Ovoca Gold PLC
08 June 2007
Ovoca Gold plc ('Ovoca Gold' or the 'Company')
Ovoca Gold Joint Venture Agreement with BKG Exploration on the Klippen Gold
Project in Sweden
Ovoca Gold Plc (AIM: OVG; IEX: OVX) is pleased to announce a Joint Venture
Agreement with BKG Exploration Limited ('BKG') to explore the Swedish licence
areas held by Ovoca's subsidiary, Klippen Guld AB ('Klippen'), which number a
total of 13 licences and cover an area of 25,387 hectares.
The agreement allows BKG to earn a 50% interest in Klippen in return for meeting
the operational and management expenses of the company and carrying out an
exploration programme which includes drilling a minimum of 2,000 meters, within
eighteen months. BKG will also meet all the licence renewal, tax and
exploration obligations during that period. On completion of the drilling
programme, BKG will have an option to purchase the balance of Ovoca's shares in
Klippen in return for meeting all the ongoing exploration, development and
management costs of Klippen and providing Ovoca with a 1.5% Net Smelter Return.
Leonid Skoptsov, CEO of Ovoca, commented 'Klippen is an exciting greenfields
exploration project. With Ovoca currently focussing manpower and funding on
developing the Goltsovoye silver deposit in Russia, we are happy to partner with
BKG, whose wealth of experience and success in the mineral industry will provide
Klippen with the momentum to continue its development. '
Ovoca acquired Klippen from Minmet plc in 2003 and has been exploring in the
Vasterbotten 'Gold Line' district since then.
BKG Exploration is a private exploration company established to acquire mineral
and petroleum exploration projects in Scandinavia, Africa and Mongolia.
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 - Ovoca John O'Connor, CFO - Ovoca Gold Plc
Gold Plc
Tel: +44 (0)207 397 8152
Tel: +44 (0)207 397 8159
Email: john.oconnor@ovocagold.com
Email: simon.beardsmore@ovocagold.com
John Frain - Davy Nick Bias / Alex Buck - BuckBias (UK PR)
Tel: +353 (0)1 679 6363 Tel: +44 (0)7887 920 530 / +44 (0)7932 740 452
Email: john.frain@davy.ie Email: nick@buckbias.com / alex@buckbias.com
This information is provided by RNS
The company news service from the London Stock Exchange
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