Ortac Resources Begins Gold Mining at Slovakia Site after 20-Year Break

UK-listed exploration and development company Ortac Resources has commenced underground gold mining at its Šturec deposit in Slovakia after a 20-year period of dormancy at the site.

Extracted ore will be used for further test work, which will help determine the longer term development of the mine, located in the Kremnicko region in the centre of the country.

The deposit is said to contain ore reserves of 1.32 million ounces (oz) of gold equivalent, with a feasibility study estimating 787 koz of recoverable gold at an annual production rate of 70,000 oz costing $600 per ounce.  

Vassilios Carellas, Ortac CEO, said: "The recommencement of mining at Šturec is an important milestone in the development of the project. Having satisfied the technical and legal requirements of the mining license area, we will continue to focus on the engagement process.

"Throughout this process we will work towards the development of win-win solutions connected with the resources at Šturec.

"We are confident that the sustainable development of Šturec can exceed the highest applicable standards and has the potential of achieving successful outcomes for Ortac and the Kremnicko region. We believe that this project will act as a beacon for the development of natural resources projects elsewhere."

The project area is easily accessed from the international airports at Vienna and Bratislava by driving northeast along the newly constructed highway between Bratislava and Banská Bystrica. The Šturec Project comprises two licence areas: the Kremnica Mining Licence, with an area of 11.8km2, and the Lutila Exploration Licence with an area of 63.2km2.

For more information on please see: http://www.ortacresources.com/operations-detail/660443-turec-project