Ortac Resources Limited Further Investment in Casa Mining Ltd -replacement (7385Y)
March 07 2017 - 4:11AM
UK Regulatory
TIDMOTC
RNS Number : 7385Y
Ortac Resources Limited
07 March 2017
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining
& Exploration
The following amendment has been made to the 'Further Investment
in Casa Mining Ltd.' announcement released on 07 March 2017 at 7:00
am under RNS No 6714Y.
Ortac is pleased to announce that it has increased its
shareholding in CASA by acquiring 69,444 shares through a private
placement at a price of US$0.72 per share, not US$0.72p per share.
All other details remain unchanged. The full amended text is shown
below.
07 March 2017
ORTAC RESOURCES LTD
("ORTAC" OR THE "COMPANY")
Further Investment in Casa Mining Ltd.
Ortac Resources Ltd ("Ortac"), the AIM listed exploration and
mine development company, is pleased to provide an update on its
investment in Casa Mining Ltd ("CASA"), a private company
registered in Mauritius that holds prospective gold mining and
exploration licences in the Democratic Republic of Congo
("DRC").
Ortac is pleased to announce that it has increased its
shareholding in CASA by acquiring 69,444 shares through a private
placement at a price of US$0.72 per share. Following the
announcement, Ortac will hold an interest in 1,561,333 shares of
CASA representing 21.71% of the enlarged share capital of CASA.
Vassilios Carellas, Ortac's CEO, commented: "The recently
announced placing covers CASA's short term working capital
requirements and will enable it to complete an updated resource
statement at its Akyanga project."
About Casa Mining Ltd.
CASA is a private Mauritian registered company that is the
71.25% owner and operator of the Misisi Gold Project located in
South Kivu, eastern DRC, approximately 350km south of Bukavu and
180km north of Kalemie.
The CASA licence holdings consist of three contiguous mining
licenses (133km(2) ), issued in March 2015 and valid for 30 years.
These licenses, which encompass a 60km strike length of the
Tanganyika graben within the Rusizian belt ("Misisi Corridor"),
include the Akyanga deposit along with the Lubitchako, Tulongwe,
Kilombwe and Mutshobwe prospects (targets).
Over the last six years over $30m was spent developing these
licenses. In addition to the regional geophysical surveys completed
over these license areas in 2011, CASA have carried out 19,522m of
diamond drilling, 2,720m of reverse circulation drilling and
excavated 6,274 line metres of trenches on their respective
licenses.
At CASA's most advanced project, the Akyanga deposit, SRK has
reported a Mineral Resource within a $1,200/oz gold selling price
and 0.5 g/t Au cut-off grade optimised pit shell. This comprises an
Inferred oxide gold Mineral Resource of 5.5 Mt at a grade of 1.5
g/t Au for approximately 272 koz of contained metal. SRK has
further reported an Inferred transition gold Mineral Resource of
16.2 Mt at a grade of 1.8 g/t Au for approximately 927 koz of
contained metal.
MDM, in conjunction with SRK, completed a scoping feasibility
study for the Akyanga deposit resulting in an ungeared NPV (8%) and
IRR of $171m and 35% respectively at a $1,300/oz gold price. This
assumes a contract mining scenario with an initial capital cost
estimate of $87.4m and a total operating cost of $628/oz.
Following the internal workshop and the non-code compliant
updated resource estimate of over 2.3 Moz of gold produced by
CASA's independent experts, it is currently reviewing its strategy
and weighing up its options in developing its Missisi project.
The Company will make further announcements as appropriate.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
The information in this press release is based on information
provided by Casa Mining Limited and compiled on behalf of Ortac by
Mr Vassilios Carellas. The SRK JORC Mineral Resource estimate, the
MDM-SRK Scoping Study and the updated resource estimate by CASA's
independent experts have not been independently verified by Ortac
Resources Ltd. Mr Vassilios Carellas (BSc (Hons), MAusIMM) is the
Chief Executive Officer for Ortac Resources Limited and has
sufficient experience relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined under the
JORC Code (2012). Mr Carellas consents to the inclusion in this
announcement of the matters based on his information in the form
and context in which it appears.
Contacts
Ortac Resources Ltd +44 (0) 20
Vassilios Carellas (CEO) 7389 9050
SP Angel (Nominated Adviser +44 (0) 20
& Broker) 3470 0470
Ewan Leggat / Lindsay Mair
Beaufort Securities (Joint Broker) +44 (0) 20
Jon Belliss / Elliot Hance 7382 8300
Peterhouse Corporate Finance +44 (0) 20
Limited (Joint Broker) 7469 0930
Guy Miller / Lucy Williams www.pcorpfin.com
For additional information please visit -
www.ortacresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAEDXEEKXEFF
(END) Dow Jones Newswires
March 07, 2017 05:11 ET (10:11 GMT)
Arc Minerals (LSE:ARCM)
Historical Stock Chart
From Apr 2024 to May 2024
Arc Minerals (LSE:ARCM)
Historical Stock Chart
From May 2023 to May 2024