Ovoca Bio Regulatory News (OVB)

12 May 2005 13:20

Ovoca Resources PLC12 May 2005 NEWS RELEASE May 12, 2005 Ovoca Resource plc ('Ovoca' or the 'Company') Further Information on Norplat Limited ('Norplat') Following the acquisition of a 78 percent interest in Norplat Limited thedirectors of Ovoca Resources plc (OVG.I Dublin and OVG.L London) wish toprovide further information on the exploration assets the Company has acquired. Norplat Limited is a private exploration company created six years ago by formerOxus Gold Plc Managing Directors for the purposes of exploiting the mineralpotential of the Russian Federation, in particular focussing on platinum andgold deposits in northwest Russia. The directors of Norplat, supported by ateam of local and western geological professionals, have between them over 95years of experience in developing mineral properties in the Former Soviet Union. Norplat owns a 95 percent equity interest in its Russian subsidiary "Black FoxResources AOA " which currently holds the 152 square kilometre Kolmozero-Voronyaexploration license in the Kola Peninsula of northwest Russia near the Finnishborder. The license encompasses a number of mineral prospects which includeplatinum, gold, copper, molybdenum, nickel and rare earth minerals. Two exploration prospects, Oleninskoye and Nyalm, have already been drilled andtrenched with combined resources of 900,000 ounces of gold so far outlined inthe P1 category based on the Russian resource classification methodology. The2005 trenching and a 7,000 metre diamond drilling programme has alreadycommenced on both prospects. This follows on from the results of last year'sdrilling programme and assay results are expected in the coming weeks. At Oleninskoye, the more advanced prospect, the 2004 and previous drillingprogrammes have indicated that gold mineralisation occurs in quartz lenses ofthickness ranging from 2 to 5 metres with an average strike length of 85 metresand an overall strike length of 5 kilometers for all six mineralised zones.Drill intersections indicated that the gold mineralisation extends to depths inexcess of 100 metres and is open both along strike and in depth. A recentresource estimate calculated by Norplat based on drilling on Vein 3 has outlined1,020,000 tonnes at an average grade of 13.9 grammes per tonne and a goldequivalent of 455,000 ounces. In addition to this gold mineralisation, recentdrilling has intersected spatially related platinum mineralisation within themetabasalt and metadiabase host rocks of the gold bearing quartz veins andstockworks with platinum grades of up to 3.2 grammes per tonne over thicknessesof over 10 metres. It is believed that these host rocks are extensive throughoutthe license and assays from reject samples from previous gold exploration,before Norplat's ownership of the licence, indicate the presence of platinum inother gold prospects where assays for platinum were not run. The acquisition of a 78 percent shareholding in Norplat, with a call option toacquire the remaining Norplat issued shares and warrants, has not onlydramatically increased the resource base of Ovoca but has brought onboard adynamic experienced technical management team to advance not only the Kolaprojects but also the licenses in Sweden and Ireland. Further information will be provided on the results of the 2005 drillingprogramme and prospects for all of the Company's exploration prospects in duecourse. Contacts Barrie Oakes +44 (0)7951139266 Roger Turner +44 (0)773092813 John O'Connor +353 (0)1 491 2944 Richard O'Shea +353 (0)87 2560397 John Frain (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