Business
Completes Reverse Takeover of
Completes Reverse Takeover of.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n Templar Minerals Limited 15 September 2010 \n \n\nTemplar Minerals Ltd/ Epic: TMP / Market: AIM / Sector: Mining & Exploration\n15 September 2010\nTemplar Minerals Limited \n('Templar' or 'the Company')\n \nCompletes Reverse Takeover of Ortac Resources Plc \nChange of Name to Ortac Resources Limited\nAppointment of new Directors\n \nTemplar Minerals Ltd, the AIM quoted international mining and exploration company focussed on the investment and development of resource assets, announces that following the court process to sanction the scheme of arrangement, the final condition precedent for the acquisition of Ortac Resources Plc ('Ortac'), which owns 100% of the highly prospective Kremnica Gold Project in Slovakia ('Kremnica Gold'), was completed today. Therefore, Templar will proceed to issue and allot the Consideration Shares for which application for trading on AIM has been made and will also proceed to implement its change of name to Ortac Resources Limited as previously approved by Shareholders. A further announcement regarding the change of name will be released shortly.\n \nOverview:\n \n· Reverse Takeover of Ortac Resources Plc, the Central European focussed exploration and development company focussed on precious metal projects in Europe.\n \n· Nine licences totalling c.200sq km in Slovakia at various stages of development.\n \n· Ortac's initial project is 100% ownership of Kremnica Gold Project which has a c.760,000 ounces ('oz') of gold ('Au') equivalent 43-101 compliant resource.\n \n· Defined development plan to fast-track Kremnica Gold, with an initial focus on the publication of an updated resource statement in Q4 2010 targeting 1Moz Au equivalent, a preliminary scoping study by Q1 2011 and production by Q4 2012.\n \n· Existing resource at Kremnica Gold Project only calculated along 1.1km of the 6.5km known strike length - open in both directions and at depth.\n \n· Strong potential for further resource delineation - multiple targets within Kremnica Gold Mining & Exploration Licences with potential to achieve a 2Moz Au equivalent resource through resource re-modelling and additional exploratory drilling.\n \n· &nbs...