Ovoca Bio Regulatory News (OVB)

23 Jun 2006 09:59

Ovoca Gold PLC23 June 2006 OVOCA GOLD PLC Ovoca Starts Bankable Feasibility Study on the Goltsovoye Silver Deposit, Russia Friday, 23 June 2006 Ovoca Gold Plc (AIM: OVG; IEX: OVX) is pleased to announce that it has appointedWardell Armstrong to conduct a Bankable Feasibility Study on the 74 millionounce Goltsovoye silver deposit in the Magadan Region of Russia to commence inthe first week of July 2006. Following the recent acquisition of a 78% equity interest in the Russian companyCJSC Ayax, holder of a mining license for the Goltsovoye silver deposit in theMagadan Region in the east of Russia, Ovoca has now engaged Wardell ArmstrongInternational Limited to complete a bankable feasibility study for thedevelopment of the deposit to be completed by the first quarter of 2007. TheWardell team will commence work on site during the first week of July 2006 A confirmatory core drilling programme, geotechnical and hydrological drillingprogramme will shortly commence under the supervision of the consultant and willsupplement the study. The Goltsovoye deposit which has reserves of 74 millionounces of silver approved as C1 and C2 under the Russian standard for resourceclassification will during the study be converted to the western JORC standardfor resource and reserve classification. Following completion of the bankable study, Ovoca plans to rapidly move intomine construction during 2008. On completion, the Goltsovoye mine, Ovoca Gold will develop into a mid-tierprecious metal producer with additional advanced exploration projects in theKola Region of northwest Russia bring additional resources for futuredevelopment. Ovoca Gold Plc is an international company developing and exploring precious and base metals in Russia, Sweden and Ireland quoted in London (OVG.L) and Dublin (OVX.IR). For further information please visit www.ovocagold.com or contact: Simon Beardsmore - Ovoca Gold Nick Bias Buck Bias (UK PR) Tel: +44 (0)207 7397 8159 Tel: +44 (0)7887 920 530 Email: simon.beardsmore@ovocagold.com Email:nick@buckbias.com /Mr John Frain - Davy Broker) Richard Chase- Ambrian Partners+44 (0)207 776 6461 Tel: +353 (0)1 614 8761 Email: richard.chase@ambrian.com Email: john.frain@davy.ie 23 June, 2006 This information is provided by RNS The company news service from the London Stock Exchange