Annual Financial Report

RNS Number : 4361O

Ovoca Gold PLC

29 June 2010

 

29 June 2010

Ovoca Gold plc

Annual Report 2009

Ovoca Gold plc ("Ovoca" or the "Company") is pleased to announce its Annual Report and Financial Statements for the year ended 31 December 2009 are available on the Company's website www.ovocagold.com and have been posted to shareholders. An announcement on the date and location of the 2009 Annual General Meeting will be made in due course.

Key points:

·      Total comprehensive income for 2009 of US$11.5 million

·      Cash and cash equivalents and available for sale financial assets of US$57.5 million as at 31 December 2009

·      Completion of sale of Goltsovoye for US$47.7 million in cash and securities in January 2009

·      Acquisition of three gold properties in the Magadan Region, Russia

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. The current resource is 344,000 ounces of gold in JORC inferred category.

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.

Ovoca Gold Plc

Timothy McCutcheon [phone] [e-mail]

Davy

John Frain [phone]

 

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