Ovoca Bio Regulatory News (OVB)

16 Oct 2006 07:00

Ovoca Gold PLC16 October 2006 Ovoca Announces High Grade Silver Intersections from Drill Holes and Dump Samples at it's Goltsovoye Project, Eastern Russian Ovoca Gold Plc (AIM: OVG; IEX: OVX) is pleased to announce preliminary resultsfrom its drilling, metallurgical and dump sampling programme on the GoltsovoyeSilver Deposit, Magadan Province, Eastern Russian. Ovoca Gold also announces the appointment of DBM Capital of Moscow, Russia asfinancial advisors to the company. The Goltsovoye Silver deposit is Ovoca Gold's flagship project and is presentlythe subject of a Western Bankable Feasibility Study designed, supervised andcoordinated by Wardell Armstrong International (WAI). As part of the above studies Ovoca has been carrying out a confirmatory andinfill diamond drilling programme to confirm previous Soviet exploration dataand to upgrade western Inferred resources to an Indicated category. Highlightsfrom assay results received on core samples are tabulated below and whichdemonstrate the exceptional high grades characteristic of the Goltsovoye SilverDeposit. Borehole Interval Length SilverZone 1 From To metres metres Grammes per Ounces per tonne metres tonne GDA9 39.6 43.6 4.0 2,857 91.9Including 39.6 40.6 1.0 10,031 322.5And 26.6 33.6 7.0 886 28.5Including 26.6 27.6 1.0 1,609 51.7 29.6 30.6 1.0 2,152 69.2 31.8 32.6 0.8 1,201 38.6And 65.5 66.5 1.0 1,335 42.9 GDA10 90.0 94.0 4.0 1,054 33.9Including 91.5 92.5 1.0 3,942 126.7And 139.3 140.5 1.2 731 23.5 GDA8 102.5 105.35 2.85 2,972 95.5Including 102.5 104 1.5 1,622 52.1 104.95 105.35 0.4 15,057 484.1 To date 1,750 metres have been drilled out of a programme of 3,920 metres. Corerecovery is between 95 and 100%. The drilling programme for Zone 1 ore body isnow complete and all core samples are in the process of sample preparation andassaying. Results for the full program will be announced as soon as they arecompiled and available. Drilling is now in progress on Ore Zone 2. The drilling results have confirmed the presence of significant grades of silverwithin the main ore bodies of Zone 1. All the intersections are at least 500grammes per tonne (16 ounces. per tonne) higher than the minimum planned stopegrade of 300 grammes per tonne (9.6 oz. per tonne). Zone 1, Ore body 2, whichwill provide ore for the first two years of operation, is proving to carryexceptionally high silver grades over much greater thicknesses than wasoriginally modeled from the Soviet data. WAI has conducted a preliminary sampling exercise covering the majority of thewaste dumps at Goltsovoye. This involved taking 26 shallow (