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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

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Vassilios Carellas, chief executive officer of Ortac Resources (ORC), is not resting on his laurels, after beginning trial underground mining at the company’s 1.32 million-oz. gold in Slovakia’s Kremnicko region, with the first permit issued there for 20 years. The authorities are already considering London-based Ortac’s application for a licence to take the project further, in the hope of producing around 70,000 oz. of gold a year, with cash costs (before capital repayment) of below $600/oz an ounce, against today’s $1,319.8/oz market price. Ortac is launching proposals for a series of employment-creating, environmentally-friendly -- and potentially money-spinning -- developments to calm suspicious local critics.

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