Final Results

Ovoca Resources PLC
01 September 2004

                                                             Ovoca Resources PLC

                                                                      York House

                                                           Rear 176 Rathgar Road

                                                                        Dublin 6



                                                     Phone Intl + 353 1 491 2944

                                                      Fax Intl  + 353 1 491 2948



                              OVOCA RESOURCES PLC

           PRELIMINARY STATEMENT FOR THE YEAR ENDED 29 FEBRUARY 2004



The financial information set out in this document is extracted from full
statutory accounts for the year ended 29 February 2004 but does not constitute
full statutory accounts by itself.  The 2004 accounts have been audited and
received unqualified audit reports.  The auditors, Timothy O'Reilly & Company,
have approved the release of this statement.



For further information contact Mr. John O'Connor, + 353 (1) 491 2944



Copies of this report will be available at the companies offices at York House,
Rear 176 Rathgar Road, Dublin 6, Ireland and on the company website www.ovoca.ie







                                                                  31 August 2004



Chairman's Statement





Ovoca undertook a major review of its activities during the year.  Under the
guidance of our new CEO Mr Richard O'Shea, Ovoca has refocused on its
exploration activities, and reviewed several new projects.  We have acquired
some very exciting Gold Exploration licences on the Gold Line in Vasterbotten
County in northern Sweden.  Your company has also reaffirmed its interest in
Ovoca's licence areas in Newcastle West, where we have entered a Joint Venture
with Aurum Mineral Resources Limited since the year end.



Ovoca is continually looking at and reviewing other new projects which will add
value to the company and its shareholders, and build Ovoca into a respected
company among it's peers in the Mining and Exploration sector.



I would like to welcome Mr Jeremy Martin to the Board, as our new Chief
Operations Officer.  He is an experienced geologist and will oversee our
exploration programme on the ground in Sweden.  I would also like to extend my
thanks to Mr Desmond Alexander and Mr John Carroll, both of whom retired from
the Board during the year after many years of excellent service.



Ovoca are delighted that Davy have agreed to be our new sponsoring brokers in
Ireland and we look forward to their experience and advice as we develop Ovoca
into a player in the mining and exploration sector over the next few years.



Subsequent to the year end Ovoca raised €575,000 through a successful placing
and land sale in Keel, Co. Longford and is fully funded for the 2004 year
budget. With Gold prices in the $400 region and a solid management structure in
place I look forward to Ovoca having an exciting and successful future ahead of
it.





Paul Smithwick.

Chairman







Chief Executive's Statement



I joined the board in August 2003 having been a shareholder in Ovoca since 1985,
and became Chief Executive Officer at the Board's request in October 2003.  The
Board then undertook a complete review of Company strategy and direction.  The
outcome of this was a renewed focus on high value exploration work and
willingness to look at projects further afield.  Having reviewed a number of
projects we now feel that Ovoca is on the right track for a successful future.



During 2004 Ovoca, through its acquisition of Exploration Projects in
Vasterbotten County in Northern Sweden, has strategically positioned itself to
benefit from what is now starting to be recognised as a new emerging Gold
province in Europe.



Ovoca has some highly prospective exploration ground which are set out in detail
in our Review of Operations outlined below.  We have continued to acquire
strategic licence areas and added to our portfolio, which now stands at eight
licence areas covering 26,559 hectares of ground.  Other companies are now
starting to stake licences on what has become known as the "Gold Line" in Sweden
following recent discoveries and more particularly the discovery of the
Svartliden Gold Mine owned by Dragon Mining of Australia.  This mine, which is
adjacent to Ovoca licence areas, is projected to be in production by the end of
2004.  Average grades are 4.54 grams per tonne and production costs are
estimated at $165 an ounce compared to the current gold price of $400 an ounce.
Recent drilling by Dragon to extend the mine reserves has encountered grades as
high as 51 grams per tonne over 1 metre.



Ovoca has two teams of geologists on the ground in Sweden working to identify
suitable areas for drilling.  They operate under the guidance of our Chief
Operations Officer, Mr Jeremy Martin.  A programme of mapping, sampling,
geochemical and geophysical exploration is being carried out.  Ovoca have
identified three licence areas at present which we intend to drill.  A rig has
been ordered and this drilling programme is planned to start by the end of
September 2004.



During this summer in Ireland Ovoca has entered into a joint venture with Aurum
Mineral Resources Limited on our Newcastle West licence area.  Ovoca and Aurum
will be exploring this area over the next eighteen months in order to prove up
this highly prospective Zinc exploration area.



Ovoca is looking forward to what we hope will be a successful drilling programme
over the coming months which, for a small exploration company like Ovoca, could
bring huge rewards to our shareholders to whom we are trying to bring
shareholder value at all times. Ovoca has also set up a new website at
www.ovoca.ie which will be updated on a regular basis to keep our shareholders
as well informed as possible.





Richard O'Shea

Chief Executive








Consolidated profit and loss account
for the year ended 29 February 2004
                                                                        2004             2003
                                                                        Euro             Euro

Administrative expenses                                            (235,811)        (125,452)
Other operating income                                                     -                -

Operating loss - continuing operations                             (235,811)        (125,452)
Share of operating profit/(losses) of joint venture                   14,765        (107,317)
undertaking
Interest receivable (net)                                                 27            3,039

Loss on ordinary activities                                        (221,019)        (229,730)
Profit on disposal of assets                                          77,297                -

Loss on activities before taxation                                 (143,722)         (229,730
Taxation                                                            (16,523)                -

Loss for the financial year                                        (160,245)        (229,730)

Profit and loss account at beginning of year                     (5,509,344)      (5,279,614)

Profit and loss account at end of year                           (5,669,588)      (5,509,344)

Basic loss per ordinary share                                        (0.46)c          (0.79)c




Consolidated statement of total recognised gains and losses
for the year ended 29 February
                                                                        2004             2003
                                                                        Euro             Euro

Retained loss on ordinary activities after tax                     (160,245)        (229,730)
Realisation of investment revaluation gains of previous years       (77,296)                -

Total recognised loss for the year                                 (237,541)        (229,730)




Consolidated balance sheet
at 29 February 2004
                                                                        2004             2003
                                                                        Euro             Euro
Fixed assets
Intangible assets                                                  4,335,288        3,173,464
Tangible assets                                                      119,572          218,678

Financial Assets
Investment in joint venture undertaking
       Share of gross assets                                          15,309           15,681
       Share of gross liabilities                                   (90,041)        (105,179)


                                                                    (74,732)         (89,498)

                                                                   4,380,128        3,302,644
Current assets
Debtors                                                              166,919           39,935
Cash at bank and in hand                                              96,812           52,536

                                                                     263,731           92,471

Creditors: Amounts falling due
 within one year                                                   (167,472)        (235,978)

Net current assets/(liabilities)                                      96,259        (143,507)

Net assets                                                         4,476,387        3,159,137

Financed by:

Capital and reserves
Called-up share capital                                            1,236,629          727,079
Share premium account                                              8,802,477        7,757,235
Capital conversion reserve fund                                       11,482           11,482
Revaluation reserve                                                   95,387          172,684
Profit and loss account                                          (5,669,588)      (5,509,344)

Shareholders' funds - equity                                       4,476,387        3,159,137




Consolidated cash flow statement
for the year ended 29 February 2004
                                                                        2004             2003
                                                                        Euro             Euro
Net cash (outflow)/inflow from
  operating activities                                             (433,719)            6,042

Returns on investments and servicing
  of finance
Interest received - net                                                   27            3,039
Sale of tangible asset                                                85,000                -

Net cash inflow from returns
  on investments and servicing of finance                             85,027            3,039

Tax                                                                        -                -
paid

Capital expenditure and financial investment
Purchase of tangible assets                                                -                -
Purchase of intangible assets                                    (1,161,824)         (17,319)

Net cash outflow from capital expenditure
  and financial investment                                       (1,161,824)         (17,319)

Acquisition and disposals
Investment in joint venture undertaking                                    -                -

Net cash outflow from acquisitions and disposals                           -                -


Net cash outflow before financing
  and management of liquid resources                             (1,510,516)          (8,238)

Financing and management of liquid resources
Proceeds received from issue of share capital                      1,554,792                -
Net cash transferred from liquid resources                                 -            8,154

Net cash inflow from financing
  and use of liquid resources                                      1,554,792            8,154

Increase/(decrease) in cash in the year                               44,276             (84)




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