Re: Conditional Placing

Ovoca Resources PLC
20 June 2003

For Immediate release
20 June 2003


 Ovoca Resources plc ("Ovoca" or the "Company") announces a conditional placing
    to raise a minimum of €500,000 and a maximum of €550,000 before expenses


Ovoca Resources plc, quoted on the Exploration Securities Market of the Irish
Stock Exchange, today announced a conditional placing to raise a minimum of
€500,000 and a maximum of €550,000, before expenses, (the "Placing") through the
issue of new Ordinary Shares at a price of €0.06 each per share.  The proceeds
of the Placing, net of expenses, will be used to fund its overheads, its on
going exploration work and the Company's share of the development expenditure in
its 50 per cent joint venture in Optimum Energy Limited.

In recent times, Ovoca has been exploring in three areas in Ireland, Galway/
Roscommon, Cahir and West Limerick. Following exploration efforts by Ovoca and
Amcorp, which were unable to locate any commercial deposits of zinc, Ovoca has
surrendered the two license blocks in Galway/Roscommon and Cahir. Ovoca retains
the licenses in West Limerick. The Company intends to carry out the necessary
exploration expenditure required to maintain these licenses and to hold onto
this area until there is an upturn in the price of zinc. However, the Company's
main current focus is on its 50 per cent joint venture in Optimum Energy
Limited. The details of the joint venture project and Ovoca's involvement in it
are set out in the Company's annual report for the year ended 28th February,
2002, dated 17 October, 2002.

As part of the Placing, two directors, Mr D H W Dobson and Mr D Alexander who
both made loans amounting to €50,000 each and which together total €100,000
have, subject to the approval of shareholders, agreed to capitalise these loans
by the allotment of 833,333 new Ordinary Shares to each of them at the Placing
price of €0.06 per share. These Directors' loans were made to the Company in
October and November 2002 to assist in the Company's on going activities.

As stated in the Company's annual report for the year ended 28 February, 2002,
Ovoca is committed to continuing both its exploration activities, as well as to
funding 50 percent of the development budget of up to €1.3m for the energy joint
venture project, Optimum over the first phase period. The Company has completed
much work so far in the project. However, it been endeavouring to raise finance
to progress these activities since 2002. Because of the depressed zinc prices in
recent years, and unfavourable economic and stock market conditions, the Company
has found it difficult to generate the necessary interest from investors to
raise funds to continue to carry out its normal day to day activities. The
Company has spent a considerable amount of effort in evaluating a wide range of
funding options.

The Company has now secured commitments from new and existing investors to
subscribe for new Ordinary Shares, subject to shareholder approval and the
listing of the new Ordinary Shares to be allotted pursuant to the Placing. In
view of the Company's current position, the urgent requirement to raise funds,
the difficult market conditions and the fact there is no other immediate source
of funding available, the Company has agreed to accept the current offer of
funding and proceed with the proposed Placing

Because the issue of new Ordinary Shares together with the participation of the
two directors in the Placing through the capitalisation of the directors' loans
referred to above will result in the Company's issued share capital being
enlarged by more than 10 percent, the Company is required to prepare ESM
particulars under the ESM rules of the Irish Stock Exchange. Similarly, the
Placing is conditional upon the passing of resolutions by shareholders approving
the Placing and authorising the Company to allot the New Ordinary Shares
concerned. Such resolutions will be proposed to shareholders at an extraordinary
general meeting of the Company, which is expected to be convened for mid July
2003.  The ESM particulars and notice of the extraordinary general meeting are
expected to be published and circulated to shareholders shortly.

For more information please contact

Frank Buckley
01 4912944

John O'Connor
01 4912944



Bloxham Stockbrokers, which is regulated by the Irish Financial Services
Regulatory Authority, is acting exclusively for Ovoca Resources plc and no one
else in relation to the matters referred to in this announcement and will not be
responsible to anyone other than Ovoca Resources plc for providing the
protections afforded to their customers or for providing advice in relation to
the contents of this announcement or any matter referred to therein.

END


This announcement has been issued through the Companies Announcement Service of
                            The Irish Stock Exchange


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