Ovoca was notified on 3 February 2012 that Salyco Trading Company Ltd, a company controlled by Mikhail Mogutov (Executive Chairman of Ovoca), sold 429,985 ordinary shares of €0.125 each ("Ordinary Shares") at a price of €0.30 per Ordinary Share on 3 February 2012 to Pickco Trading Ltd, a company controlled by Yuri Radchenko (a Non-Executive Director of Ovoca). Following this transaction, Mr Mogutov's aggregate interest in the Company comprises 11,656,203 Ordinary Shares, representing approximately 13.34% of the issued share capital.
Additionally, Subishico Trading Company Ltd, a company controlled by Leonid Skoptsov (a Non-Executive Director of Ovoca), sold 429,986 Ordinary Shares at a price of €0.30 per Ordinary Share on 3 February to Pickco Trading Ltd, a company controlled by Yuri Radchenko. Following this transaction, Mr Skoptsov's aggregate interest in the Company comprises 11,656,203 Ordinary Shares, representing approximately 13.34% of the issued share capital.
Following the above transactions, Mr Radchenko's aggregate interest in the Company comprises 11,656,202 Ordinary Shares, representing approximately 13.34% of the issued share capital.
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 and Rassoshinskaya 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. Stakhanovsky's initial independently established resource was announced in an RNS on 2 February 2011 and is available on the Company's website. 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 Seimchan. 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. Olcha's initial independently established resource was announced in an RNS on 22 June 2010 and is available on the Company's website.
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