Proposed acquisition -2-


earned by the Company by incurring a minimum expenditure of C$200,000 within 180 
days after completion of an initial review period in January 2009 by the Company 
of all available project related data. Paranaiba and the Company's joint venture 
partner are currently completing all related documentation and a definitive 
exploration agreement. 
Following completion of Phase 1, the Company had the right to increase its 
interest in the Project by a further 27 per cent. (Paranaiba's interest in the 
Project going from 50 per cent. to 77 per cent.) by incurring a further minimum 
expenditure of C$600,000 before 15 January 2011. The Company has incurred this 
minimum expenditure. 
Whilst the Project is still considered highly prospective, the Existing 
Directors have formed the view over the past 18 months, that in order to further 
assess the Project and ascertain whether it is worth pursuing it will require 
further limited expenditure to unlock this potential should it wish to do so. 
With this in mind and in consultation with geologists experienced in Brazil the 
Company may seek to undertake a lower cost ground magnetic survey across the 
project area. Ground surveys are an inexpensive method of generating better 
knowledge of the underlying geological structure. These can inexpensively 
identify or eliminate areas as sites for further drill testing. 
The Company has fulfilled its C$800,000 option to earn-in to the Project it has 
currently not exercised its right to form a joint venture with the local 
Brazilian partner under the Agreement. The Company will continue to assess its 
options as it develops better geological understanding of the Project. 
Development of this asset does not form part of the Company's near term strategy 
as set out below. 
Background information on Ortac 
Ortac was incorporated as a public limited company in England on 6 November 2007 
for the purpose of seeking and acquiring exploration and production rights for 
the extraction of gold in the Slovak Republic. 
In June 2009, Ortac entered into a joint venture option agreement ("Option 
Agreement") with Tournigan Energy Ltd, a company admitted to trading on the 
TSX-Venture Exchange in Canada (ticker symbol:TVC) to earn into 60 per cent. of 
the Kremnica Gold Project by completing a feasibility study. By January 2010, 
Ortac had acquired an undivided 20 per cent. earned interest in the Kremnica 
Shares pursuant to section 3.2 of the Option Agreement. 
On 27 January 2010, Ortac entered into a share purchase agreement (as amended on 
11 June 2010) with Tournigan ("Tournigan Share Purchase Agreement") which 
superseded the Option Agreement pursuant to which Ortac purchased the 80 per 
cent. of the Kremnica Shares, being the balance of the Kremnica Shares it did 
not already own, to acquire 100 per cent interest in the extraction and 
exploration rights in central Slovakia known as the Kremnica Gold Project for an 
immediate cash payment of US$100,000 and a promissory note in the amount of 
US$1.9 million on deferred payment terms. The agreement also contains provisions 
for royalty payments to Tournigan following the grant of permission to commence 
Commercial Production at the Kremnica Gold Project. 
Ortac's principal asset is the Kremnica Gold Project and it also has 100 per 
cent ownership interests in seven other exploration licences in central and the 
east of Slovakia, namely, Zlatá Ban ? a, Ruská Bystrá, Poruba pod Vihorlatom, 
Smolnik, Bysta Skáros, Cinoban ? a and Cejkov. 
Ortac now requires substantial further capital, first to satisfy the deferred 
consideration payable to Tournigan in respect of the acquisition of the Kremnica 
Gold Project and, second, to complete a scoping study and preliminary 
environmental and social impact assessments along with annual licence fees and 
ongoing working capital. This work will include revising the geological models 
to incorporate an updated grade model which can then be used as the basis for 
the proof of a concept mining study. The Company's intended approach will be to 
look at an open pit as a stand alone option and an underground mine as a stand 
alone option and a number of combined options looking for the optimal value 
scenario. 
It had been the intention of the directors of Ortac to seek at the appropriate 
time a public market for its shares and effect a capital raising and the Ortac 
Board had expected that this would be through a direct listing on AIM. This, 
accordingly, led the Ortac Board to consider the possibility of reversing into 
an existing AIM company with cash resources and, in due course, to the 
discussions with the Company which have resulted in the Acquisition. 
Information on the Project 
Gold Market 
The gold market is relatively liquid compared with many other commodity markets. 
Physical demand for gold is primarily for fabrication purposes, including 
jewellery (which accounts for 80% of fabricated demand), electronics, dentistry, 
decorations, medals and official coins. In addition, central banks, financial 
institutions and private individuals buy, sell and hold gold bullion as an 
investment and as a store of value. 
The use of gold as a store of value (a consequence of the tendency of gold to 
retain its value in relative terms against basic goods, and particularly in 
times of inflation and monetary crisis) and the large quantities of gold held 
for this purpose in relation to annual mine production have meant that, 
historically, the potential total supply of gold is far greater than demand at 
any one time. Thus, while current supply and demand play some part in 
determining the price of gold, this does not occur to the same extent as with 
other commodities. Instead, the gold price has from time to time been 
significantly affected by macro-economic factors such as expectations of 
inflation, interest rate changes, exchange rate changes, changes in reserve 
policy by central banks, and by global or regional political and economic 
events. In times of price inflation and currency devaluation, gold is often 
bought as a store of value, leading to increased purchases and support for the 
price of gold. 
Kremnica Gold Project 
The following information has been extracted, without adjustment, from Part I of 
the Document which itself is derived from the Competent Person's Report prepared 
by St Barbara LLP. 
St Barbara LLP has consented to the issue of the Document containing their 
Competent Person's Report and has confirmed that the information set out, inter 
alia, in Part 1 of the Document has been extracted directly from the Competent 
Person's Report and presented in a manner which is not misleading and provides a 
balanced view of the Competent Person's Report. 
Introduction 
The Kremnica Gold Project is located in central Slovakia. The town of Kremnica 
lies 17 km west of central Slovakia's largest city, Banská Bystrica. The project 
area is accessible from Vienna, Austria by driving east across the border into 
Slovakia and then northeast through Bratislava, Nitra, Zlaté Moravce, and Ziar 
nad Hronom. 
The Kremnica project comprises three licences: the Kremnica Mining Licence with 
an area of 11.79 km2, the Lutila Exploration Licence with an area of 63.2 km2 
and the Vyhne Exploration Licence of 36.90km2. The details of the licences are 
as set out below; 
+----------+-----------------+----------+-------------+-------------+------------+----------------------+ 
|          |                 |          |             |             |            |                      | 
+----------+-----------------+----------+-------------+-------------+------------+----------------------+ 
|  Asset   |Holder/Operator  |Interest  |   Status    |   Expiry    |Determined  |      Comments        | 
|          |                 |          |             |    Date     |Area (km2)  |      Elements        | 
|          |                 |          |             |             |            |       claimed        | 
+----------+-----------------+----------+-------------+-------------+------------+----------------------+ 
|Kremnica  |    Kremnica     |  100%    |   Mining    |  Surface    |   11.79    |        Au, Ag        | 
|          |      Gold       |          |             | Extraction  |            |                      | 
|          |     Mining      |          |             | must start  |            |                      | 
|          |     s.r.o.      |          |             |     by      |            |                      | 
|          |                 |          |             |  30 June    |            |                      | 
|          |                 |          |             |    2012     |            |                      | 
|          |                 |          |             |Underground  |            |                      | 
|          |                 |          |             | Extraction  |            |                      | 
|          |                 |          |             | must start  |            |                      | 
|          |                 |          |             | by 30 June  |            |                      | 
|          |                 |          |             |    2014     |            |                      | 
+----------+-----------------+----------+-------------+-------------+------------+----------------------+ 
|  Lutila  |    Kremnica     |  100%    |Exploration  |      3      |    63.2    |Au,Ag,Cu,Zn,Pb,Sb,Hg  | 
|          |      Gold       |          |             |    March    |            |                      | 
|          |     s.r.o.      |          |             |    2012     |            |                      | 
+----------+-----------------+----------+-------------+-------------+------------+----------------------+ 
|  Vyhne   |    Kremnica     |  100%    |Exploration  |     16      |   36.90    |Au,Ag,Cu,Zn,Pb,Sb,Hg  | 
|          |      Gold       |          |             |  February   |            |                      | 
|          |     s.r.o.      |          |             |    2013     |            |                      |
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