Goltsovoye Update

Ovoca Gold PLC
08 February 2007

                            Ovoca Gold Plc ('Ovoca')


Ovoca Announces Positive Initial Phase of Bankable Feasibility Study Results on
the Goltsovoye Silver Project


Ovoca Gold Plc (AIM: OVG; IEX:OVX) announces positive results of the Bankable
Feasibility Study Phase 1 Report, completed by Wardell Armstrong International
(WAI) on the Goltsovoye Silver Deposit in Russia. Ovoca also announces the
results of the Goltsovoye diamond Drilling Programme which was part of the WAI
Report.


The Report includes a resource calculation in accordance with the JORC Code
(2004), an initial mine plan and results of metallurgical testwork, process
plant design alternatives, infrastructure design and environmental studies.



Commenting on the Report, Leonid Skoptsov, CEO of Ovoca Gold said 'We are
delighted with the results of Wardell Armstrong's work, which clearly
demonstrates that Goltsovoye is a truly world class asset with over seventy
million ounces of JORC classified silver resources at excellent grades. Given
the current interest in the Russian silver mining sector and, as the Goltsovoye
deposit now moves towards the finalisation of the bankable feasibility study, it
is easy to see the opportunity for Ovoca to be re-rated in the market as a
near-term major silver producer.'



Silver Resources

In total there are six known zones of silver mineralisation at Goltsovoye.  In
2005 a Russian C1+C2 classified resource was completed on two of these zones
using a 150g/t silver cut-off grade and based on diamond drilling and
underground exploration development on 3 levels.



WAI was commissioned to complete the Phase 1 of the Goltsovoye Bankable
Feasibility Study ('BFS') in June 2006, a major part of which was to calculate
resources to JORC Code (2004) sufficient for the Phase 2 BFS.  A twenty five
drill hole programme to confirm and compliment the previous work has been
completed and the results from all of these holes have been included in the JORC
Resource calculation.



Goltsovoye Project - JORC (2004) Classified Resources - February 2007

            Category             Tonnage      Silver Grade     Lead Grade    Silver Metal    Silver Equiv
                                                   g/t             %            Ounces          Ounces
Zone 1     Measured              334,000         1,293.4           2.55      13,891,000      15,112,000
           Indicated           1,027,000           927.0           2.83      30,611,000      34,775,000
           Inferred              128,000           601.6           4.69       2,476,000       3,336,000
Zone 2     Indicated             116,000           715.5           2.60       2,669,000       3,102,000
           Inferred              792,000           760.1           2.24      19,357,000      21,899,000
Total                          2,397,000           895.3           2.69      69,004,000      78,224,000

Source: WAI Resources

Calculated using lead price $0.65/lb and silver $10/oz





These results compare favourably with the 2005 C1+C2 resource, using the same
150 g/t cut-off grade.


      Category             Tonnage            Silver Grade          Lead Grade          Silver Metal

                                                  g/t                   %                  Ounces
       C1+C2              2,480,000               934                  3.16              74,300,320



WAI state that an analysis of the assay data from diamond drilling and from
underground development would indicate that silver values may have been
understated in the drill holes due to silver losses in the drill core and
further, that an increase in the resource grade of 20% to 25% is possible during
mining.

In addition to the resources in Zones 1 and 2, WAI include inferred resources in
dump material from the underground exploration development and a further
unaudited Russian P1 resource in four other zones at Goltsovoye.  These are
summarised below.



Goltsovoye Project - Other Inferred Resources

                           Category             Tonnage         Silver Grade (g/t)   Silver Metal (ozs)
       Dumps               Inferred              64,500               238.0               493,700
   4 other zones          Russian P1           1,600,000              440.0              22,634,000



The Mine

The initial mine design is based on the measured and indicated resources in Zone
1 only.  Mine access is envisaged by adits because the majority of Zone 1
resources are above the valley floor.  All primary development will be trackless
using 6 main haulage levels at 60 metre intervals and all ore will exit the mine
via adits on the 900m and 810m elevations and trucked directly to the process
plant.  The majority of the ore will be extracted in 8 metre wide stope panels
and ore recovery is expected to be 85% and dilution 5%.



The Process Plant

After crushing and grinding the process plant design consist of an initial
silver/lead concentrate from a gravity circuit followed by flotation and the
cyanidation of the tailings.  Metallurgical testwork indicates that 73.4% of the
silver and 77% of the lead can be recovered in the concentrate with a
concentrate grade of 35% lead and 12,093 g/t silver.  Leaching the flotation
tailings shows a further recovery of 17% of the silver with total silver
recovery of 90.06%.  The mill site has been selected and a system of dry
tailings disposal is proposed.



Infrastructure

Power will supplied either by building a 35 kilometre power line or from on-site
generation.

A mine camp will accommodate 300 people working on 2-week rotation 7-days a
week.  A single building will house the mine offices, mine change house,
maintenance workshops, warehouse and administration block.  The assay office,
boiler room and power station will be located within the process plant building.



Environment

WAI has been working alongside the local Ecological Contractors in Magadan in
the preparation of the environmental impact assessment (EIA) for the BFS and for
the preparation of a similar report for State requirements known as OVOS. Once
the final engineering design is complete in Phase 2 of the BFS the EIA can be
completed and submitted for approval.



Phase 2: BFS

Ovoca is currently assessing quotations for the completion of the Phase 2 BFS
Report and will be working to make up the delay in completing the Phase 1 Report
during the course of the projects development.



Drilling Results

The following table contains the final results from the previously announced
drilling programme at Goltsovoye, which was completed in December 2006.

            Borehole                       Interval             Length              Silver
             Zone 1                From (metres)      To                   Grammes     Ounces per
                                                   (metres)    (metres)   per tonne       tonne

             GDA-12                     56.8         61.1        4.3         284          9.13
          Including **                  56.8         58.8         2          493          15.85
             GDA-12                    143.4          149        5.6         219          7.04
             GDA-11                    200.7         202.8       2.1         149          4.79
            GDA-10 **                   81.5         83.3        1.8         874          28.10
          Including **                  82.6         83.3        0.7        1,891         60.79
             GDA-10                      90          94.6        4.6         946          30.41
          Including **                  91.5         92.5         1         3,942        126.74
            GDA-10 **                  139.3         140.5       1.2         731          23.50
              GDA-9                     26.6         35.6         9          741          23.82
          Including **                  26.6         27.6         1         1,609         51.73
          Including **                  29.6         30.6         1         2,152         69.19
          Including **                  31.8         32.6        0.8        1,201         38.61
            GDA-9 **                    39.6         43.6         4         2,857         91.85
          Including **                  39.6         40.6         1         10,031       322.50
              GDA-9                     55.8         56.8         1          847          27.23
            GDA-9 **                    65.5         66.5         1         1,335         42.92
              GDA-9                     73.6         74.6         1          194          6.24
            GDA-8 **                   102.5        105.35       2.85       2,972         95.55
          Including **                 102.5          104        1.5        1,622         52.15
          Including **                 104.95       105.35       0.4        15,057       484.09
            GDA-13 **                    78           79          1          851          27.36
            GDA-13 **                   120           122         2         1,684         54.12
            GDA-13 **                   125          129.5       4.5        1,408         45.26
          Including **                 126.3         127.3        1         3,710        119.28
          Including **                 128.5         129.5        1         1,230         39.54
              GDA-1                     71.5         72.6        1.1         374          12.02
              GDA-1                      88           90          2          300          9.63
            GDA-1 **                    100          100.5       0.5        1,022         32.86
             GDA-6A                     51.5         52.6        1.1         889          28.58
             GDA-6A                    102.6         103.1       0.5        1,096         35.24
              GDA-7                      14          14.5        0.5         653          20.99
              GDA-7                     22.2         22.8        0.6         715          22.99
              GDA-7                     36.5          39         2.5         355          11.41
            Including                   38.5          39         0.5        1,063         34.18
              GDA-7                     40.8         41.5        0.7         916          29.45
              GDA-4                      64           65          1          639          20.54
              GDA-3                     38.3         38.8        0.5        1,804         58.00
              GDA-3                     120           121         1         1,442         46.36
              GDA-3                    137.4          139        1.6         831          26.72
            Including                  137.4          138        0.6        1,990         63.98
              GDA-2                     71.4         73.7        2.3         306          9.84
              GDA-2                     107           108         1          194          6.24
          Total Zone 1*                                         62.85        948          30.48

            Borehole                       Interval             Length              Silver
             Zone 2                From (metres)      To                   Grammes     Ounces per
                                                   (metres)    (metres)    per tonne       tonne
              GDB-5                    111.5         113.5        2         1,601         51.48
            Including                   113          113.5       0.5        5,364        172.45
              GDB-4                     150          153.5       3.5         568          18.25
            Including                   152          152.8       0.8        1,710         54.98
              GDB-6                     213          213.6       0.6         231          7.43
              GDB-7                     145          145.5       0.5         673          21.64
              GDB-8                     75.4          76         0.6         160          5.14
             GDB-11                     57.1         57.6        0.5         275          8.84
              GDB-9                     45.4          46         0.6         315          10.13
              GDB-9                    220.4          221        0.6        4,520        145.32
             GDB-12                     48.7         52.5        3.8         312          10.02
            Including                    50          50.5        0.5         937          30.12
          Total Zone 2*                                          12.7        786          25.27
         Total Deposit*                                         75.55        921          29.61



* Silver grade - weighted average
** Result previously reported

The above information has been reviewed and verified by Roger Turner, Director and 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 Materials, Mining and Metallurgy and a UK Chartered Engineer.

Glossary:
Adit              A tunnel usually close to horizontal and driven into a hillside from 
                  surface for the purpose of access to an ore body.

Stope             The area of an ore body that is actively being mined or has been mined 
                  and the ore removed.

Interval          Measured length of core from top of hole along the length of the hole




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


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

Simon Beardsmore, Commercial Manager -                 Nick Bias / Alex Buck - Buck Bias (UK PR)
Ovoca Gold Plc
                                                       Tel: [phone]
Tel: [phone]
                                                       Email: [e-mail] / [e-mail]
Email: [e-mail]

John Frain - Davy                                      Richard Chase- Ambrian (AIM Broker)

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