Holding(s) in Company

RNS Number : 9900H

Ovoca Gold PLC

07 June 2011

 

Ovoca Gold PLC

7 June2011

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

Holding(s) in Company

On 3 June 2011 Ovoca was informed by GLG Partners LP that is has acquired 4,807,100 ordinary shares of €0.125 each ("Ordinary Shares") of the Company. Following this acquisition, GLG Partners LP's interest in the Company is 4,807,100 ordinary shares, or 5.44% of Ovoca's issued share capital.

About GLG:

Founded in 1995, GLG (a part of the MAN Group Plc - LSE ticker EMG.L) is a leading global investment manager managing assets on behalf of public sector entities, foundations, sovereign wealth funds, financial institutions and high net worth individuals. GLG has a team of 120 dedicated investment professionals, managing assets of $23 billion in 68 funds across equity, macro, emerging markets, credit, convertible bond and thematic strategies. GLG has won numerous fund performance and excellence awards from such institutions as EuroHedge, Thomson Reuters Extel, and Financial News.

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 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. Stakhanovsky's initial independently established resource was announced in an RNS on 2 February 2011 and is available on the Company's website. 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 Seimchan. There is no nearby infrastructure. Rassoshinskaya hosts an epithermal gold deposit named Olcha, which is the focus of Ovoca's exploration program. Olcha and nearby satellite deposits have the potential to host a high grade multi-million ounce gold resource. Olcha's initial independently established resource was announced in an RNS on 22 June 2010 and is available on the Company's website.

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, which was owned by the Company from 2006 - 2009 and sold to JSC Polymetal for US$47.7 million at the time of closing. 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]

 

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