Interim Results

Ovoca Gold PLC
29 September 2006



                                 Ovoca Gold plc

                             Interim Statement 2006



Ovoca Gold plc is pleased to report its interim, unaudited, results for the six
months ended 30th June 2006.



Highlights.



•               Acquisition of a 74% interest in Ayax Prospectors Artel gives
Ovoca Gold a flagship project at Goltsovoye in the Magadan region of eastern
Russia.

•               Goltsovoye contains an estimated C1/C2 resource of 74m oz of
silver classified under Russian reporting standards at an average grade of 934g/
t of silver and 3.2% lead.

•               Feasibility study scheduled for completion in Q1/Q2 of 2007.

•               Proposed initial production rate of 6m oz per year would rank
Goltsovoye among the world's ten largest primary silver producers by the end of
2008.

•               Major exploration land position in the Kolmozero-Voronya
greenstone belt of the Kola Peninsula with addition of three new licenses.

•               Ovoca increases shareholding in Norplat Limited to 100%.



Commenting on the results, Ovoca Gold's Chairman, Roger Turner, said 'The
Goltsovoye acquisition provides Ovoca Gold with a project capable of
transforming the company into a globally significant silver producer within the
next 30 months.  Goltsovoye is already well-explored and its high silver grades
give the project considerable resilience.  Our team relishes the opportunity to
bring the mine to production'.



Goltsovoye

Ovoca Gold's consultants, Wardell Armstrong International are already well
advanced in preparing the Bankable Feasibility Study which is expected to be
completed during the early part of 2007.

In parallel a Feasibility Study is being carried out by Dalrudproyect of Magadan
to ensure that the project fully complies with Russian requirements.
Dalrudproyect and Wardell Armstong International are working very closely
together with many sections of there respective studies being the result of
close collaboration.



Additionally other Russian organisations with experience of working on high
profile international mining projects are providing specialist work for the main
consultants. Amongst these are Vnii-1 who are carrying out the Environmental
sections and completing the Environmental baseline study and Dalstroinzestkania
who are providing the detailed underground and surface geotechnical sections
following a  detailed geotechnical drilling program at the minesite.



Diamond Drilling of the orebody  is also underway to confirm the previous
Russian work, which comprised of 66,000 metres of drilling and over 12 km of
underground mine development.



Initial planning suggests that Goltsovoye will produce around 6m oz per year of
silver after it comes to production late in 2008.  At this production rate,
Goltsovoye would rank among the world's ten largest primary silver producers as
reported by Gold Fields Mineral Services in their 'World Silver Survey 2006'.



Goltsovoye underlies a small hill and Ovoca has already reopened and made safe
the exploration adit tunnels on three levels.  Our investigations show the
existing underground workings to be in good condition providing ready access and
the opportunity to fast-track development.



A major underground metallurgical sample has now been taken under the
supervision of Wardell Armstrong International. The sample will be used for
large scale proving of the metallurgical process. This work will be carried out
at in Wardell Armstrong's test centre in Cornwall.



As part of the resource confirmation work the waste dumps left after mining the
exploration adits were sampled and tested. The results indicate the dumps are
carrying high silver grades and will provide additional mill feed in the early
years of production.



Electrical power from the Kolyma hydroelectric grid and all weather highway
access is already available within 38 km of the site. Magadan Energy have
confirmed that the local grid has sufficient capacity for the mines electrical
requirements and they are putting together a scheme to connect the mine.



Kola Licenses

Ovoca has now acquired a 100% equity interest in its subsidiary Norplat Limited
which has acquired three additional Exploration Licenses along the highly
prospective Kolmozero-Voronya Greenstone Belt in the Kola Peninsula of Northwest
Russia.



Drilling and trenching has continued on its priority Oleninskoye, Nyalm gold
deposits and the Pellapahk copper-molybdenum deposit.  Surface prospecting and
geochemical sampling trenching and deep overburden sampling continues on the
three new licenses to define drilling target for the 2007 exploration season.



Oleninskoye



Results have been positive not as dramatically high as encountered in the 2005
drilling programme.  Nevertheless, medium to high grade mineralisation continues
to be intersected.  As seen in the following table of drill hole and trench
intersection:



Eight of the holes drilled on Oleninskoye intersected pegmatite within the area
where the vein intersection was anticipated.  These pegmatite veins are known to
cut across the veins and are seen at surface.  These holes will be relocated to
avoid intersecting these cross-cutting pegmatite veins.



Nyalm



The preliminary results from drilling at Nyalm have defined a wide zone of
continuous gold mineralisation over 14 metres in bore hole BF-107 with high
grade intersections of 11.2 grammes per tonne gold over an intersection of 2.0
metres in hole BF-107; 10.8 grammes per tonne over 1.0 metres in hole BF-110 and
7.5 grammes per tonne gold over 1.1 metres in hole BF-108.  Drill hole assay
results from Nyalm are tabled below:


Kolmozero-Voronya Project Drill & Trench Results                     (31 August 2006)
Deposit             Drill Hole  Trench         Depth/Length(m)       Intersect(m)      Gold (g/t)
                                                 From        To
Oleninskoyee        BF-058                     53.8      55.8        2.0               2.29
                    BF-061                     87.9      89.4        1.5               1,24
                    BF-061                     90.4      91.4        1.0               2,57
                    BF-075                     43.8      45.3        1.5               13.70
                                K-BF-091                             1.1               2.50
                                K-BF-091                             1.0               19.9
                                K-BF-091                             1.0               1.09
                                K-BF-90                              1.0               2.54
                                K-BF-90                              1.0               3.95
                                K-BF-092                             1.0               2.83
                                K-BF-509                             1.3               2.44
                                K-BF-509                             1.3               5.47
Nyalm               BF-107                     24.6      26.6        2.0               3.08
                    BF-107                     85.0      87.0        2.0               11.20
                    BF-107                     30.4      32.4        2.0               4.69
                    BF-107                     36.6      38.6        2.0               1.36
                    BF-107                     40.6      42.6        2.0               1.71
                    BF-107                     44.6      75.0        30.4              1.50
                    BF-108                     37.2      38.30       1.1               7.50
                    BF-106                     60.0      6.0         2.0               2.31




Pellapahk Copper-Molybdenum Deposit



Drilling results from the Pellapahk copper-molybdenum deposit to the northwest
of Oleninskoye has produced significant intersections and indicate a extensive
zone of copper, molybdenum mineralisation.  The Pellapahk deposit was explored
to a limited degree during the Soviet period and results from Ovoca's drilling
have extended the area of known mineralisation to over 3 kilometres and over a
width of not less than 500 metres.  Previous Soviet drilling had produced
average grades of from: 0.1% to 0.75% copper; 0.035% to0.125% molybdenum and
0.01 to 0.57 grammes per tonne gold.  Borehole C-BF-67B contained multiple
intersections containing the following:


From                 To                   Interval metres      Copper %           Molybdenum %
26.0m                44.0m                18.0                 0.11               0.057
70.6m                84.1m                13.5                 0.17               0.031
94.6m                119.8m               25.2                 0.16               0.035



Such results compare favourably with similar deposits such as Mineral Park in
Northern Arizona with grades of 0.13% copper and 0.037% molybdenum.  All
intersections were from within 100 metres from surface.



Sweden



A reverse circulation percussion drilling programme was completed on the Klippen
concession as a follow up on previously defined areas of mineralisation.  The
only intersection of note was 9.78g/t over an intersection of 1.0 metre at a
depth of 7.0 to 8.0 metres from surface within a zone of mineralisation
previously outlined by trenching.  Other reported results from previous drilling
and trenching conducted by Terra Mining were not confirmed during this drill
programme.



Glossary:



Greenstone Belt - an elongated group of specific rocks derived from molten lava
intruded into pre-existing rock or extruded onto surface.



Geotechnical:- pertaining to the physical characteristics and strength of rocks



Geochemical Sampling:- the sampling of rock, soil or water which will be
chemically analysed.



Pegmatite Veins:- a light coloured coarse grained crystalline rock in the form
of linear sheet-like bodies.



Reverse Circulation Percussion Drilling:- a drilling technique which produces
small chips of rock as it drills for later chemical analysis.






Consolidated Profit and Loss Account                                        30 June          31 August

     for the six months to 30 June 2006                                        2006               2005
                                                                                  €                  €

     Administration expenses                                              (325,629)          (223,363)
     Other operating income                                                                    19,159

     Operating loss - continuing operations                               (325,629)          (204,204)

     Investment income (net)                                                 25,193                 12

     Loss on ordinary activity before tax                                 (300,436)          (204,192)

     Tax

     Retained (loss) for the period                                       (300,436)          (204,192)

     Profit and loss at beginning of period                             (8,314,063)        (5,849,618)

     Profit and loss at end of period                                   (8,614,499)        (6,053,810)

     Attributable to
     Equity holders of the parent                                       (8,166,411)        (5,641,545)
     Minority interest                                                    (448,088)          (412,266)

                                                                        (8,614,499)        (6,053,810)

     Basic loss per ordinary share                                          (0.19)c           (0. 25)c



Consolidated Balance Sheet                                                  30 June          31 August
     at 30 June 2006                                                           2006               2005
                                                                                  €                  €
Fixed Assets
     Intangible assets                                                    8,748,834          9,035,425
     Tangible assets                                                         85,818              4,917
     Financial assets
     Minority interest                                                    (448,088)         (412,266)
                                                                         8,386,564          8,628,077

Current Assets
     Debtors                                                              1,091,973             76,641
     Bank                                                                 6,209,636          1,321,521
                                                                          7,301,609          1,398,163

Creditors: Amounts falling due
     within one year                                                      1,439,573            465,525

Net current assets                                                        5,862,036            932,638

Net Assets                                                               14,248,600          9,560,715


Financed by
Capital and Reserves
     Called up share capital                                              7,870,325          2,830,844
     Share premium                                                       14,981,292         12,772,199
     Other reserves                                                          11,482             11,482
     Revaluation reserve
     Profit & loss account                                              (8,614,499)        (6,053,810)

                                                                         14,248,600         9,560,715


Consolidated Cash Flow Statement                                            30 June          31 August
     for the six months to 30 June 2006                                        2006               2005
                                                                                  €                  €

Net cash inflow/(outflow) from operating activities                         443,780            469,625

Returns on investment and servicing of finance
     Investment income (net)                                                 25,193                 12
     Sale of tangible asset                                                                     22,000

Net cash (outflow)/inflow from returns
    on investment and servicing of finance                                   25,193             22,012

Tax Paid

Capital expenditure and financial investment
     Purchase of tangible assets                                           (79,874)              (586)
     Purchase of intangible assets                                        (594,549)          (471,842)

Net cash (outflow) from capital expenditure
   and financial investment                                               (674,423)          (472,428)

Acquisition and Disposals
     Purchase of subsidiaries                                           (2,505,140)         (231,425)

Net cash outflow from acquisitions and disposals                        (2,505,140)          (231,425)

Net cash outflow before financing
   and management of liquid resources                                   (2,710,590)          (212,216)

Financing and management of liquid resources
     Proceeds from issue of share capital                                 6,850,688          1,517,348
     Net cash transferred from liquid resources                                   -                  -

Net cash inflow from financing
   and use of liquid resources                                            6,850,688          1,517,348

Increase in cash in the period                                            4,139,729          1,305,132



Group Recognised Gains and Losses                                           30 June            31 August
     for the six months to 30 June 2006                                        2006                 2005
                                                                                  €                    €

     Loss for the period                                                  (300,436)            (204,192)
     Exchange loss on foreign currency net investments                     (35,984)             (13,430)
     Realisation of property revaluation gain of previous years                                   16,874
                                                                          (336,420)            (200,748)



Notes



1.             No dividend is proposed in respect of the period.

2.             The calculations of loss per share have been based on the
retained losses after taxation and on a weighted average of 155,605,257 ordinary
shares (2004 -83,333,623 ordinary shares) in issue during the period.

3.             The Unaudited results have been prepared on a going concern basis
and on the basis of the accounting policies adopted in the Annual accounts for
the year ended 31 December 2005.

4.             The interim report is Unaudited and does not constitute Statutory
Accounts as defined in S.148 of the Companies Act 1963.  A copy of the Group's
2005 Statutory Accounts has been filed with the Irish authorities.  The
auditors' opinion on these Statutory Accounts was unqualified.

5.             The interim report for the six months to 31 August 2006 was
approved by the Directors on 28 September 2006.

6.             The company changed it's financial year end to 31 December 2005
during 2005.

7.             The Purchase of subsidiaries relates to the acquisition costs of
a further 23% of Norplat Limited for 13,323,798 ordinary shares in January 2006,
and 74% of CJSC Prospectors Artel Ayax, a Russian joint stock company, for
110,001,518 ordinary shares in June 2006.  Minority interest refers to the
portions of these and other companies that the Group does not own.  The Profit
and loss accounts at the beginning of the period has been restated to show the
unowned portions.

8.             The Proceeds from issue of share capital represent a private
placing of 60,408,652 ordinary shares for €6,850,688 net of costs.





For further information contact
Mr. John O'Connor  + 353 1 633 0523





Copies of this report are available at the Company's offices at:
2nd Floor, 36 Dame Street, Dublin 2.





29 September 2006








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