Business
Acquisition
Acquisition.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n \n Ortac Resources Limited 29 February 2016 \n\nOrtac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration\n \n29 February 2016\nORTAC RESOURCES LTD \n(\"ORTAC\" OR THE \"COMPANY\")\n \nStrategic investment into Casa Mining Limited, DRC\n \nOrtac Resources Ltd (\"Ortac\"), the AIM listed exploration and mine development company, is pleased to announce that it has today participated in a private placing with Casa Mining Limited (\"CASA\"), a private company registered in Mauritius that holds prospective gold mining and exploration licences in the Democratic Republic of Congo (\"DRC\").\n \nHighlights:\n· CASA holds the rights to three mining licenses (133km2) located in the South Kivu province in the eastern Congo gold belt of the DRC;\n· Over US$30 million spent since 2009, identifying a 60km long 'corridor' prospective for gold, multiple prospects identified with some drill and trench tested returning significant intercepts;\n· Initial near surface inferred resource of 1.2 Moz @ 1.7 g/t Au at Akyanga Deposit; open along strike and down dip;\n· Positive Scoping Study at Akyanga confirming the potential viability of a 100,000 oz gold per year heap leach operation, with a total operating cost of under US$650/oz;\n· CASA looking to commence commercial production at Akyanga with an initial gravity plant for a modest initial capital outlay; and\n· Equity placing of US$62,500 securing Ortac an initial interest of approximately 12% in the share capital of CASA, as enlarged by the equity placing.\n \nVassilios Carellas, Ortac's CEO, commented: \"The business environment in the DRC has improved significantly over the past 10 years, allowing new investment to come in that has resulted in a number of new major mines being developed in the country over this period. Similarly, over the last six years CASA has invested heavily into its licenses and has gained significant geological and technical knowledge of this gold belt. Our investment in CASA enables Ortac to secure exposure to a near term cash generating, low risk gold production operation, which can be brought into production quickly. Further, the investment enables Ortac and CASA to...