Business
Final Results
Final Results.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n \n Ortac Resources Limited 21 August 2017 \n\n \n \n \nORTAC RESOURCES LTD\n(\"Ortac\" or \"Company\")\n \nFINAL RESULTS and NOTICE OF ANNUAL GENERAL MEETING \n \n \n \nANNUAL GENERAL MEETING \n \n \nOrtac Resources Ltd, the AIM listed exploration and mine development company, announces that the Annual General Meeting (\"AGM\") of the Company will be held at the offices of Hill Dickinson LLP The Broadgate Tower, 8th Floor, 20 Primrose Street, London EC2A2EW at 11:00 BST on 08 September 2017 \n \nThe Company's Annual Report and Accounts for the period ended 31 March 2017, together with the Notice of AGM have been posted. Electronic copies of these documents will be shortly available on the Company's website below:\n \nwww.ortacresources.com \n \n \nFINAL RESULTS\n \nHIGHLIGHTS\n· Increased stake in Casa Mining to circa 45% (upon conversion of a convertible note) where a revised geological model at their Akyanga deposit defined a 1.05Moz JORC resource @ 2.27 g/t Au within a lower grade envelope of 1.57Moz @ 1.65 g/t Au.\n \n· Entered into a non-binding memorandum of understanding with a potential local partner for the Šturec project in Slovakia, where an 873koz gold equivalent reserve averaging 1.90 g/t Au equivalent has been defined by the company.\n \n· Commenced underground mining activities at Šturec after the underground mining permit was re-issued, thereby satisfying the terms under the Kremnica Mining License Area.\n \n· Andiamo Exploration increased the size of their prospective Haykota exploration license area and recently completed a reverse circulation drill program targeting VMS style mineralisation.\n \n· Partial conversion of loan notes into circa 14% of Zamsort equity. \n· 2017 Loss of £835,000 (2016 Loss: £ 853,000) and a loss per share of 1.2 pence (2016: 2.2 pence). Administration costs reduced 23%\n· Issued 2,481M ordinary shares for consideration of £ 752,000; shares were consolidated 1:100 in March 2017\n \nAnthony Balme, Chairman at Ortac, commented: \"With the natural resources sector showing notable signs of a recovery, we are excite...