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29 May 2008 14:09
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Ovoca Gold plc ("Ovoca" or the "Company")
LicenceΒ amendment
OvocaΒ (London (OVG.L), Dublin (OVX.IR), Frankfurt (OVX.GR))Β is pleased to announce thatΒ theΒ Federal Subsoil Use Agency (Rosnedra)Β has approved amendments to the Company's Goltsovoye licenceΒ (the "Licence").Β The amendmentsΒ have beenΒ made by means of an addendum to the existing licenceΒ (the "Addendum").
The approvalΒ followsΒ anΒ applicationΒ to RosnedraΒ toΒ have the terms of theΒ LicenceΒ amended so as toΒ make them consistent with legislative changes that have occurredΒ since theΒ Licence was granted inΒ 1993.Β TheΒ amended termsΒ confirm theΒ Company's entitlementΒ to an extension of theΒ LicenceΒ for the economic life of the Goltsovoye deposit.Β In addition, theΒ AddendumΒ records theΒ Company'sΒ totalΒ reservesΒ for Goltsovoye, as audited and approved by GKZ, of 81.33 million ounces of silver and 46,438 tonnes of lead,Β and the preliminary mining allotment areaΒ forΒ theΒ Licence.
Leonid Skoptsov, the Ovoca CEO, comments: "We areΒ pleased that Ovoca's request toΒ have the terms of theΒ Goltsovoye licenceΒ updatedΒ have been satisfied and that Rosnedra have processedΒ theΒ corresponding addendum. The company hopes for further productive collaboration with all stateΒ authoritiesΒ over the course of the development of the Goltsovoye Mine"
|
Mr Danesh Varma CFO, Company Secretary |
+44 (0)20 7937 8151Β danesh.varma@ovocagold.com |
|
Mr Leonid Skoptsov CEO |
+7 495 648 26 46Β leonid.skoptsov@ovocagold.com |
29 May 2008
This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.
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