Ovoca Bio Regulatory News (OVB)

29 Jun 2005 10:23

Ovoca Resources PLC29 June 2005 NEWS RELEASE June 29, 2005 Ovoca Resource plc ('Ovoca' or the 'Company') AIM Listing Commences Thursday 30th June 2005 and Initial Phase 2 drilling results Ovoca Resources plc (OVX Dublin and OVG London) is pleased to announce itslisting on the Alternate Investment Market of the London Stock Exchange withtrading to commence on Thursday 30th June 2005. The company is also pleased to announce the preliminary results of the first twodiamond drillholes from the current Phase 2 exploration programme. The drillingwas conducted on the South Leshaya prospect, which is the northern extension ofthe previously drilled Oleninskoye prospect, situated within Ovoca's 152 squarekilometre Kolmozero-Voronya licence in the Kola Peninsula of Northwest Russia. South Leshaya is in addition to the eight previously defined gold bearingstructures within the licence area. In addition to gold, the area isprospective for platinum group metals (pgm), which have been found extensive inthe adjacent Oleninskoye prospect. Assay results from two of the explorationdrill holes have been received. High grade gold mineralisation has beenintersected in a silicified amphibolite over two intersections within boreholeBF-041 with maximum grade of 80.0 grammes per tonne. Borehole BF-044intersected 211 grammes per tonne (6.78 ounces per tonne) over a 2 metrethickness. Two check assays were run on the samples from these threeintersections to confirm the results. Preliminary Results South Leshaya Phase 2 Diamond Drill Hole Assays Hole From To Intersection Gold Number (metres) (grammes/tonne) BF-041 7.0 8.5 1.5 12.3 86,8 88,5 1.7 80.3 BF-044 5,0 7,0 2.0 211.0 Dr Barrie Oakes, CEO of Ovoca Resources, stated ... "The results of 80 grammesper tonne over 1.7 metres and 211 grammes per tonne over 2 metres, following the83 grammes per tonne over 2.8 metres in Phase 1, are very consistent andencouraging. These are exceptional results and we eagerly await more from ourongoing Phase 2 drilling programme. We believe that these results confirm ourconviction that there is widespread high grade gold mineralisation throughoutthe 152 square kilometre licence area. We plan to accelerate the work ratefollowing our recent fundraising." Contacts Barrie Oakes +44 (0)7951139266 Roger Turner +44 (0)7739092813 John O'Connor +353 (0)1491 2944 Richard O'Shea +353 (0)872560 397 Fergal Meegan (Davy Corporate Finance) +353 (0)1 679 6363 This announcement has been issued through the Companies Announcement Service of the Irish Stock Exchange. This information is provided by RNS The company news service from the London Stock Exchange