Operational Update

RNS Number : 6253Y

Ovoca Gold PLC

09 July 2008

 

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

Operational Update

Ovoca (London AIM (OVG.L), Frankfurt (OVX.GR) and Dublin IEX (OVX.IR) ) is pleased to announce the timely completion of a 5,530 metre diamond drilling programme at its Pellapakh copper-molybdenum deposit in the Kola Peninsula. This brings the total metres drilled at the deposit to approximately 8,500. Currently the samples are being analysed with the assaying results expected in October which will enable Ovoca to build a resource model of the deposit.

Ovoca carried out a 23 hole infill drill programme between the existing 10 profiles of holes, replacing some of the shallow Soviet holes. A tighter grid of 50x100 meters was used for a rich central part of the Pellapakh deposit. This will give a better defined resource to a depth of 300 metres from the surface, 400 metres across the mineralized zone and along a total strike length of 1,100 metres. 

Leonid Skoptsov, the Ovoca CEO, comments: 'I would like to repeat once again that the drilling results at Pellapakh indicate that the Company has discovered a world class molybdenum deposit with a potential resource comparable to that of the major molybdenum producers of the world. Pellapakh is located approximately 50 kilometres from a hydropower station at Serebryanskaya; 160 kilometres from the largest Russian seaport at Murmansk and 80 kilometres from the nearest rail road station. With molybdenum prices of over US$74,000 a tonne we believe that this major discovery has tremendous potential for the Company.'

Qualified Person

The above information has been reviewed and verified by Mr. Roger Turner, Director of Ovoca Gold Plc, 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 a M.Sc. degree in Economic Geology from Leicester University and is a member in good standing with the Institute of Materials, Minerals and Mining and a UK Chartered Engineer.

For further information contact

Ovoca Gold plc
Mr. Danesh Varma CFO	[phone] [e-mail]
Mr. Leonid Skoptsov CEO	[phone] [e-mail]
Davy
John Frain	[phone]

This information is provided by RNS

The company news service from the London Stock Exchange

 

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