Hi there, Please find a flash note issued this morning for Ortac Resources Ltd by Seymour Pierce. Ortac Resources 3,4,5 (BUY) - More drill results from Sturec OTC.L (0.83p, Target price 4.0p) Market cap: �19.1m Ortac has produced another decent set of drill results from its flagship Sturec project in Slovakia which continues to show reasonable gold and silver mineralisation from surface to depths of up to 240m, i.e.

viable open pit depths.

Of particular note are the high grades seen in hole STOR-3.11 (e.g.87m at 6.95g/t from 113m), which indicates good mineralisation exists to the south of the major Sturec fault where little mining has taken place in the past.

As with previous drilling, these holes have been targeted on sections of the orebody where only Inferred resources exist and should help in upgrading these sections into the higher JORC categories.

Following the very positive scoping study on the project last month, Ortac is now working towards a pre-feasibility and feasibility on the project and these results will be fed into a new resource statement which will form the basis for these detailed studies.

With cash in the bank to cover the cost of the ongoing evaluation work and the gold price remaining firm, we reiterate our positive recommendation and DCF-derived target price of 4p/share. Thanks, Susie [cid:image001.jpg@01CCF085.34346F70]