Ovoca Bio Regulatory News (OVB)

30 May 2007 09:28

Ovoca Gold PLC30 May 2007 NEWS RELEASE 30 May 2007 Ovoca Gold plc ("Ovoca" or the "Company") Appointment of Scott Wilson Mining Ltd. to produce a Bankable Feasibility study for its Goltsovoye Project Ovoca Gold Plc (AIM: OVG; IEX: OVX) is pleased to announce that Scott WilsonMining Limited (SWM) London has been appointed as lead consultants to producethe Bankable Feasibility Study ("BFS") for Ovoca's flagship Goltsovoye SilverDeposit in the Magadan Province of Russia. The BFS will be completed before the end of the year. Since the completion ofthe Wardell Armstrong report, Phase 1 of the Bankable Feasibility Study,engineering design and testwork has continued on mining, metallurgy,infrastructure and tailings disposal. This, together with site works whichwere commenced after the winter, and will continue through the summer, willallow the Company to meet its original construction and production timetable. Recent liberalization in Russian legislation allowing treatment of preciousmetal concentrates outside Russia have simplified the flow sheet to a gravityand flotation circuit. Leonid Skoptsov, Chief Executive Officer of Ovoca, commented: "The commissioningof Scott Wilson is another milestone achieved towards the completion of theGoltsovoye Silver mine. The work undertaken since the completion of the PhaseOne Bankable Feasibility Study in February 2007 has advanced the projectsignificantly in terms of proposed mining and processing methods. The projectis on track to commence mining in the first quarter of 2009. As this dateapproaches, road access upgrade work and the purchase and moving to site of someheavy equipment and fuel storage tanks is underway. Other critical siteactivities are ongoing throughout the summer and will be reported as thesedevelopments occur." The following is a list of all of consultants involved in the Bankable Feasibility Study: Consultant FunctionScott Wilson Mining Project Manager Resources Mining Infrastructure Tailings Disposal, Hydrology, Geotechnical Financial and Marketing GBM Minerals Engineering Process plant DesignConsultantsWardell Armstrong International Environmental baseline and Impact Ovoca Gold Plc is an international exploration company quoted in London (OVG.L) and Dublin (OVX.IR), exploring for precious and base metals in Russia, Sweden and Ireland For further information please visit www.ovocagold.com or contact: Simon Beardsmore, Commercial Manager - Ovoca Gold Plc John O'Connor - CFO - Ovoca Gold PlcTel: +44 (0)207 397 8159 Tel: +44 (0)207 397 8152Email: simon.beardsmore@ovocagold.com Email: john.oconnor@ovocagold.com John Frain - Davy Nick Bias / Alex Buck - Buck Bias (UK PR)Tel: +353 (0)1 679 6363 Tel: +44 (0)7887 920 530 / +44 (0)7932 740 452Email: john.frain@davy.ie Email: nick@buckbias.com / alex@buckbias.com This information is provided by RNS The company news service from the London Stock Exchange