Equity Fundraising

Ovoca Gold PLC
19 November 2007





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

                              £4.5 million Placing


Ovoca Gold Plc (AIM: OVG; IEX: OVX)('Ovoca' or the 'Company') is pleased to
announce that it has agreed the terms of a conditional placing of 48,800,000 new
ordinary shares of €0.025 each ('Ordinary Share') with warrants at a price of
9.25p (€0.14) per Ordinary Share (the 'Placing Shares'), raising gross proceeds
of approximately £4.5 million ('the Placing').  The Placing price was at a 2.76%
discount to the average mid closing market price on the AIM Market of the London
Stock Exchange of 9.51p per Ordinary share for the ten trading days prior to 16
November 2007. The Company has issued to the subscribers of the Placing Shares
(on the basis of 1 warrant for every 2 Ordinary Shares subscribed) an aggregate
of 24,400,000 warrants to subscribe for new Ordinary Shares in the Company at an
exercise price of 11p, exercisable at any time up to 15 November 2008. The
warrants, which are transferable, will not be quoted on any market.


The net proceeds of the Placing are to be used on the evaluation and development
of the silver deposit Goltsovoye, located in the Magadan Oblast of north-east
Russia, in addition to advancing the Company's exploration projects in the Kola
Peninsula, repaying all outstanding loans and for working capital purposes.


A certain director of Ovoca will subscribe for the following Placing Shares:

                                 Placing Shares       Resultant holding       % of Enlarged
                                 subscribed for:      of Ordinary Shares:     Share Capital:

Salyco Trading Company Ltd*      10,600,00                 72,287,718           17.0997%


                                                      Warrants received    Resultant holding
                                                        pursuant to the         of Warrants:
                                                               Placing:

Salyco Trading Company Ltd*                                 5,300,000           11,386,957

*Salyco Trading Company is controlled by Mikhail Mogutov



Application will be made to the Irish Stock Exchange and the London Stock
Exchange for the placing shares to be admitted to trading on IEX and AIM
respectively Admission is expected to occur by 23 November 2007.


Ovoca Resources Plc is an international exploration company with dual listing in
      London (OVG.L) and Ireland (OVX.IR), exploring for Precious and base 
                            metals in Russia.



For further information please visit www.ovocagold.com or contact:

Leonid Skoptsov - Ovoca Gold Plc                  Nick Bias / Alex Buck - Buck Bias (UK PR)
Tel + 7 (0)495 648 2646                           Tel: [phone]
Email: [e-mail]              Email: [e-mail] / [e-mail]

John Frain - Davy                                 John O'Connor - Ovoca Gold Plc
Tel : [phone]                          Tel: [phone]
Email: [e-mail]                         Email: [e-mail]



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