Grant of Options

Ortac Resources Limited

09 March 2012

 



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

9 March 2012

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

Grant of Options

Ortac Resources Ltd, the AIM listed exploration and development company focussed on natural resource projects in Europe, announces thatit has resolved to grant options over 60 million ordinary shares of no par value in the Company to certain Directors and key management.

These share options represent 2.6% of issued capital with total incentive share options on issue representing 9.49% of issued share capital.

The share options have a 5 year term from vesting and are issued in three tranches with the following exercise prices and vesting dates:

	No. Options	Vest Date	Exercise Price	Expiry
Tranche 1	30,000,000	30 June 2012	1.1 p	30 June 2017
Tranche 2	15,000,000	31 Dec 2012	1.4p	31 Dec 2017
Tranche 3	15,000,000	31 Dec 2013	1.8p	31 Dec 2018

The Directors of the Company have been granted options as set out below:

Director	Vest Date    30 June 2012	Vest Date 31 Dec 2012	Vest Date   31 Dec 2013	Total options granted
Vassilios Carellas	5,000,000	2,500,000	2,500,000	10,000,000
Charlie Wood	4,000,000	2,000,000	2,000,000	8,000,000
Anthony Balme	4,000,000	2,000,000	2,000,000	8,000,000
David Paxton	2,500,000	1,250,000	1,250,000	5,000,000

The options have been granted as part of an overall strategy to remunerate and incentivise key management.  The criteria for eligibility include workload, operational input, the disparity between actual salary and market equivalent rates and parity with other management and staff within the organisation.

**ENDS**

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

Vassilios Carellas       Ortac Resources Ltd                           Tel: [phone]

Charles Wood             Ortac Resources Ltd                           Tel: [phone]

Jeremy Stephenson     Seymour Pierce Limited                      Tel: [phone]

Stewart Dickson          Seymour Pierce Limited                      Tel: [phone]

Catherine Leftley        Seymour Pierce Limited                      Tel: [phone]

Jeremy King                 Optiva Securities Ltd                          Tel: [phone]

Jason Robertson          Optiva Securities Ltd                          Tel: [phone]

Susie Geliher               St Brides Media & Finance Ltd           Tel: [phone]

Lottie Brocklehurst      St Brides Media & Finance Ltd           Tel: [phone]

Notes:

Ortac Resources Limited is an AIM listed exploration and development company focussed on natural resource projects in Europe.  Its primary focus is on precious metals exploration and development within the Carpatho Balkan Metallogenic Belt, initially the Central Slovakian Volcanic Field.

The Company has a current JORC compliant resource of 1.2Moz of gold equivalent from its Šturec Resource located at its Slovakian Precious Metals Project, which the Company believes can host over 2 million ounces of gold equivalent, and a preliminary scoping study on the project has just been released.  The Company's precious metals' objective is to complete a definitive feasibility study and environmental impact assessment with a view of bringing the Slovakian Project into production for the benefit of all stakeholders.

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.

 

END

 

 

MSCZKLFBLXFEBBZ