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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: OVG
Latest Price: 16.88p  (0,00%)
52-week High: 34.00p
52-week Low: 16.63p
Market Cap: 14.75M
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Ovoca Gold
www.ovocagold.com

Ovoca Gold Plc is a Moscow-based gold exploration and mine development company with a strong balance sheet and an exciting portfolio of gold properties in the Magadan region, Russia. 

The Company has a successful track record of developing precious metals assets and bringing value to shareholders. At the beginning of 2009 Ovoca Gold sold its flagship asset, the Goltsovoye silver deposit, for $47.7mn, a near 200% premium to the Company’s market capitalization at the time of sale closing. The entire asset development cycle Ovoca completed on Goltsovoye, from exploration to feasibility study to financing and start of mine construction.

Full Ovoca Gold profile here
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Ovoca Gold gets key certificate for Olcha deposit in Russia

10th Oct 2011, 7:23 am by Andre Lamberti The company’s two main projects are located in the Magadan region: Stakhanovsky and Rassoshinskaya, which together contain an inferred resource of 1 million ounces of gold. Olcha accounts for 650,000 ounces of the total resource.

Russia-focused Ovoca Gold (LON:OVG) has received a key permit which allows the group to apply for a mining licence on the presently drilled reserves of the Olcha deposit - part of the Rassoshinskaya licence.

The Russian State regulatory body concerning the certification of state resources has granted to the company a Certificate of Discovery regarding Olcha, the company announced.

With this certificate in hand, Ovoca’s Russian subsidiary ZAO Bulun can apply for a mining permit on the presently drilled reserves.

Such licences are typically issued for 25 years, with a target work programme leading up to production at some point within the licence term. The certified reserves equal 279,000 ounces of gold at a grade of 13.4 grammes per tonne and 655,000 ounces silver at a grade of 31.6 g/t in the Russian reserve category C1 + C2 - which is not JORC compliant.

Russian legislation does not consider the Olcha deposit strategic as it is below the established strategic threshold of 1.6 million ounces gold in the Russian reserve C1 + C2 category.

Chief executive Tim McCutcheon said: "We are all extremely pleased with the issue of the Certificate of Discovery for Olcha. As I have mentioned before, Ovoca has a long and successful track record of working in Russia to get things done and add shareholder value. Now that we have the Certificate, we will immediately complete and file the formal application to receive the full exploitation license, which we expect to receive sometime early 2012."

The company’s two main projects are located in the Magadan region: Stakhanovsky and Rassoshinskaya, which together contain an inferred resource of 1 million ounces of gold. Olcha accounts for 650,000 ounces of the total resource.

Ovoca expects first gold production at Stakhanovsky at the beginning of 2014.

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