Ovoca Bio Regulatory News (OVB)

2 Dec 2009 11:42

Ovoca Gold plc ("Ovoca" or the "Company")

CEO Appointment and Board Changes 

Ovoca is pleased to announce that Tim McCutcheon has been named CEO effective immediately. Tim has been a director of Ovoca since January 2009. Mikhail Mogutov, will step down as CEO and become Executive Chairman, while the current Chairman Leonid Skoptsov will retain his position on the Board as a non-executive director. 

Tim has lived and worked in Russia and the Commonwealth of Independent States since 1994. Prior to working in Ovoca, Tim worked in multiple financial institutions such as Bear Stearns, Aton Capital and Pioneer Investments as an award-winning metals and mining sector analyst and as an investment banker. Tim was one of the first analysts in Russia to write about its gold mining sector and he has advised numerous international gold mining companies on M&A, business development, and Russian business practices. 

Tim has a BA and MBA from Columbia University, New York, USA. He lives in Moscow, Russia and speaks fluent Russian.

Mr. McCutcheon commented "Given the recent surge in the gold price and increasing interest in the gold mining sector from investors globally, I believe now is a particularly fortuitous time to lead a gold mining company. It is clear that investors have been patient with the Company as it has re-grouped after the sale of Goltsovoye. I intend to reward shareholders for their patience by focusing on long term, sustainable shareholder value. I look forward to advancing Ovoca and putting its human and capital resources to work."

Mr. Mogutov comments "I am pleased that we were able to attract someone of Tim's calibre to lead Ovoca. Tim is set to quickly form a wider management team, look to acquire new assets and to vigorously advance the company. It has been almost a year since Ovoca sold its core asset Goltsovoye. The Company has cash and technical expertise, and with Tim's appointment we now have a leader to tie everything together to make a vibrant, successful company.

I will take over my previous position as Chairman and would like to thank Mr. Skoptsov for his work in that capacity." 

For further information please visit www.ovocagold.com or contact:

Ovoca Gold plc

Timothy McCutcheon +7 495 916 6029 tim.mccutcheon@ovocagold.com

Mr Danesh Varma, CFO +44 207 653 9881 danesh.varma@ovocagold.com

Davy 

John Frain +353 1 679 6363

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