Ovoca Bio Regulatory News (OVB)

19 Jun 2008 10:38



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

Goltsovoye Public Hearings

Ovoca Gold Plc., London (OVG.L), Dublin (OVX.IR), Frankfurt (OVX.GR) ("the Company") is pleased to announce that public hearings to review environmental aspects of the Goltsovoye mine and processing complex were successfully conducted in Omsukchan, the administrative centre of the Magadan Oblast. No substantive objections from the public were raised during the hearings and this was recorded in a memorandum of understanding between, amongst others, the company, a number of local interest groups and local government authorities. Interests of the public were represented by local and regional environmental organizations and local interest groups.

The public hearing, a requirement under Russian legislation, concludes preparation of the Goltsovoye development plan. The development plan will be submitted to Federal authorities for final approval.

Leonid Skoptsov, the Ovoca CEO, comments:

"I am pleased to note that the policy of openness and transparency implemented by the Company is showing encouraging results. The public has responded positively to the efforts made by the Company to prevent the possibility of damage to the region's environment. The large number of participants at the public hearings indicates that not only Ovoca, but also the local residents eagerly await the completion of the project design stage and the transition to full-scale construction. Which will lead to new jobs and a powerful impetus to further development of the region's economy."