Licence Amendment

RNS Number : 5323V

Ovoca Gold PLC

29 May 2008

 



Ovoca Gold plc ('Ovoca' or the 'Company')

Licence amendment

Ovoca (London (OVG.L), Dublin (OVX.IR), Frankfurt (OVX.GR)) is pleased to announce that the Federal Subsoil Use Agency (Rosnedra) has approved amendments to the Company's Goltsovoye licence (the 'Licence'). The amendments have been made by means of an addendum to the existing licence (the 'Addendum').

The approval follows an application to Rosnedra to have the terms of the Licence amended so as to make them consistent with legislative changes that have occurred since the Licence was granted in 1993. The amended terms confirm the Company's entitlement to an extension of the Licence for the economic life of the Goltsovoye deposit. In addition, the Addendum records the Company's total reserves for Goltsovoye, as audited and approved by GKZ, of 81.33 million ounces of silver and 46,438 tonnes of lead, and the preliminary mining allotment area for the Licence.

Leonid Skoptsov, the Ovoca CEO, comments: 'We are pleased that Ovoca's request to have the terms of the Goltsovoye licence updated have been satisfied and that Rosnedra have processed the corresponding addendum. The company hopes for further productive collaboration with all state authorities over the course of the development of the Goltsovoye Mine'

Mr Danesh Varma CFO, Company Secretary	[phone] [e-mail]
Mr Leonid Skoptsov CEO	[phone] [e-mail]

29 May 2008

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.

 

END

 

 

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