Resources round-up: Ortac Resources, Caza, Stratex International

Ortac Resources, an exploration and development company focused on natural resource projects in Europe, has said it will soon be ready to classify its maiden JORC (Joint Ore Reserves Committee - an industry body) compliant ore reserves at the Sturec project in the Slovak Republic, where the pre-feasibility study is on track to be completed by the end of the first quarter of 2013. The latest estimate demonstrates that more than 1m ounces of gold equivalent has already been classified in the measured and indicated categories.

Caza Oil & Gas has said the Caza Ridge 3H horizontal well has begun drilling on the Copperline Bone Spring Prospect in Lea County, New Mexico. The well will be drilled to a vertical depth of 11,500 feet. Caza has a 57.5% working interest, equal to around 45% net revenue interest, and a 68.125% working interest after pay-out (approximate 53.3% net revenue interest) in the well.

Stratex International narrowed its pre-tax losses for the six months ended June 30th from £0.98m to £0.71m after making a profit on the sale on an investment and a net gain on the sale of a subsidiary company. No revenue has been generated so far. Total gold discovered to date is 2.26m ounces and highly positive results have been achieved in Turkey, Ethiopia and Djibouti, the company said. Cash levels rose from £3.4m to £7.1m following a private placement.

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