Ortac Resources board undergoing a reshuffle

Europe and Africa-focussed mineral exploration company Ortac Resources issued a corporate update on its board of directors on Tuesday.

The AIM-traded firm said a number of “major changes” were to be made to the board, with chairman Anthony Balme having advised of his intention to step down as chairman at the company's annual general meeting in September to focus his efforts on realising value from the company’s Slovakian assets.

Balme would be succeeded by Nick von Schirnding, currently a non-executive director of the company.

Additionally, non-executive director Paul Heber had decided to retire from the board after having served the company for more than five years, and so would not stand for re-election at the AGM.

The appointment of a new non-executive director would be announced in due course, the board said.

Following the plan to develop the Slovakian project with a local joint venture partner, the company said it would now strengthen and accelerate the development of Ortac's core African investments.

In that regard, Ortac CEO Vasillios Carellas would focus in the near-term on supporting the development of Casa's Misisi gold project, where the first phase of a major diamond drill programme was about to commence.