http://www.ortacresources.com/


The Companys strategy is to utilise Ortacs highly experienced board and management team, together with its solid foothold in the Central European region, to consolidate additional exploration and development opportunities in the precious metal sector.
Having already acquired the necessary capital, the Company plans to update the resource, complete a scoping study and preliminary environmental and social impact assessments, and bring into production its initial asset, the Kremnica Gold Project in Slovakia.
The Company has identified several regional consolidation opportunities at various stages of development which are currently being evaluated to significantly increase Ortacs resource inventory and maximise shareholder value. Third party companies with advanced staged projects in the region which can be fast-tracked to achieve near term production are also being actively sought and evaluated.

Yes, good news.
Been in since 1.6p so already in 50% profit...wished I'd bought a lot more!

Monday will be interesting... who knows what sp it'll be ... could even pull back on good news!,,,more likely to spike at 5-6pish i reckon (imho, DYOR)

good start to the day and no RNS. what price with an RNS?

Going places with volume 45M already

Last chance to get these at 2.85p!!
Hopefully RNS tomorrow!!

DJ Ortac Resources Limited Raises JORC Resource to 1.1Moz Au Eqv.

TIDMOTC

RNS Number : 0190A

Ortac Resources Limited

25 January 2011

Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration

25 January 2011

Ortac Resources Limited ('Ortac' or 'the Company')

Increases JORC Code Compliant Resource to 1.1 Moz Au Equivalent

Ortac Resources Limited (AIM: OTC), the AIM listed exploration and development company focussed on precious metal projects in Europe, is pleased to announce that Snowden Mining Industry Consultants (Pty) Ltd ('Snowden') has completed an updated mineral resource estimate for its wholly owned flagship Kremnica Gold Project in Slovakia ('Kremnica' or 'the Project'), which has increased the total JORC Code compliant resource to 1.1 Moz of gold equivalent ('Au Eq').

Highlights

-- Total gold equivalent resource increased by 323,000oz to 1.1 Moz Au at a 0.75 g/t Au cut-off;

-- Resource upgrade and remodelling provides the Company with a clearer understanding of the mineralisation of the Project ahead of the publication of a preliminary scoping study during the second half of 2011; and

-- Exploratory drilling to commence on wider Kremnica Mining Licence area focusing on existing and additional Au targets.

Ortac Resources Limited CEO Vassilios Carellas said, "This resource upgrade, which increases the total gold equivalent resource at Kremnica by over 40%, is a key milestone for Ortac as we move into our development phase on this highly prospective project. The Company can now focus on delineating further resources through its planned drilling campaign targeting 2 million ounces of gold equivalent ('Au Eq'), and commence the preliminary scoping study that should provide an outline for bringing the project into production."

A summary for the updated resource estimate for the Kremnica Gold project is tabulated below.

Table 1. Mineral Resource Estimate for the Kremnica Gold

project - 0.75 g/t Au cut-off grade

Quantity Grade Contained Metal
Au Au_Eq
Resource Tonne Au Ag Au_Eq (k Ag (k (k
Category (kT) Density (g/t) (g/t) (g/t) oz) oz) oz)
Measured 1,600 2.11 1.84 15.1 2.14 96 790 111
----------- ------- -------- ------ ------ ------- ----- ------ ------
Indicated 6,700 2.21 1.86 15.6 2.17 400 3,353 467
----------- ------- -------- ------ ------ ------- ----- ------ ------
Meas. +
Indic. 8,300 2.19 1.85 15.5 2.16 495 4,143 579
----------- ------- -------- ------ ------ ------- ----- ------ ------
Inferred 9,100 2.29 1.51 11.2 1.74 443 3,284 508
----------- ------- -------- ------ ------ ------- ----- ------ ------
Total 17,400 2.24 1.68 13.3 1.94 938 7,427 1,086
----------- ------- -------- ------ ------ ------- ----- ------ ------

1. Tonnes rounded to 2 significant figures. Ounces rounded

to 3 significant figures

2. Rounding of numbers can result in small discrepancies

in the table

3. Au Eq. (Gold Equivalent) has been calculated for each

block with Au Eq. Ratio of 50 parts Ag for every 1 part

Au. This is based on LME values: Au $1344 per ounce, Ag

$27.14 per ounce (24/01/2011)

4. The figures in the table above are gross and net, ie

100% attributable to the holder

5. The holder/ operator of this asset is Kremnica Gold

Mining, ie a 100% subsidiary of Ortac Resources Limited

Further Information

The Kremnica Mineral Resource estimate is in accordance with the widely accepted international reporting standard as defined using the December 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, prepared by the Joint Ore Reserves Committee of the Australian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia ('JORC Code').

The resource has been estimated by Snowden Mining Industry Consultants ('Snowden'), and been tabulated above block model cut-offs of 0.5 g/t Au 0.75 g/t Au and 1.0 g/t Au. The Mineral Resource has been classified by Snowden as Measured, Indicated and Inferred according to the JORC Code and is based on interpretations and data supplied by Ortac.

Table 2. Grade-tonnage reports - 0.5 g/t Au, 0.75 g/t Au and 1.0 Au g/t cut-off grades

Au Au
Tonnes Au Ag Eq. Au Ag Eq.
Cut-off Category (kT) (g/t) (g/t) (g/t) (koz) (koz) (koz)
--------- ---------- ------- ------ ------ ------ ------ ------ ------
0.5
g/t Meas. &
Au Ind. 9,000 1.76 14.8 2.05 510 4,296 596
--------- ---------- ------- ------ ------ ------ ------ ------ ------
Inf. 13,500 1.22 9.0 1.40 529 3,902 607
-------------------- ------- ------ ------ ------ ------ ------ ------
Total 22,500 1.44 11.3 1.66 1,039 8,198 1,203
-------------------- ------- ------ ------ ------ ------ ------ ------

Au Au
Tonnes Au Ag Eq. Au Ag Eq.
Cut-off Category (kT) (g/t) (g/t) (g/t) (koz) (koz) (koz)
--------- ---------- ------- ------ ------ ------ ------ ------ ------
0.75
g/t Meas. &
Au Ind. 8,300 1.85 15.5 2.16 495 4,143 579
--------- ---------- ------- ------ ------ ------ ------ ------ ------
Inf. 9,100 1.51 11.2 1.74 443 3,284 508
-------------------- ------- ------ ------ ------ ------ ------ ------
Total 17,400 1.68 13.3 1.94 938 7,427 1,086
-------------------- ------- ------ ------ ------ ------ ------ ------

Au Au
Tonnes Au Ag Eq. Au Ag Eq.
Cut-off Category (kT) (g/t) (g/t) (g/t) (koz) (koz) (koz)
--------- ---------- ------- ------ ------ ------ ------ ------ ------
1.0
g/t Meas. &
Au Ind. 7,400 1.98 16.4 2.30 469 3,893 547
--------- ---------- ------- ------ ------ ------ ------ ------ ------
Inf. 6,600 1.75 13.0 2.01 375 2,791 431
-------------------- ------- ------ ------ ------ ------ ------ ------
Total 14,000 1.87 14.8 2.17 845 6,684 978
-------------------- ------- ------ ------ ------ ------ ------ ------

1. Tonnes rounded to 2 significant figures. Ounces to 3 significant figures

2. Rounding of numbers can result in small discrepancies in the table

3. Au Eq. (Gold Equivalent) has been calculated for each block with an Au Eq. ratio of 50 parts Ag for every 1 part Au. This is based on LME values: Au $1344 per ounce, Ag $27.14 per ounce (24/1/2011)

4. The figures above are gross and net, i.e. 100% attributable to the holder, Kremnica Gold Mining s.r.o., a 100% subsidiary of Ortac Resources Limited.

5. The holder/ operator of this asset is Kremnica Gold Mining, ie a 100% subsidiary of Ortac Resources Limited.

Snowden's grade-tonnage estimate used data from the sampling of adits, surface and underground diamond drill core, surface reverse circulation and trench samples. The database was compiled and verified by Ortac. Snowden's checks indicate that the data is of sufficient quality to support the resource classifications applied.

Multiple Indicator Kriging was used to estimate the gold and silver grades into a block model constrained by the Ortac geological interpretation. This model reflects the interpreted structure and geology. Search ellipse and ranges used in estimation reflect the spatial continuity and trends of the mineralisation in each of the mineralised domains.

Snowden based the classification of the Mineral Resource upon a number of criteria, including the confidence in the geological interpretation, the integrity of the data, the spacing between the data, the grade continuity as demonstrated by the variography. The resource estimate has been classified using the guidelines of the JORC Code (2004).

The information in this report that relates to Mineral Resources as defined under the JORC Code is based on information compiled by Mr Vassilios Carellas (who takes responsibility for the data and geological interpretation) and Mr Ivor Jones (who takes responsibility for the estimation).

Mr Ivor Jones, (BSc (Hons), MSc, FAusIMM, CPgeo), is the Group General Manager of Geosciences at Snowden and produced the resource estimate based upon the data and interpretations provided by Ortac. Mr Jones has sufficient experience relevant to the 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. Mr Jones consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

Mr Vassilios Carellas (BSc (Hons), MAusIMM) is the Chief Executive Officer of Ortac Resources Limited and provided the sample database as well as geological interpretations for the Mineral Resource estimation. Mr Carellas 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. 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.

**ENDS**

(MORE TO FOLLOW) Dow Jones Newswires

25-01-11 0700GMT

For further information please visit www.ortacresources.com or contact:

Vassilios Carellas Ortac Resources Ltd +44 (0) 20 7440
0646
Charles Wood Ortac Resources Ltd +44 (0) 20 7440
0646
Roland Cornish Beaumont Cornish Limited +44 (0) 20 7628
3396
Rosalind Hill Abrahams Beaumont Cornish Limited +44 (0) 20 7628
3396
Jeremy Stephenson Seymour Pierce Limited +44 (0) 20 7107
8072
Stewart Dickson Seymour Pierce Limited +44 (0) 20 7107
8335
Jeremy King Optiva Securities Ltd +44 (0) 20 3137
1904
Jason Robertson Optiva Securities Ltd +44 (0) 20 3137
1906
Susie Geliher St Brides Media & Finance +44 (0) 20 7236
Ltd 1177
Lottie Brocklehurst St Brides Media & Finance +44 (0) 20 7236
Ltd 1177

Notes:

Ortac Resources Limited is an AIM listed exploration and development company focussed on the development of precious metal projects in Europe. Its focus is on the Carpatho-Balkan Metallogenic Belt, initially the Central Slovakian Volcanic Field, where its Kremnica gold deposit forms part of a large low-sulphidation quartz-sericite-adularia epithermal-hydrothermal system hosted in Tertiary andesite volcanic flows, tuffs, lesser diorites and rhyolite dikes. The Company has produced an interim JORC compliant resource statement of 1.1 million ounces of gold equivalent and has appointed Snowden Mining Industry Consultants Pty to prepare a preliminary scoping study which is expected during the course of the year.

The Company's objective is to complete a definitive feasibility study and environmental impact assessment with a view of bringing the Kremnica Gold Project into production. The Company's strategy is to utilise its highly experienced board and management team and its solid foothold in Central Europe to consolidate additional precious metal development opportunities to build shareholder value.

Glossary

"adit" a nearly horizontal passage from the surface by which a mine is entered, dewatered or mined;

"Ag" the chemical symbol for the element silver;

"andesite" a volcanic rock of intermediate composition characteristic of the basalt-andesite-dacite-rhyolite association and the extrusive equivalent of a diorite;

"Au" the chemical symbol for the element gold;

"Au Eq" gold equivalent;

"core drilling" the process of obtaining cylindrical rock samples by means of annular-shaped rock-cutting bits rotated by a borehole-drilling machine;

"cut-off grade" the lowest grade of mineralized material considered economic; used in the calculation of the ore reserves in a given deposit;

"diorite" intermediate, coarse-grained igneous rock with up to 10% quartz;

"epithermal" vein deposit formed at shallow depths from unstable hot solutions;

"grade" the relative quantity or the percentage of ore-mineral or metal content in an orebody;

"hydrothermal" the name given to any processes associated with igneous activity which involve heated or superheated water;

"Indicated (Mineral) Resource" that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed;

"Inferred (Mineral) Resource" that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability;

"JORC" the code for reporting of the Australasian Joint Ore Reserves Committee, which is sponsored by the Australian mining industry and its professional organisations. The code is widely accepted as a standard for professional reporting purposes for reporting of mineral resources and ore reserves;

"Kriging" a method of interpolation which predicts unknown values from data observed at known locations. It uses the variogram to express spatial variation, and minimizes the error of predicted values that are estimated by spatial distribution of the predicted values;

"low sulphidation" a type of epithermal mineral deposit formed from low temperature magmatic fluids;

"Measured (Mineral) Resource" that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity;

"orebody" continuous, well-defined mass of material of sufficient ore content to make extraction economically feasible;

"oz(s) ounce" Troy ounce - 1 ounce is equal to 31.1034807 grammes;

"resource (mineral)" a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories;

"rhyolite" a fine-grained acidic volcanic rock compositionally equivalent of a granite;

"specific gravity" the ratio of the weight of a substance to the weight of an equal volume of water;

"trench" a long, narrow excavation dug through overburden, or blasted out of rock, to expose a vein or ore structure;

"tuff" a general term for all consolidated pyroclastic rocks;

"vein" a tabular deposit of minerals occupying a fracture, in which particles may grow away from the walls toward the middle;

"wireframe" a visual model of an electronic representation of a three-dimensional object;

This information is provided by RNS

The company news service from the London Stock Exchange

END
DRLFMGZMVKRGMZG

(END) Dow Jones Newswires

25-01-11 0700GMT


ntd909 - 25 Jan'11 - 07:04 - 1720 of 1721


Get in!!!!! What a result! =)

silverfern - 25 Jan'11 - 07:05 - 1721 of 1721


A 40% upgrade and a tad over what most expected. NOte they are looking to find 2million ounces in total. it is the scoping study by the way that management said would be completed in Q1 so we can look soon to understand how the gold will be obtained though open pit will do for most of

Fantastic.....this is what we have been waiting for!!
Where will the price end up today.........4p anybody??

lol kerrrchinnnnnnnnnnnnnggggggggggggggggg!!

not quite the response i was hoping for. hopefully a few people locking in profit before another rise. topped up twice this morning the first time a little too expensive @3.05p and again @2.81p

DYOR GLA

Alex

This is your last chance to buy before we go through 3p for the last time!!

sp not impressive so far.,.

Ouch!!!

if it drops 18% on good news, what will it do on bad news?
in again at 2.28p but now heavily overweight in these. Question is was that a good move??
as always DYOR and GLA

Alex

2.27 / 2.30p -0.50p

signs of the profit taking and marked down could be at the end by the sign on the chart of a intraday double bottom

Buyers are paying a large premium 2.48p and 2.45p for large trades

The bounce is on now 2.37 / 2.40p - 0.40p

imo will bounce tomorrow - this is way over done - a lot of panic and auto sells triggered also - thankfully i'm in for the long haul so not concerned - any bought 3p + today - dont worry - just needs a little patience - gl

good time to buy more I reckon!

ditto that skyhigh - i did today also! today was typical aim share - no matter how good the stock will suffer the dips like any other - but can recover easily as quickly

to use the ant and dec phrase,you didnt expect that did you? despite great expectations this holding has taken the route of so many of my previous ones.Chartist is now looking at being tied to his desk for at least another decade,while I take up another occupation possibly gurning as my facial expressions have had plenty of practice.

Aren't you a BUSY BEE?

Taking the P!SS and something else
I do hope you are choosing the right flowers cos I do want the right taste for my honey.

-----------

shares
Up and down like a whore's knickers once again today or this morning, punters and investors reading again and again yesterday's news.

slap my wrist! I just cant help myself.just bought another wedge at .0195