Final Results

Ovoca Gold PLC
23 June 2006


                        Ovoca Gold Reports Final Results
                for the ten month period ending 31 December 2005


Ovoca Gold Plc (AIM: OVG; IEX: OVX) wishes to report its final results for the
ten month period ending 31st December 2005.  During the year, the company has
continued to expand its presence around the 'Kolmozero-Voronya Greenstone Belt'
in the Kola Peninsula with the acquisition of a further three licences and an
increased 86% stake in Norplat.  Ovoca Gold now holds a total exploration area
of 669 square kilometres in Northwest Russia, giving the company a dominant
position in this under-explored but highly prospective geological province.

In June 2006, shareholders approved the acquisition of a 74% interest in CJSC
Prospectors Artel Ayax which holds 100% of the Goltsovoye exploration and
production licence in the Magadan Oblast of eastern Russia.  Goltsovoye contains
a Russian standard C1/C2 resource of 74 million ounces of silver equivalent at
an average grade of 934 grammes per tonne silver.

The Goltsovoye project also brings three new directors with extensive experience
of the Russian mining, business and financial sectors to the Board of Ovoca
Gold, expanding our expertise and strengthening our senior management team.  The
company has also made the key operational appointments of Mr Rowan Maule as
Chief Operations Officer and Mr Sergey Salamantin as General Director of Ayax.

Commenting on the results, Ovoca Gold's Chairman, Roger Turner said, 'The
acquisition of Goltsovoye gives Ovoca Gold a flagship project capable of
transforming the company from an advanced exploration and development company
into a mid-tier precious metals producer by 2008.'


Highlights:

Kola Peninsula
     
•    Ovoca Gold has increased its holding in Norplat to 86% from 78% and holds 
     an option to acquire the balance of Norplat on the basis of 11 new Ovoca
     Gold shares for every 10 Norplat shares.

•    The Kolmozero-Voronya Greenstone Belt is known to host eight gold deposits 
     which have been defined by drilling and trenching as well as platinum group 
     metals occurrences and a copper-molybdenum porphyry deposit. There is
     evidence of continuity along strike between these gold and platinum bearing
     structures over a distance of 20 kilometres.

•    In 2006 Ovoca Gold entered into a joint venture agreement giving 50%
     control over the Lovozero Mining Company, which in turn holds the 
     Porosozero mining licence.  Ovoca has a call option to acquire the 50% 
     equity of its joint venture partner.


Goltsovoye
     
•    Using a silver cut-off grade of 150 g/t, our consultants, Micon 
     International reported the C1/C2 resource statement of 2,475,540 tonnes of 
     ore at a grade of 934g/t (30oz/t) silver plus 3.16% lead; containing 
     approximately 74.3 million ounces of silver and 78,000 tonnes of lead.  A 
     high priority for Ovoca Gold is now to verify these resources and upgrade 
     them to internationally recognised resource standards.

•    The Goltsovoye deposit lies between Bema Gold's Julietta mine to the south 
     and the Dukat Silver mine to the northwest.  The deposit has been explored
     by approximately 66,000 metres of diamond drilling and 12 km of underground
     exploration tunnels.

•    Goltsovoye is well served by paved road and power infrastructure which lie 
     within 40 km of the site and is 69 km from a commercial airport at the
     regional administrative centre of Omsukchan.


Sweden

•    Our consultants have confirmed the potential of our Swedish properties and 
     a systematic reconnaissance exploration programme continues aimed at
     identifying suitable targets for follow up work.


Financing

•    In June 2006, Ovoca Gold completed a £5m financing issuing 60.6m new shares 
     at 8.25p/share.

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


Ovoca Gold Plc is an international company developing and exploring precious and
 base metals in Russia, Sweden and Ireland quoted in London (OVG.L) and Dublin
                                   (OVX.IR).



Consolidated profit and loss account
for the 10 months ending 31 December 2005
                                                                        10 Months to          12 Months to
                                                                           31-Dec-05             28-Feb-05

                Administration Expenses                                    (809,857)             (391,005)

                Operating loss - continued operations                      (809,857)             (391,005)
                Other Income                                                   3,894                22,326
                Share of losses of joint venture                                   0              (37,489)
                Interest Received                                              5,740                 (180)
                Taxation                                                           0                16,523

                Loss for the financial year                                (800,223)             (389,825)
                Opening P&L                                              (6,136,711)           (5,746,886)

                Closing P&L                                              (6,936,934)           (6,136,711)
                Loss per share                                               (0.82c)               (0.73c)


Consolidated Balance Sheet
at 31 December 2005

                Intangible Assets                                          9,730,798             4,482,304
                Tangible assets                                                3,193                21,205
                less Minority Interests                                    (398,926)                     0

                                                                           9,335,066             4,503,510

                Debtors                                                      105,609               108,962
                Bank                                                       2,069,908                16,389

                                                                           2,175,516               125,352

                Creditors: Amounts falling due within one year             (610,805)             (214,283)

                Net current assets                                         1,564,711              (88,931)
                Net Assets                                                10,899,777             4,414,579

                Financed by:

                Share Capital                                              3,052,181             1,331,542
                Other Reserves                                                11,482                11,681
                Share Premium                                             13,452,744             9,035,379
                Revaluation Reserve                                                0                16,874
                Profit & Loss Account                                    (5,616,629)           (5,980,898)

                                                                          10,899,778             4,414,579

                Consolidated cash flow statement
                for the 10 months ending 31 December 2005
                                                                        10 Months to          12 Months to
                                                                    31 December 2005      28 February 2005

                Net cash (outflow)/inflow from operating                   (364,083)             (370,389)
                activities

                Returns on investment and servicing of finance
                Interest Received Net                                          5,920                 (180)
                Sale of Tangible asset                                        22,000               112,855

                Net cash (outflow)/inflow from returns
                    on investment and servicing of finance                    27,920               112,675

                Tax Paid                                                           0                     0

                Capital expenditure and financial investment
                Purchase of Tangible Assets                                   18,012               (3,509)
                Purchase of Intangible assets                            (3,534,910)             (147,016)

                Net cash (outflow) from capital expenditure
                   and financial investment                              (3,516,898)             (150,525)

                Acquisition and Disposals
                Investment in Norplat Ltd                                  (231,425)                     0

                Net cash outflow from acquisitions and disposals           (231,425)                     0

                Net cash outflow before financing
                   and management of liquid resources                    (4,084,486)             (408,239)

                Financing and management of liquid resources
                Proceeds from Issue of Share capital                       6,138,004               327,815
                Net cash transferred from liquid resources                         0                     0

                Net cash inflow from financing
                   and use of liquid resources                             6,138,004               327,815

                Increase in cash in the period                             2,053,518              (80,424)



Notes:
     
1    These do not constitute statutory accounts as defined in the Companies 
     Acts. Statutory accounts for the year ended 31 December 2005 together with 
     a report from the auditors will be filed with the Irish regulatory
     authorities in due course.

2    The Directors have decided not to pay dividend.

3    Basic earnings per share is computed by dividing the profit or loss after 
     taxation for the period available to ordinary shareholders by the sum of 
     the weighted average number of ordinary shares in issue and ranking for 
     dividend during the period. Diluted earnings per share is computed by 
     dividing the profit or loss after taxation of the period by the weighted
     average number of ordinary shares in issue, adjusted for the effect of all
     dilutive potential ordinary shares that were outstanding during the period.

     For ten months to 31.12.2005 (and year to 28.2.2005) the basic and diluted 
     loss per share were the same, as effect of the outstanding share options 
     was anti-dilutive, and was therefore excluded.

     The weighted average number of shares in issue in the period was 
     97,738,588.

     The annual report and accounts for the company for the year ended 31 
     December 2005 will be posted to shareholders on or before 30 June 2006 and 
     copies of report and accounts will be available from that date at company's 
     registered office at York House, Rear 176 Rathgar Road, Dublin 6 Ireland..


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

John O'Connor - Director Ovoca Gold           Richard Chase - Ambrian Partners
Tel: [phone]                       [phone]
Email: [e-mail]             Email: [e-mail]

Simon Beardsmore - Ovoca Gold                 Tom McCormack -  Connexions
Tel: ++44 (0) 20 7397 8151                    Tel: [phone]
Email: [e-mail]         Email : [e-mail]

Mr John Frain - Davy Stockbrokers             Nick Bias - Buck Bias
Tel: [phone]                       Tel: [phone]
Email: [e-mail]                     Email:[e-mail]



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