Ortac Resources moves to maintain 19.5% stake in Casa Mining

Ortac Resources has subscribed for a further 62,500 shares at $50,000 total in Casa Mining Ltd to maintain its 19.5% stake after Premier African Minerals acquired a 4.5% shareholding.

Premier African's investment of $250,000 valued Casa at about $5.57m. Based on this, Ortac's interest was worth about $1.1m, a significant uplift in its to-date investment in the Mauritius-based firm.

Ortac's chief executive, Vassilios Carellas, said Premier African's investment demonstrated the growing interest the London market was showing in the gold-exploration sector.

"Ortac welcomes Premier as a fellow shareholder and we look forward to working together to support the management team at Casa as they advance the exciting Misisi Gold Project."

Casa holds prospective gold mining and exploration licences in the Democratic Republic of Congo.

At about 11:14 BST, shares in Ortac were up 10.53% to 0.03p, while Premier African's were up 6.67% to 0.4p.