at the turec gold and silver deposit confirms that we have a robust and profitable project with excellent leverage to the gold price.

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"The deposit remains an important aspect of our overall investment strategy within Central Europe, as we remain centred on the sustainable development of our projects through the value curve, in communion with stakeholders in order to ensure adherence to the investment criteria set out by all parties."

The firm now plans to progress with additional elements of its sustainable development plan, including the initiation of a baseline Environmental Impact Assessment at turec and the surrounding area.

The base case scenario at the deposit has estimated the project's worth at $180m, based on the price of $1,188 per ounce of gold, with the internal rate of return at 25%.

NR