Company Information for Ovoca Gold Plc

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Company Statement

Ovoca Gold is an international precious metals exploration company quoted on the London AIM (OVG) and the Irish Stock Exchange (OVX).
 
The company has a portfolio of advanced stage development assets and exploration properties in Russia and Sweden. Through its various properties the company has interests in silver, gold, zinc, molybdenum and copper.
 
Ovoca Gold with its varied portfolio and flagship Goltsovoye licence area is on the verge of becoming a major regional producer of precious metals.
 
The company's ethos is simple: the right sites; the right strategy; and the right people.

Current Operations

Russia
Magadan
Ovoca has a controlling 74% interest in CJSC Ayax Prospectors Artel Company ('Ayax'), a Russian company which owns the Goltsovoye silver deposit in the Magadan oblast in Eastern Russia. It also has an option to acquare the residual 26% within the next 24 months.
 
The Goltovoye project is located in the Omsukchan district of Magadan Administrative Region, Russian Federation. The project is located approximately 575 km by road northeast of Magadan, the regional capital, and 68 km by road south of the town of Omsukchan, the district's administrative centre. Thanks to its long mining legacy, the region's infrastructure is general well established and there are a number of major hard rock and precious metal mining operations in the area including the Julietta gold mine (Bema) and Dukat silver mine (Polymetal). The physiography of the project area varies from boreal forest zone at lower elevations to alpine tundra at high elevations, with moderate mountain relief extending to 1,100 m. The base elevation of the project is 850 m. The climate is sub-arctic, with long, very cold winters and relatively short, warm summers.
 
The Goltsovoye silver-base metal deposit was discovered in 1979 and exploration and feasibilty studies, including metallurgical test work, were conducted between 1980 and 1984. Trial mining between 1989 and 1993 produced approximately 10,000 tonnes of ore, which was processed in the Dukat mine flotation plant. The sulphide flotation concentrate was sent to Kazakhstan for smelting and refining.
 
Ovoca and GBM have completed a study of resources, mining methods, mineable reserves, processing and infrastructure as well as capital and operating costs estimates for a 260,000 tonnes a year underground mine, with a 10 year mine life.

The Goltsovoye project has been subject to extensive exploration including surface trenching, diamond drilling and underground exploration development. 

Wardell Armstrong is currently conducting a bankable feasibility study scheduled for completion by the end of the first quarter 2007 and the deposit is scheduled to start production in 2008, making Magadan Ovoca's flagship project.

Kola Peninsula
The Kola Peninsular is located in the North-West of Russia near the Finnish border. Ovoca gold holds four exploration licences in the Kola, occupying the best prospective areas along the Kolmozer-Voronya Greenstone Belt.

The geology of Finland, Karelia & Kola include extensive Archean greenstone belts, similar to those hosting major gold deposits and platinum palladium deposits throughout the world in places such as Canada, West Australia, Southern & Western Africa and South America, which accounts for over 50% of the world's gold production.

Sweden
Ovoca, through its 100% owned subsidiary Klippen Guld AB owns ten license areas which cover approximately 28,000 ha of ground: Klippen (3,633 ha), Krokilden (2,850 ha), Sjoliden (4,244 ha), Bysstrak (7,035 ha), Tansele (3,087 ha), Nottjarn (2,769 ha), Åkerland (277 ha), Ekorrtask (2,531 ha), Försthuvudberget (610 ha) and Lilliän Norra (1,062 ha).
 
The principal target area for exploration work in Sweden is the Krokliden-Sjoliden licence area. Surveys have indicated that there is a north-west, south-east continuous anomaly about 5 kilometres long and 2 kilometres wide within the licence area, which is located 450 metres along strike from the open pit at Dragon Mining's Svartliden gold deposit.
 
Dragon Mining's neighbouring Svartliden mine currently report resources of 2.62 million tonnes at 4.80 g/t gold (403,000 ounces) at a 1.5 g/t gold cut-off, which include proven and probable reserves of 1.41 million tonnes at 5.65 g/t gold (256,000 ounces).  

Ireland
Ovoca Gold Plc's wholly owned subsidiary Ovoca Resources currently holds three prospecting licenses in West County Limerick.
 
The main target in the area is base metal mineralisation at the base of the Waulsortian Limestone "Reef" in a setting similar to that which hosts the Lasheen and Galmoy deposits in the South Midlands.
 
Ovoca has carried out extensive geological research in the Reef area and all mineralisation encountered to date appears to be structurally controlled and therefore the discovery of major structures remains a key company objective in the exploration of this area.

Geographical Spread

Ireland, Sweden and Russia

Board of Directors and Key Management

Roger Turner	Chairman
Leonid Pavlovich Skoptsov	Chief Executive Officer
John O'Connor	Financial Director, Company Secretary
Rowan Maule	Chief Operating Officer
Mikhail Alexandrovich Mogutov	Non-Executive Director
Dr. Barrie Oakes	Non-Executive Director
Yuri Ivanovich Radchenko	Non-Executive Director
Guido ('Guy') Edward M. Pas	Non-Executive Director
Richard O'Shea	Non-Executive Director

Company Address 36 Dame Street Ireland, Ireland Dublin 2 Telephone: +353 (0)1 633 0523 Facsimile: +353 (0)1 633 0541 Email: info[at]ovoca.ie Website: http://www.ovocagold.com

Additional Address/Key Contact Ovoca Gold Plc York House Rear 176 Rathgar Road Dublin 6 Ireland

Annual General Meeting November

Year End February 28

Nominated Brokers Davy Corporate Finance Davy House 49 Dawson Street Dublin 2 Ireland

Nominated Advisors Davy Corporate Finance Davy House 49 Dawson Street Dublin 2 Ireland

Major Shareholders

Antanta Investments Ltd, Bank of Ireland Nominees Limited

Hanover Nominees Limited,

Clonico Holdings Co Limited,

Hagico Holdings Co Limited

Related News

05/02/08 - Ovoca Gold Ready To Move On Goltsovoye
20/02/07 - Ovoca Gold Should Have Full Bankable Feasibility Study For Goltsovoye Silver Project This Autumn.

Most Recent Statement

02/09/08 - INTERIM RESULTS
29/07/08 - Project Financing
16/07/08 - Operational Update
15/01/08 - Bankable Feasibility Study Results for Goltsovoye
28/12/07 - Operational Update
03/12/07 - EXERCISE OF WARRANTS