Drilling Update

RNS Number : 7974B

Ovoca Gold PLC

25 February 2011

 

25 February 2010

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

Olcha drilling results

Ovoca is pleased to announce drill results from its ongoing exploration effort at Olcha, a gold project on the Rassoshinskaya license. The Rassoshinskaya license is in the North Eastern part of the Magadan Region, Russia. The Olcha project has three targets; Centralny Zone 1, Centralny Zone 2 and Zond.

During 2010 over 10,234 metres were drilled on Olcha. Ovoca has received laboratory analysis for all drilling results and is in the process of updating its resource model.

Significant drilling results for 2010 not yet announced include:

Bore hole ID number	Target	Interval, m			Gold grade g/ton	Silver grade g/ton
		from	to	length
C-201	Centralny, Zone 2	145.7	146.2	0.5	14.2	16.9
C-201	Centralny, Zone 2	177.9	178.9	1.0	4.5	11.9
C-202	Centralny, Zone 2	86.0	90.0	4.0	18.4	58.1
C-202A	Centralny, Zone 2	25.5	28.5	3.0	19.3	37.0
C-202A	Centralny, Zone 2	156.5	157.3	0.8	7.0	29.6
C-203	Centralny, Zone 2	85.8	86.5	0.7	8.0	25.6

Tim McCutcheon, CEO, comments: "We continue to encounter high grade intercepts at Olcha on Zone 2 and are excited about its potential. In 2011 we plan to apply for a full 25-year exploitation license. The Company will use the time during the review of our application to perform additional geophysical work and some drilling to better understand the ore body's structure to the Northeast of Zone 1 as well as the area directly South of Zone 2.  Olcha is a complex ore body and the Ovoca team is working hard to bring geochemical, geophysical, trench and drilling work all together to better understand the geology to maximize the efficiency of our exploration effort. "

Notes to Editors

Ovoca Gold PLC ("Ovoca" or "the Company") is a mineral exploration and mine development company listed on the AIM market of the London Stock Exchange (Ticker: OVG) and on the ESM market of the Irish Stock Exchange (Ticker: OVX). The Company‟s principal activity is gold exploration in the Magadan Region of the Russian Federation. Previously Ovoca acquired, developed and sold to JSC Polymetal for US$47.7 million at the time of closing the Goltsovoye silver project located in the Magadan Region. Currently, Ovoca is aggressively exploring and developing its 100 per cent owned Stakhanovsky, Rassoshinskaya and Nevsko-Pestrinskoye licenses.

Stakhanovsky is located approximately 40 kilometres north of Susuman, the second largest city in the Magadan region. It is accessible by year-round road and there is power infrastructure on site. The Company intends to put Stakhanovsky into production by 2013.

Rassoshinskaya is in the North Eastern part of the Magadan Region about 200 kilometres from the town of Simchan. There is no nearby infrastructure. Rassoshinskaya hosts an epithermal gold deposit named Olcha, as well as other

gold and gold-silver targets. Olcha and nearby satellite deposits have the potential to host a high grade multi-million ounce gold resource.

Nevsko-Pestrinskoye is located in the central part of the Magadan region near the town of Omsukchan. A year-round road and powerline are near the site. The license completely surrounds the Goltsovoye silver deposit. Ovoca intends to investigate and explore known mineral occurrences that extend beyond the Goltsovoye license area onto Nevsko-Pestrinskoye.

Ovoca Gold Plc

Timothy McCutcheon [phone] [e-mail]

Davy

John Frain [phone]

The above information has been reviewed and verified by Mr. Andrew W. Aitchison for the purposes of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in March 2006. Mr. Aitchison, MAusIMM, FGS from the University of Newcastle, Australia, is Ovoca Gold's Consulting Geologist and he has over 20 years experience of gold and base metal mining and exploration in Australia, Turkey, Ghana, Russia and Kazakhstan. Experience includes operational and management roles at the Pajingo and Ovacik gold mines, as well as Manager Mineral Resources and Mine Planning for Goldfields in Ghana. Further details about the Podgorniy gold project are found in the following technical reports (i) SRK Consulting Technical Report, June 2009, (ii) SRK Consulting Field Review, September 2009 which can be found in the Ovoca circular to shareholders dated 22 December 2009 on our website www.ovocagold.com.

 

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