Ortac Resources says Sturec project re-issued underground mining licence

Shares in Ortac Resources are up almost a third, albeit off a low base, after it confirmed subsidiary ORTAC s.r.o has been re-issued with an underground mining permit for the Sturec Gold Project in Slovakia.

ORTAC s.r.o is the project developer, and the permit was re-issued by the District Mining Bureau in Banska Bystrica.

Ortac Resources said the district mining bureau's decision followed on from an announcement in December last year that the previously issued underground mining permit had been revoked by the Regional Court (RC) in Banska Bystrica.

Chief executive Vassilios Carellas said he was pleased that the permit had been re-issued, adding it had been amended to consider points raised by the RC.

"This decision, whilst welcome, does allow for an appeal process to be made by potential complainants, within a period of approximately one month from the issue of this permit," he said in a statement.

Carellas said that if this happend it would result in a final judgement on the permit being undertaken by the Slovak Central Mining Bureau.

At 12:27 GMT, shares in AIM-listed Ortac were up 30% to 0.04p each.