Operational Update & Placing

Ovoca Gold PLC
19 October 2007


                                                          NEWS RELEASE


  18 October 2007





Operational Update and Placing



Ovoca Gold Plc, the London AIM (OVG.L) and IEX (OVX.IR) ('Ovoca') is pleased to
announce that on 15 October 2007 Mr Nikolai Dudov, the Governor of Magadan
Region, visited the Goltsovoye construction site and met with Mr. Yuri Radchenko
and Mr. Sergey Salamatin, the Chairman and General Director respectively of
Ovoca Gold's wholly-owned subsidiary CJSC Ayax Prospectors Artel ('Ayax').



Governor Dudov also met with employees at Goltsovoye and expressed his
satisfaction with progress on site and stated that he looked forward to seeing
the mine with a full complement of local employees and generating tax revenues.
He also expressed his optimism for the future of the project by stating: 'Miners
today are already looking to the long-term potential of Goltsovoye.  In parallel
with the construction of the mine, the ore body's flanks are set to be explored'




Ovoca Gold's CEO, Leonid Skoptsov, comments:  'I am delighted that local
government is taking an active interest in Goltsovoye and the work of Ovoca. As
a company we understand the importance of maintaining good relations with the
local community in which we work. We see the development of Goltsovoye as an
inclusive process, involving our shareholders, workers, community officials and
government. We are looking forward to begin mining ore next winter and go to
full production capacity in 2009.'



Ovoca Gold is also pleased to announce the conclusion of a private placement to
raise £1,258,356. The placement was a unit offering of one share and one half
warrant per unit, with a total of 15,729,450 shares and 7,864,725 warrants
issued. The placement was issued at 8p per share, a 6% discount to the average
mid closing market price of 8.51p per share on the ten trading days before 18
October 2007, and strike on the warrants is 10p, exercisable by 15 October 2008.
The warrants, which are transferable, will not be quoted on any market.



The funds raised are to be deployed primarily on the evaluation and development
of the silver deposit Goltsovoye, located in the Magadan Oblast of north-east
Russia, in addition to advancing the company's other projects in the Kola
Peninsula and for working capital purposes.



The Russian directors, who joined the Ovoca Gold Board following the approval of
the acquisition of the interest in Ayax, subscribed £618,356 of the £1,258,356
private placement for 7,729,450 new shares in order to support the Company and
maintain their relative holdings in the Company at 49.14%.




                                   Ordinary                  Ordinary Shares                  Warrants
                                     Shares                                                      After
                                                               After placing                   Placing
                                     Before
                                    Placing

Shares in Issue                 360,913,263                      376,642,713
Warrants                         32,004,226
in issue *
                                                                                            39,868,951

Salyco Trading Company Ltd**     61,687,718     17.0921%          61,687,718     16.3783%    6,086,957
Pickco Trading Company Ltd***    45,710,533     12.6652%          45,710,533     12.1363%
Subishico Trading Company Ltd    29,692,293      8.2270%          37,421,743      9.9356%
****
                                                                                             9,951,682
Clonico Holdings Ltd             11,862,400      3.2868%          11,862,400      3.1495%
****
Hagico Holdings Ltd*             11,862,400      3.2868%          11,862,400      3.1495%
***
Leonid Skoptsov                   8,270,625      2.2916%           8,270,625      2.1959%
Yury Radchenko                    8,270,625      2.2916%           8,270,625      2.1959%

                                177,356,594     49.1411%         185,086,044     49.1410%   16,038,639



* The warrants in issue before the placing will expire on 27 November 2007,
leaving 7,864,725 valid until 15 October 2008, of which Subishico Trading
Company Ltd will own 3,864,725.

** controlled by Mikhail Mogutov

*** controlled by Yury Radchenko

**** controlled by Leonid Skoptsov



An application is being made to the Irish Stock Exchange and the London Stock
Exchange for the placing shares to be admitted to trading on IEX and AIM
respectively Admission is expected to occur by 26 October 2007.





Ovoca Resources Plc is an international exploration company with dual listing in
 London (OVG.L) and Ireland (OVX.IR), exploring for Precious and base metals in
                           Russia, Sweden and Ireland



For further information please visit www.ovocagold.com or contact:
Leonid Skoptsov - Ovoca Gold Plc                      Nick Bias / Alex Buck - Buck Bias (UK PR)

Tel + 7 (0)495 648 2646                               Tel: [phone]

Email: [e-mail]                  Email: [e-mail] / [e-mail]


John Frain - Davy                                     John O'Connor - Ovoca Gold Plc

Tel : [phone]                              Tel: [phone]

Email: [e-mail]                             Email: [e-mail]













This announcement has been issued through the Companies Announcement Service of



                            The Irish Stock Exchange




                      This information is provided by RNS
            The company news service from the London Stock Exchange