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03/05/2011

Tim McCutcheon, Ovoca Gold, says there is upside value in the share price

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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: OVG
Latest Price: 23.25p  (1.06% Ascending)
52-week High: 34.00p
52-week Low: 22.00p
Market Cap: 20.31M
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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 sells 3.75 million shares in JSC Polymetal for US$21.5 million

19th Mar 2009, 4:50 pm Ovoca Gold sells 3.75 million shares in JSC Polymetal for US$21.5 million

Its official, Ovoca Gold’s (AIM:OVG) market capitalisation is now substantially less than the value of its equity stake in Russian gold and silver producer JSC Polymetal combined with its cash reserves.


Ovoca Gold agreed to sell its flagship silver asset in Russia to JSC Polymetal in 2008, and completed on the transaction in January 2009. On completion of the deal, Ovoca Gold was issued 7.5 million shares in the Russian producer and paid just over US$3 million in cash for the project.


This afternoon, Ovoca Gold confirmed that it had sold half of its equity stake in JSC Polymetal – 3.75 million shares – for approximately US$21.5 million (€15.7 million) – more than double their value in November 2008.


Ovoca Gold shares are traded in Euros, as it is also listed on the Irish Stock Exchange.  At the close of trading today, the junior mining outfit was valued at €10.7 million.

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