News

February 20, 2007

Ovoca Gold Should Have Full Bankable Feasibility Study For Goltsovoye Silver Project This Autumn.

The announcement at the beginning of December that Leonid Skoptsov was taking over as chief executive of listed Ovoca Gold, listed in London and Dublin, confirmed, if confirmation was needed, that the future of this company now lies in Russia. Mr Skoptsov had first become involved with Ovoca when it acquired a 74 per cent interest in CJSC Ayax, which is a Russian company controlling the Goltsovoye silver deposit in Magadan in the far north east of Russia, last April. He had already built a track record, as chairman Roger Turner pointed out at the time of his appointment, with the discovery of the Pavlovskoe lead / zinc / silver deposit in 2002 when he was chairman of JSC Pervaya Gornorudnaya Company. He is also a director of the Magadan Geological Expedition to brings the right local political connections which are so vital in Russia.

The acquisition of  Golsovoye was mostly in paper giving Mr Skoptsov and his colleagues nearly a 50 per cent holding in Ovoca. In June the company raised  £5 million  by a placing of shares ad warrants and  they contributed £2.01 million to this  as a sign that they wanted to follow through with their investment. It is said that  they have their hands on a number of other useful projects in the region  and these may come the way of Ovoca if they decide...