Bankable Feasibility Study

Ovoca Gold PLC
15 January 2008



                                 Ovoca Gold plc



Bankable Feasibility Study Results for Goltsovoye: cash cost of production $4.11
   per ounce of silver, pre-production capital cost of $73.9million, average
         production 6.4 million ounces of silver a year in early years.





Ovoca Gold Plc, the London AIM (OVG.L) and IEX (OVX.IR) ('Ovoca') is pleased to
announce the results of the Bankable Feasibility Study (BFS) for its
wholly-owned Goltsovoye silver project; prepared by Scott Wilson Ltd.



Scott Wilson concludes: 'The Goltsovoye project presents an opportunity to
develop an economically viable project for Ovoca that has the potential to
provide economic returns on investment.  Based on Zone 1 resources, the cash
flow analysis indicated robust project economics across a range of silver price
assumptions.' The BFS states that the Goltsovoye mine project has a
pre-production capital cost of $73.9 million (without a 10% contingency). The
average production cost will be $4.11 per ounce of silver. Output will be over
6.4 million ounces of silver per year for the first three years of operation.
Scott Wilson's base case NPV for Goltsovoye at $12.50 per ounce of silver and at
a 10% discount rate is $75.9 million on a pre income tax basis. At a $15 per
ounce silver price and a lead price of $772 per tonne (current prices are $16.15
and $3453 respectively) and 10% discount rate, Goltsovoye's NPV, on a pre income
tax basis, is $128.6 million.


                   Internal Rate of return (IRR) and pre income tax Net Present Value (NPV)

Silver Price USD per ounce             Variation                      IRR                 NPV USD millions
                       $10.00            -20%                        22.4%                      23.1
                       $11.25            -10%                        34.8%                      49.5
        Base Case      $12.50              0                         46.3%                      75.9
                       $13.75            +10%                        57.1%                      102.3
                       $15.00            +20%                        67.5%                      128.6



It is important to note that the BFS addresses only the first phase development
of the Goltsovoye deposit, Ore Zone 1 resources, containing 41.3 million ounces
of silver measured and indicated, at 884 grams per tonne (Canadian NI 43-101
standard). The BFS does not include Ore Zone 1 inferred resources of 3.2 million
ounces of silver at 627 grams per tonne; Ore Zone 2 JORC catagorised resources
previously announced by Ovoca Gold in Q107, of 22 million ounces of silver (2.7
indicated, 19.4 inferred) at 754 grams per tonne, or any of the 4 other
identified Ore Zones.



In the Study, Goltsovoye is designed as a compact underground operation, with an
annual mined output of 260,000 tonnes of ore during the six-year mine life of
Ore Zone 1. Ore processing is a combination of gravitation and flotation with
the end product being a silver-lead concentrate.  Silver recoveries are
predicted to be 95% while lead recoveries are predicted at between 76% and 86%.
The process plant will consist of three stage crushing and grinding, followed by
the gravitation and flotation circuits to produce two separate products: a
gravity concentrate and a flotation concentrate.



Special attention has been paid to the environmental aspects of the project.
Scott Wilson comments in the BFS: 'Based on the information gathered to date, it
is considered likely that environmental impacts arising from the project can be
avoided or mitigated against in the project design and as such will not
compromise the success of the project.'



The tailings storage facility is contained as a valley dam with a rockfill
embankment. Power will be supplied from six 1750 kV diesel generators. Process
water and potable water will be supplied from wells, and the process water will
be recycled from the tailings pond. A permanent man camp will house 260
employees. The mine will directly employ 371 people (331 mining and processing)
and will work a two-week-on-two-week-off rotating schedule.



Leonid Skoptsov, Chief Executive Officer of Ovoca comments: 'I am very pleased
with the results of Scott Wilson's BFS, which confirms the attractiveness of our
Goltsovoye project. Even with a base case scenario of $12.50 per ounce of
silver, Goltsovoye is a world-class property that would be a welcome addition in
the asset portfolio of any mining company. Of course, considering that silver is
now above $16/oz and above the top range for the BFS, I believe that Goltsovoye
will demonstrate financial performance in excess of the already robust economics
concluded by Scott Wilson. I look forward to building Goltsovoye, and delivering
on our promises to shareholders, the local community and employees to create a
first-rate company around this wonderful asset that Ovoca has the good fortune
to own.'



The Executive Summary of the BFS can be viewed on the company's website:
www.ovocagold.com.



The above information has been reviewed and verified by Roger Turner, Chairman
and Director of Ovoca, for the purposes of Mining, Oil and Gas Companies issued
by The London Stock Exchange in March 2006. Mr. Turner with 41 years mining
engineering, management and consulting experience, graduated as a mining
engineer from the Camborne School of Mines and has an MSc degree in Economic
Geology from Leicester University. He is a member in good standing of the
Institute of Materials, Mining and Metallurgy and is a UK Chartered Engineer.



Ovoca Gold Plc is an international exploration company with dual listing in
London (OVG.L) and Ireland (OVX.IR), exploring for and developing precious and
base metals properties in Russia.



For further information please visit www.ovocagold.com or contact:



Leonid Skoptsov - Ovoca Gold Plc
Tel + 7 (0)495 648 2646
Email: [e-mail]

John Frain - Davy
Tel : [phone]
Email: [e-mail]

John O'Connor - Ovoca Gold Plc
Tel: [phone]
Email: [e-mail]




                      This information is provided by RNS
            The company news service from the London Stock Exchange