Member Info for MikeF

Correction - £15mill

Can't see why not, just not alot of interest atm. £25mill in cash roughly and a further £15 in Polymetal still! No brainer... surely!

No probs, just don't understand why there is no interest here! Clearly undervalued, just opinions would be nice lol

Dublin and Frankfurt moving better: http://finance.yahoo.com/q?s=OVX.F,OVX.IR&d=s

I actually had no idea what Moly was used for so the attached link can help if want to read up on it. http://www.molyseek.com/index.php Molybdenum miner - hard metal. Required for oil and gas pipelines in tough environments, also drill heads, tools, rigs etc. etc. As more marginal and far away oil and gas fields are developed due to depletion of existing fields, there will be a greater need for molybdenum - more pipelines, infrastructure, tools, machinery etc. etc. Higher molybdenum prices mean greater profits for the guys mining the stuff. Add to that the fact that small and mid cap miner share prices are way below historic relationships with metal prices, and you've got a recipe for mom's best apple crumble, with extra lashings of custard. Yum. So the reason they sold the silver asset was because that is what was going to give them the cash now as it had short term value. However, i believe that they have been very astute turning to the Moly mine as by the time it's operational the need for Moly will rise again and potential of the price could get back up to the $75,000t rate!!! So is Ovoca a safe bet - answer no. But is it worth putting 2k in now with the potential it could be worth - yes Judgement case - look at Rosemont Copper currently got a market cap of £100m - link below on their Feb 09 presentation http://www.augustaresource.com/upload/feb_2009_AZC_web_presentation.pdf

My own thoughts: When they sold the silver mine to Polymetal they received cash and shares. The share sale is only 50% of what they have got so they must be planning to use the cash on developing Kola. So what have they got? $21.6m from share disposal ($21.6m in shares left and likely to be worth more) $12m from sale to Polymetal $2m in cash/assets at Kola Kola • World class molybdenum/copper ore body discovered at Pellapakh • 132 million tonne resource at 0.06% molybdenum equivalent grade (79,200 tonnes of contained molybdenum) comparable to major producers of the world at a forward price of $25,000t = $2bn • Major drill programme completed with some assay results still awaited • Geostatistical resource estimate to be upgraded on receipt of outstanding assays and on completion of the next stage infill drilling programme • Deposit close to infrastructure - 50 kilometres from a power station - 160 kilometres from a large seaport - 90 kilometres from the nearest railroad station • Current molybdenum price at US$18,000 per tonne was $75,000 six months ago So what they need to do is: 1. Resource estimates to be upgraded including copper etc 2. Finalise resource to Russian or JORC standards 3. Feasibility study 4. Raise the capital to go into construction phase with our without partner 5. Build plant/mine 6. Start production and sell product Timescale probably two/three years

Strong buy - http://uk.stoxline.com/q_uk.php?s=ovg

No worries mate, very cheap IMO, long way to go to get to full value, Will be interesting to see what we end up on today. GL

make our holding in Polymetal worth more as well as all the cash we have already! DYOR. GL

jump on board IMO, knew something had to be happening! GLA

Potential Acquisition (JSC Polymetal) TIDMPMTL RNS Number : 2774P JSC Polymetal 23 March 2009 ? Saint-Petersburg, Russia, March 23, 2009 - in response to the press speculation, JSC "Polymetal" (LSE, MICEX, RTS: PMTL) ("Polymetal" or the "Company") announces that it is in discussions in relation to the purchase of OOO Rudnik Kvartsevyi, a Russian company which owns the mining license to the Sopka Kvartsevaya gold deposit in the Severo-Evensky district of Magadan region, Russia (the "Transaction"). Discussions in relation to the Transaction are at an advanced stage and may or may not lead to an agreement being signed to effect the Transaction. The details of the Transaction and the structure by which it may be effected are yet to be agreed and approved by the Board of directors Polymetal. A further announcement will be made by the Company in due course. Pending any further announcement Polymetal does not intend to comment further on the Transaction. Pavel Danilin VP, Corporate Finance and Investor Relations Tel. +7 812 334 3666 E-mail: danilin@polymetal.ru Website: www.polymetal.ru

sounds pretty accurate! Very undervalued, will rise soon IMO. GL

Bit of info for you about the company: http://www.minesite.com/companies/comp_single/company/ovoca-gold-plc.html http://www.proactiveinvestors.co.uk/companies/news/4874/ovoca-gold-sells-375-million-shares-in-jsc-polymetal-for-us215-million-4874.html Well if you look over the previous posts you can get an idea of what might be going on, they already had cash so why did they need to raise more? Looks like a possible JV could be on the cards and someone on ADVFN BB said that rumour has it there is! Always DYOR on any company though. I am in this because they are very undervalued with the amount of cash they have and if a JV did come about this could potentially multibag IMO. GL

15p would make me a very happy man. As i said my estimates were very conservative! If they went into a JV with someone this sp could potentially blow, if they already had cash it makes you wonder why they wanted to raise more. Also they have only sold 50% of their stake in Polymetal so still have around another $21mill in their as well. This could potentially be huge for this company and just have to wait and see what they do. But with all the cash they are sitting on at the mo they should at least be on about 7p cash value alone! I wonder if this will become more common knowledge over the weekend and the sp will continue to rise well on Monday. Opened up 28% higher Friday so even the MM's knew this was very undervalued. Look forward to see what will become of this. GL

No i'm not, been watching whats it's been up to though, not a lot of free cash, i had to pull out of URU temporarily to get in here with more. Not alot of fundas atm, moving house and it's ruining me financially! lol

Ha ha that is a much more long term play! These will come good in the short term IMO GL mate

Bit quiet, don't think the cash flow is widely known yet, hoping that there is a bit of news over the weekend and if a Joint Venture does come to fruition then this could multi bag IMO (depending on the circumstances). GL

that seems to be the way i share deal all the time! Must calm myself down sometimes swear im going grey ;)

Been watching these for a while and had a little in before. Just cant see this trading under 6p after a few more people have realised. GL

a major joint venture on ADVFN, that may be why they have freed up the cash!? Either way very undervalued IMO.