A small mining company in Ireland, perhaps on the verge of signing a massive Silver deal over in Russia for a mine with C1/C2 reseves of 74m ounces, with today's silver price around $12.4 an ounce and with an expected price of $15 per oz after the silver ETF fund is up and running, this stock looks set for a break up, alot of buying interest over the past few days as most people are expecting this silver deal to be signed sometime this month, as the RNS from December indicated that the due diligence should be completed with 3-4 months.

See December RNS in post 2


Current silver price $12.41 per ounce,
Average Cash Cost of Production from the deal in Russia only $2.41 per ounce of silver


74,314,000 ozs of potential silver in this one deal alone.


check out their website to see their other major assets in both Sweden and Russia

http://www.ovocagold.com/


IMHO - currently one of the most undervalued companies on the market at the moment. Current share price is only 11 pence on the offer, I'm looking for 20pence towards the end of this month, with perhaps 30pence after institutes buy in, then a steady climb to about 50pence with all the up-dates from their other assets in both Russia and Sweden over this year. A definite long term hold.

Ovoca Gold PLC
18 April 2006

Ovoca Gold plc ('Ovoca' or the 'Company')


Acquisition of Ayax


Ovoca is pleased to announce that it has signed a conditional acquisition
agreement to acquire a 74% interest in CJSC Ayax Prospectors Artel company ('
Ayax') ('the 'Acquisition') from the Shareholders of Ayax ('New Shareholders').
Ayax owns a 100% interest in the Goltsovoye deposit, a silver deposit located in
the district of Omsukchan in the Magadan Oblast, north east Russia.


As consideration for the Acquisition, Ovoca will issue 110,001,518 new ordinary
shares of 0.025 each ('Ordinary Shares') (the 'Acquisition Shares') and will
make a cash payment of US$1 million within six months of the execution of the
Ayax Acquisition Agreement. The Acquisition Shares will represent approximately
44.3% of the Company's enlarged issued share capital. The Acquisition is
conditional, inter alia, on Mr Leonid Pavlovich Skoptsov, Mr Yuri Ivanovich
Radchenko and Mr Mikhail Alexandrovich Mogutov, being the principal shareholders
in Ayax, being appointed to the Board of the Company and Dr Barrie Oakes, Mr
Roger Turner, Mr Guido Pas, Mr Danesh Varma and Mr Rowan Maule being appointed
to the Board of Ayax.


Upon completion of the Ayax Acquisition Agreement, Ovoca will enter into a
conditional option agreement that gives Ovoca the right, but not the obligation,
to acquire the remaining 26% interest in Ayax at any time between the first and
second anniversary of the date of completion of the acquisition agreement (the '
Option'). The exercise price for the Option is 43,007,250 new Ordinary Shares
('Option Shares') or a cash payment of US$5 million if the market value of the
Option Shares is less than US$5 million at the time of exercise of the Option.


In addition, Davy has been appointed Nominated Adviser to the Company effective
immediately.


Information on Ayax.

Ayax, a registered Russian Closed Joint Stock Company formed in 2002, owns a
100% interest in the Goltsovoye deposit. The Goltsovoye deposit is part of the
'Pestrinskiy Ore Cluster' which covers an area of 640 km2 and forms the southern
flank of the 'Dukat Ore District'. The Goltsovoye deposit is accessible by a
good all-weather road and is 69 km from the regional administrative centre of
Omsukchan, and Bema Gold Corporation's Julietta Mine is situated nearby to the
south. The Goltsovoye deposit was first discovered in the 1980s following the
commissioning of the Dukat Silver Mine, which is located to the north west of
the Goltsovoye deposit. Ayax obtained a mining license for the Goltsovoye
silver deposit in September 2002. The licence renewal date is in 2012 after
which Ayax retains a right of extension, provided Ayax has met all of its
licence obligations.


Ovoca and GBM Consultant Engineers Contractors ('GBM') have completed a study of
the resources, mining methods, mineable reserves, processing and infrastructure
as well as capital and operating costs estimates for a 260,000 tonne a year
underground mine, with a 10 year mine life at the Goltsovoye deposit.
Considerable metallurgical testwork has already been completed by Ayax, and GBM
has carried out a detailed evaluation of the work done and have advised on a
mine and process plant design. Source data has been taken from a previously
completed Russian study prepared by the Institutes VNII-I-Magadan and TsNIGRI
(Moscow) and JSC NBL-Gold, independent metallurgical and engineering
consultants.


Micon International has completed a study of the information provided by Ajax
and the study by Ovoca and GBM and submitted an independent competent persons'
report which concludes: 'Micon considers that the Goltsovoye project represents
a good opportunity to develop a significant silver producer in a highly
prospective and established mining region of Russia'.


Denton Wilde Sapte in Moscow and Deloitte & Touche in Moscow have completed
legal and financial due diligence (respectively) on Ayax for Ovoca.


Goltsovoye is an advanced stage project with C1 and C2 resources, in accordance
with Russian geological estimation standards. These have been determined based
on extensive drilling and underground exploration development conducted by the
Dukat Geological Expedition and was approved by the Soviet State Committee for
Reserves (GKZ) in 1987 at a cut-off grade of 50 grammes per tonne silver. A
recalculation of the resources at various cut off grades has been completed by
Ayax and Ovoca and a revised resource at a 150 grammes per tonne cut-off grade
is as follows:

Category Ore tonnes Silver Grade g/t Silver ozs
C1 1,061,660 1,136.68 38,799,000
C2 1,413,880 781.28 35,515,000
C1 + C2 2,475,540 933.70 74,314,000

(Gold equivalent resources = 1,600,200 ounces based on a 46.44 gold/silver
ratio)


Micon estimate the following:-


Cash operating cost per ounce of silver = US$ 3.67 (including lead revenue
credits)


Net Present Value (pre-tax & pre-debt service)

At $10.00 per ounce silver and $1,050 per tonne lead = US$ millions 111.1
At $12.50 per ounce silver and $1,200 per tonne lead = US$ millions 182.1


Internal Rate of Return (pre-tax & pre-debt service)

At $10.00 per ounce silver and $1,050 per tonne lead = 51.8%
At $12.50 per ounce silver and $1,200 per tonne lead = 70.4%


The New York closing silver bid price was $12.89 per ounce on April 14th 2006.

Upon completion of the Acquisition, Ovoca will immediately commence a bankable
feasibility study with Russian and Western engineering groups and, having
secured all necessary permits, approvals and project finance, intends to work
towards an early construction start-up date.


The above information on Ayax has been reviewed and verified by Mr Roger Turner,
Director and Chairman of Ovoca, for the purposes of the Guidance Note for
Mining, Oil and Gas Companies issued by the London Stock Exchange in March 2006.
Mr Turner, with 40 years of mining engineering, management and consulting
experience, graduated as a mining engineer from the Camborne School of Mines,
has an MSc degree in Economic Geology from Leicester University and is a member
in good standing with the Institute of Mining and Metallurgy and a UK Chartered
Engineer.


Lock-in and Orderly Market Agreements

The New Shareholders will enter into lock-in and orderly market agreements.
Pursuant to these agreements, the New Shareholders will undertake, subject to
certain limited exceptions, not to sell, transfer, grant any option over or
otherwise dispose of the legal, beneficial or other interest that they have in
any Ordinary Shares or other securities in the Company or rights attaching from
any such Ordinary Shares or other securities in the Company for a period of
twelve months following admission of the Acquisition Shares to trading on the
AIM and IEX and. Should the Option Share be issued similar lock-in provisions
will apply for the Option Share for a period of twelve months following
admission of the Option Shares to trading on the AIM and IEX (the ''Lock-up
Periods'). Orderly market arrangements apply for twelve months after the expiry
of the Lock-up Periods, which require the sale of any Ordinary Shares by the New
Shareholders only through the Company's then broker.


Working Capital

Following completion of the Acquisition and having regard to existing cash
resources, Ovoca will not have sufficient working capital for its present
requirements. These requirements include the cost of planned feasibility studies
and other development activities on the Goltsovoye deposit, and the cash element
of the consideration for the Acquisition, continuing exploration work on the
Company's existing exploration assets and other corporate and working capital
purposes. The board of Ovoca has plans to raise the necessary finance to fund
these requirements, by way of private placements or other financial arrangement.
However, there can be no certainty on the availability, or, where available,
on the terms and timing of such financing arrangements. Should the Company not
be able to complete such financing arrangements then it will be unable to
finance its exploration and development programmes for the Goltsovoye deposit
and its existing exploration assets.


Information on the Proposed Directors

Below is certain information regarding the Proposed Directors. There are no
details specified by Schedule 2 (g) iii-viii of the AIM Rules and the IEX Rules
to be disclosed by the Proposed Directors.


Leonid Pavlovich Skoptsov (Aged 52)

Mr Skoptsov was born in Krasnodar in southern Russia and graduated from the
Moscow State University in 1979. Mr Skoptsov is a shareholder and Chairman of
the OAO Pervaya Gornorudnaya Companiya, which in 2002 discovered the Pavlovskoe
deposit, a large lead-zinc deposit containing silver in the Yuzhny Isle of the
New Land archipelago. Mr Skoptsov was Chairman of OAO Volganeft in Samara
Oblast until December 2004, which was acquired by the Russian oil company
Russneft and is a shareholder and Director of the Magadan Geological Expedition
and a number of other companies with exploration licences for precious metals in
eastern Siberia and Transbaikalia.


Yuri Ivanovich Radchenko (Aged 55)

Mr Radchenko was born in Almaty, Kazakhstan and graduated as a geologist from
the Kazakhstan Polytechnical Institute. From 1975 Mr Radchenko worked with the
Dukat Exploration Expedition, starting on the Dukat gold-silver deposit and in
1991 was appointed head of the Dukatsky Exploration Expedition where he was
involved in prospecting, exploration and assessment of the Julietta deposit and
many other exploration programmes. In 1994 Mr Radchenko assisted with the
foundation of and managed OAO Dukatsky Mining Geological Company which completed
the exploration of the Julietta deposit and undertook other exploration
activities in the Magadan Oblast including a programme to study and develop the
copper porphyry deposits in north east Russia. In 1995 Mr Radchenko founded the
joint venture Omsukchansky Mining Geological Company with Arian Resources
Limited, a company, subsequently acquired by Bema Gold Corporation, which was
involved in the development of the Julietta mine. In July 1998 Mr Radchenko was
awarded the 'Order of Honour' by the President of the Russian Federation for his
contribution in the development of the mineral law of the Magadan Oblast and
also was awarded the Diploma of 'Mineral Deposit Discoverer' as discoverer of
the Lunnoe gold and silver deposit.


Mikhail Alexandrovich Mogutov (Aged 50)

Mr Mogutov was born in Shakhtersk town, Sakhalin Oblast, Russia. Mr Mogutov
graduated from the Moscow Physics Technical Institute with a degree in molecular
genetics and chemistry of high velocity processes and is a doctor of biology.
Mr Mogutov is currently President of OOO Bioprocess Holding, Chairman of OAO
Biomed and is an Assistant to a Federation Council Member of the Federal
Assembly Federation Council of Russia. Mr Mogutov is currently a board member
of a number of Russian companies in the resources, industrial and chemical
sectors.



Implications under the Irish Takeover Rules

The Acquisition and the Option may give rise to certain implications under the
Irish Takeover Rules. The completion of the Acquisition may require, inter alia,
that shareholders approve a waiver of an obligation to make an offer for the
balance of the remaining share capital of the Company (which would not be held
by the New Shareholders), which otherwise may fall on the New Shareholders
pursuant to the Irish Takeover Panel Rules, at an extraordinary general meeting
of the Company.


Further details of such an extraordinary general meeting will be announced in
due course.


ENDS


For Further information please contact:



Mr. Roger Turner Chairman, Ovoca +44 (0) 773 909 2813

Dr Barrie Oakes CEO, Ovoca +44 (0) 795 113 9266

Mr Tom McCormack Connexions PR +353 (0)86 245 4215

Mr John Frain Davy +353 (0)1 614 8761

Ms Alex Buck Buckbias +44 (0)7887 920 530



This information is provided by RNS
The company news service from the London Stock Exchange

hello all, just learning about shares, lets hope they follow my name.

me again. i have got a few bobs worth of (can ) too. they could be on the move too.

hello. glad i sold ( can ) before they locked them. i just wondering where this one is going, any thoughts?

At last signs of movement upwards.

mores news today, looks good.

encouraging news this morning. on drilling report.

any reason for s/p going up

Major Russian interest i guess...want 20 p plus...will buy all the way up hope it doesn't rocket yet.
100,000 so far

new ceo, seems to be causing a stir, sp up again.

on the move again

could this be a break out? up 10% today

Next resistance is at 16pence


CEO is reported to be in the US stiring up intest with fund managers and investment houses

Phase 2 of the B/F study, looking set to be completed by end of May


Will be very surprised if we don't see crasiusi's 20p plus by June


Has been a long time coming but this finally looks to break out, and finally reach a shareprice which reflects its true value


Nice to see the MMs fighting for the bid price, very little stock available on the open market(see the ovg thread across the way, people are complaining that they can not get their orders filled), and with the expected buy orders coming in this is looking at continuing its rise

Have been in this since 7 pence, and expecting around 50pence by the time we start production on the mine and with rumours of the Russians brnging over other similiar sized projects after the silver mine has been proved a success it has the scope to go even further, see minesite article below -



Minesite : 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 to use it as their vehicle. The fact that Mr Skoptsov is out in North America on a roadshow indicates that this may be the case, but for the moment it is one project at a time.

Already Phase 1 of a bankable feasibility study being carried out on Golsovoyeby Wardell Armstrong has proved positive. This included a 25 hole drilling programme to turn the Russian resource to a JORC classified resource. When the project was acquired it had 2.5 million tonnes of Russian C1 and C2 reserves at a grade of 933 g/t silver based on a cut off grade of 150 g/t. That gave it a contained 74.3 million ounces of silver. The latest estimate published this month on Zones 1 and 2 amount to 2.398 million tonnes at an average grade of 895.3 g/t silver and 2.69% lead to give 69 million ozs of silver metal and 78.2 million silver equivalent ounces using the same cut-off. Not a lot of difference, one might say, but some of the longer term shareholders do not seem to appreciate just how good these figures are and are keeping the share price in check as they sell now that the price has reached their original purchase level.

Presumably they have not read the announcement about the study very carefully as they would have seen that Wardelll Armstrong reckon that an analysis of the assay data from diamond drilling and from underground development indicates that silver values may have been understated in the drillholes due to silver losses in the drill core and that when it comes to mining the resource grade could prove to be 20 to 25 per cent higher. And as a bonus there is a further Russian resource, in what equates to the JORC inferred category, in four other zones at Goltsovoye and Wardell Armstrong has not even audited it despite the fact that it could add a further 22.6 million ozs of silver at a grade of 440 g/t.

The deposit occurs on a hill and has already been extensively explored through underground access on three levels so the purchase price already includes an element of development cost. The initial mine design will focus on the measured and indicated resource in Zone 1 only which amounts to 44.5 million ozs silver. All primary development will be trackless using 6 main haulage levels at 60 metre intervals and all ore will exit the mine via adits on the 900metre and 810metre elevations and trucked directly to the process plant. After crushing and grinding the process plant design consist of an initial silver/leadconcentrate from a gravity circuit followed by flotation and the cyanidation of the tailings. Metallurgical testwork indicates that 73.4% of the silver and 77% of the lead can be recovered in the concentrate with a concentrate grade of 35% lead and 12,093 g/t silver.

Based on the Russian figures Micon, a mining consultant, estimated that cash operating costs will be around US$3.67 per ounce of silver and that generated a net present value before tax and service costs of US$111million at a silver price of US$10 an ounce. As the silver price is now US$14/oz it seems safe to assume that these figures are conservative. The early plan by Ovoca was to mine around 260,000 tonnes per year over 9 years for an annual output of six million ounces of silver a year. By the time the bankable feasibility study is completed in the autumn it could be rather more ambitious than this, so will be well worth waiting for.

Clear indication, that things are moving along and finance is only around the corner (although in fairness it has taken a while to get here!)

RNS Number : 1524Z
Ovoca Gold PLC
16 July 2008




Ovoca Gold plc ('Ovoca' of the 'Company')




Operational Update




Ovoca (London AIM (OVG.L), Frankfurt (OVX.GR) and Dublin IEX (OVX.IR)) is pleased to announce that an underground reconstruction programme to clear and reinforce Adit 1b to permit access deeper into the Goltsovoye mine and create areas for the placing of drill rigs has commenced as part of the pre-production development programme at the Goltsovoye silver deposit in Magadan. Adit 1b's portal gives access to ore body 2, the richest at Goltsovoye, which is scheduled for mining during the initial years of mine life.




Leonid Skoptsov, the Ovoca CEO, stated:




'The increase in size of the Adit 1b means that the first stage of mine development will now commence. We will gain access to the stoping areas to be developed in the early years of production and create underground diamond drill stations, which will enable us to increase the Proven and Probable reserves. This will also present the opportunity to plan, in detail, the early month's mill head grades from detailed underground sampling outside the areas currently accessible. This is a major step forward in the development of Goltsovoye.'







For further information contact




Ovoca Gold plc
Mr. Danesh Varma CFO +44 (0)20 7937 8151
danesh.varma@ovocagold.com
Mr. Leonid Skoptsov CEO +7 495 648 26 46
leonid.skoptsov@ovocagold.com

Davy
John Frain +353 1 614 679 6363

London presentation next week!


24th March 2010

for those interested in finding out more first hand -

The directors of Frontier Mining (AIM: FML), Extorre Gold Mines Limited (TSX: XG), European Nickel (AIM: ENK) and Ovoca Gold (AIM: OVG) will be presenting:

Thursday the 8th April 2010
Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB

The presentations will start at 6:00pm and finish at approx 7.30pm. After the presentations are complete the directors will also be available to take questions during a free canapand wine reception. Details on the presenting companies can be found below.

This event is suitable for the following:
Sophisticated & private investors, private client brokers, fund managers, financial institutions, hedge funds, buy & sell side analysts and journalists

http://www.proactiveinvestors.co.uk/register/event_details/75

Proactive Investors One2One Forums - London

The directors of Helius Energy (AIM: HEGY), Ovoca Gold (AIM: OVG), Stellar Diamonds (AIM: STEL) and Amur Minerals (AIM: AMC) will be presenting:

Thursday the 22nd July 2010,
Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB

The presentations will start at 6:00pm and finish at approx 8:00pm. After the presentations are complete the directors will also be available to take questions during a free canapand wine reception.

This event is suitable for the following: Sophisticated & private investors, private client brokers, fund managers, financial institutions, hedge funds, buy & sell side analysts and journalists.

http://www.proactiveinvestors.co.uk/register/event_details/84

If you have any problems registering or queries please email action@proactiveinvestors.com.

Tipped by Shares mag this week.

The directors of Gold Resource Corp (NYSE: GORO), Ferrexpo (LSE: FXPO), LonZim PLC (AIM: LZM) and Ovoca Gold (AIM: OVG) will be presenting:
Thursday the 21st October 2010,
Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB

The presentations will start at 6:00pm and finish at approx 8:00pm. After the presentations are complete the directors will also be available to take questions during a free canapand wine reception. Details on the presenting companies can be found below.

This event is suitable for the following:
Sophisticated & private investors, private client brokers, fund managers, financial institutions, hedge funds, buy & sell side analysts and journalists.


FREE registration - http://www.proactiveinvestors.co.uk/register/event_details/91

RNS on the recent drilling results, some good grades here, certainly like Tim's comments on become a producer as soon as possible!!

Tim McCutcheon, CEO, comments: "Although we are disappointed in the volume of drilling completed this year, there are significant results which give us optimism for next year's drilling season. Zabolocheniy is yielding good results and it appears that the mineralization is what our geologists expected. Berezitoviy has so far proven to be more complicated than anticipated and will require further study and drilling next year. However, smaller targets on Stakhanovsky, such as Burovaya, have shown above expected positive results. In addition to drilling, our geologists have taken a large bulk sample from the site that will be sent to an independent laboratory for metallurgical test work. Ovoca is committed to fast-tracking Stakhanovsky's development and putting our financial resources to work to get the Company from an explorer to a producer as soon as possible. "


Brief round up of RNS below

Wed 27/10/2010 07:15

LONDON, Oct 27 (Reuters) - Ovoca Gold Plc OVG.I :

* Drill results from its ongoing exploration effort at stakhanovsky

* Positive drill results for Stakhanovsky

* Ovoca has received analytical results for 63 holes

* Collected from site a 15 ton representative bulk sample to be used for test work, future feasibility

* Zabolocheniy is yielding good results and appears mineralization is what firm's geologists expected

* Berezitoviy has proven more complicated than anticipated, will require further study, drilling

info from Selftrade news info
((London Equities Newsroom; +44 20 7542 7717))


RNS Number : 0367V
Ovoca Gold PLC
27 October 2010





27 October 2010


Ovoca Gold plc ("Ovoca" or the "Company")



Positive drill results for Stakhanovsky



Ovoca is pleased to announce drill results from its ongoing exploration effort at Stakhanovsky, a gold project in the Northwestern part of the Magadan Region, Russia.



108 holes totaling over 6,300 metres of reverse circulation drilling to a depth of 150 metres has been completed to date in 2010 on Stakhanovsky. Drilling is likely to continue until early November or until weather conditions force an end to operations for 2010.



Ovoca has received analytical results for 63 holes. Additionally, Ovoca has collected from the site a 15 ton representative bulk sample that will be used for metallurgical test work to be included in a future feasibility study.



To date significant drilling results for 2010 include:



Bore hole ID number
Target
Interval, m
True thickness, m
Gold grade g/ton

from
to
length

RCZ1-3
Zabolocheniy-1
125.0
143.0
18.0
18.0
4.48

RCZ1-6


118.0
121.0
3.0
3.0
2.87

RCZ1-8


86.0
89.0
3.0
3.0
12.78

RCZ1-9


88.0
110.0
22.0
22.0
0.64

RCZ1-23


39.0
51.0
12.0
12.0
0.82

RCZ1-27A


58.0
71.0
13.0
12.0
3.09
















RCBU-8
Burovaya
17.0
22.0
5.0
5.0
16.27

RCBU-9


26.0
31.0
5.0
5.0
3.82

RCBU-11


65.0
73.0
8.0
8.0
0.69

RCBU-12


88.0
94.0
6.0
6.0
1.54

RCBU-15


65.0
70.0
5.0
5.0
0.56
















RCBR-15
Berezitoviy
24.0
32.0
8.0
8.0
0.76

RCBR-20


29.0
37.0
8.0
8.0
1.74

RCBR-27


3.0
11.0
8.0
8.0
0.61

RCBR-30


12.0
14.0
2.0
2.0
0.95






Geology

Geologically the Stakhanovsky gold project comprises a number of gold-bearing altered diorite - porphyry dykes with quartz veins and veinlets. Gold mineralisation is for the most part, coarse, "free gold" with significant amounts of gold particles larger than 10-12 mm in diameter. In total there are over 20 km of dykes with the potential to host gold mineralization on the Stakhanovsky license area although the current exploration focus is on 10 of these dykes over an area 5.6 km long. Two bulk samples of 164.7 tons from Zabolocheniy and 89.9 tons from Berezitoviy taken last year showed an average grade of 1.8 g/t and 2.1 g/t respectively.



Ownership

The Stakhanovsky license is owned by ZAO Magsel, a wholly-owned subsidiary of Ovoca. The license is an exploitation license valid to 7 May 2027. Ovoca is required to make payments to the previous owners in accordance with the acquisition agreement under the following conditions:



(i) Subject to a maximum amount of US$10 million, the vendors will receive US$30 for each troy ounce of gold falling within the JORC Code measured and indicated resource categories of resources, as calculated and reported by independent consultants appointed by the Company. The amount of gold resources will be calculated following each of the three exploration seasons ending in December 2010, December 2011 and December 2012.



(ii) Once gold production starts, Ovoca shall pay to the vendors a further amount equal to the difference between US$15 million and any payments made under (i) above. Note that in order for payment of either (i) or (ii) there must be established 300,000 ounces gold in JORC Code measured and indicated resource categories.



Location and infrastructure

Stakhanovsky is situated in the Northwestern part of the Magadan Region and is 40 km directly north of the region's second largest town, Susuman (population 7,500). The site is accessible by year-round gravel road and the national power grid extends to the site with a power substation on site. Additionally, there is a small settlement (Udarnik) with year-round buildings on the site.



Metallurgy

The metallurgical characteristics of the ore are amenable to conventional crushing and gravity separation. In 2009 Ovoca tested a 260 ton bulk sample from the site and achieved a 60% gold recovery by gravitation alone. Management believes that with further testing gravitation recoveries can be raised higher.



Future Exploration

Despite the lower than expected drilling volume completed in 2010, Ovoca management believes that current steps being taken will make it possible to complete the entire drill campaign as originally planned (24,000 metres reverse circulation drilling) by end-2011. Management feel they are still on course to put Stakhanovsky into production by 2013.



Tim McCutcheon, CEO, comments: "Although we are disappointed in the volume of drilling completed this year, there are significant results which give us optimism for next year's drilling season. Zabolocheniy is yielding good results and it appears that the mineralization is what our geologists expected. Berezitoviy has so far proven to be more complicated than anticipated and will require further study and drilling next year. However, smaller targets on Stakhanovsky, such as Burovaya, have shown above expected positive results. In addition to drilling, our geologists have taken a large bulk sample from the site that will be sent to an independent laboratory for metallurgical test work. Ovoca is committed to fast-tracking Stakhanovsky's development and putting our financial resources to work to get the Company from an explorer to a producer as soon as possible. "





Notes to Editors



Ovoca Gold PLC ("Ovoca" or "the Company") is a mineral exploration and mine development company listed on the AIM market of the London Stock Exchange (Ticker: OVG) and on the ESM market of the Irish Stock Exchange (Ticker: OVX). The Company's principal activity is gold exploration in the Magadan Region of the Russian Federation. Previously Ovoca acquired, developed and sold to JSC Polymetal the Goltsovoye silver project located in the Magadan Region. Currently, Ovoca is aggressively exploring and developing its 100 per cent owned Stakhanovsky, Rassoshinskaya and Nevsko-Pestrinskoye licenses.



Stakhanovsky is located approximately 40 kilometres north of Susuman, the second largest city in the Magadan region. It is accessible by year-round road and there is power infrastructure on site. Internal preliminary estimates suggest a gold resource (non JORC code of Russian standard compliant) of over 700,000 ounces. The Company intends to put Stakhanovsky into production by 2013.



Rassoshinskaya is in the North Eastern part of the Magadan Region about 200 kilometres from the town of Simchan. There is no nearby infrastructure. Rassoshinskaya hosts an epithermal gold deposit named Olcha, which is the focus of Ovoca's exploration program. Olcha and nearby satellite deposits have the potential to host a high grade multi-million ounce gold resource.



Nevsko-Pestrinskoye is located in the central part of the Magadan region near the town of Omsukchan. A year-round road and powerline are near the site. The license completely surrounds the Goltsovoye silver deposit, which was owned by the Company from 2006 - 2009 and sold to JSC Polymetal for US$47.7 million at the time of closing. Ovoca intends to investigate and explore known mineral occurrences that extend beyond the Goltsovoye license area onto Nevsko-Pestrinskoye.





Glossary of Technical Terms



"deposit"
coherent geological body such as a mineralised body;



"diorite - porphyry dykes"


type of rock structure;

"exploitation licence"
the right to extract a natural resource from a land area, which is granted in the form of a licence by the State;



"feasibility study"
extensive technical and financial study to assess the commercial viability of a project;



"gold production"
extracting gold in either pure form or as an intermediate product from an ore body by industrial means;



"grade"
relative quantity or the percentage of ore mineral content in an ore body;



"JORC Code"
The Joint Ore Reserves Committee (JORC) Code is a Code of practice which sets minimum standards for public reporting in Australia and New Zealand of Exploration Results, Mineral Resources and Ore Reserves. It provides a mandatory system for classification of tonnage / grade estimates according to geological confidence and technical/economic considerations in reports prepared for the purposes of informing investors, potential investors and their advisors. These standards, recommendations and guidelines are widely used across the world and are broadly consistent with other international resource-reserve reporting codes. The latest edition was published in December 2004;



"mineralisation"
process by which valuable minerals are introduced in to a rock;



"ore"
rock that can be mined and processed at a profit;



"quartz veins"
tabular or sheetlike body of quartz deposited in fissures, joints or faults;



"reverse circulation drilling"
Method of rotary percussion drilling using compressed air which creates a large diameter drill hole of 14 - 17 centimetres from which crushed material is collected for analysis; and






"veinlets"
small bands or sheets.








Ovoca Gold Plc



Timothy McCutcheon +7 495 916 6029 tim.mccutcheon@ovocagold.com



Davy



John Frain / JJ Cahill +353 1 679 6363