Business
Corporate Update
Corporate Update.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n \n Ortac Resources Limited 11 September 2017 \n\nOrtac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration\n \n11 September 2017\nORTAC RESOURCES LTD \n(\"Ortac\" or the \"Company\")\n \nCorporate Update\n \nStrategic focus on high potential African exploration\n \nOrtac Resources Ltd, the AIM listed exploration and mine development company, is pleased to provide an update on its corporate strategy. As was previously announced, the board of Ortac has been restructured with Nick von Schirnding taking over as Chairman and Brian McMaster joining the board as a Non-Executive Director. Both Nick and Brian bring extensive mining and restructuring experience. The revamped board has reviewed the strategy of the Company and a number of significant changes have been agreed.\n \nThe Company has decided to focus exclusively on its high potential, African exploration mining assets. This will see Ortac progressing its core gold and copper assets in the Democratic Republic of Congo and Zambia. Ortac now has significant investments and board representation in respect of both operating companies being Casa Mining Ltd (\"Casa\") and Zamsort Limited (\"Zamsort\").\n \nThe Board believes the core investments in Casa and Zamsort present the best near term opportunity for Ortac to create value for shareholders, and that this strategy will ensure a new, focused, value accretive approach going forward. \n \nThe Company continues to explore a number of strategic options with respect to its Slovakia (Kremnica) gold project and will now seek to divest its investment in Eritrea (Andiamo). In Slovakia, the Company is in constructive discussions with a number of parties, both local and international and in the interim, will keep associated expenditures to a minimum.\n \nNick von Schirnding, newly appointed Chairman of Ortac, commented: \n \n\"We are pleased to be able to set out the parameters of a clear and simple direction for Ortac's future. This strategic focus is underpinned by two potentially highly value accretive exploration assets in the DRC and Zambia. We believe this is the right direction for us, in order to generate near term value for the Company's investors and sets a clear path to long term sustainable...