Re: Drilling Update

Ovoca Resources PLC
26 July 2005



Ovoca Resources plc ('OVX Dublin OVG London' )


Update on Olinenskoye and Leshaya South Drilling





Highlights



•        Drill Hole BF-045 intersects 88.6 grammes per tonne gold (2.85 ounces
per tonne) over 1.5 meters on Oleninskoye No 3 Deposit.



•        Follows recent results from the drilling programme on the Leshaya South
Deposit from drill holes BF-041 with 1.5 metres at 12.3 grammes per tonne gold
and 1.7 metres at 80.3 grammes per tonne and BF-044 with 2 metres at 211.0
grammes per tonne.



•        17 diamond drill holes completed on Oleninskoye No 3 Deposit with assay
results for 9 outstanding and a larger drill rig scheduled to start work on 2006
programme.



•        4 diamond drill holes completed on Oleninskoye No 7 Deposit and 4 holes
on South Leshaya Deposit with assay results for 3 holes outstanding.



•        A table of drilling results is included at end of this announcement.



The Ovoca licence in the Former Soviet Union covers an area of 152 square
kilometers along the Kolmozero-Vorony Greenstone Gold Belt in the Kola Peninsula
in northwest Russia near the Finnish border. The licence measures some 27
kilometres along the trend and there are 8 known gold deposits.  Ovoca is
currently carrying out a diamond drilling and trenching programme on the
Olennskoye (including the Leshaya South Deposit) and Nylam gold and platinum
prospects.





OLENINSKOYE



Oleninskoye No 3 Deposit is sub parallel and approximately 250 metres to the
north of the Oleninskoye No 7 Deposit.



The vein systems are steeply dipping at an average of 70 degrees to the
horizontal and the drill holes are inclined at 60 degrees to intersect the veins
across the structure. To-date Ovoca has completed 17 diamond drill holes on
Olinenskoye No 3 Deposit on a 150 metre by 150 metre grid. Assay results for 9
of these holes are awaited. The zone currently measures 900 metres along strike
and 225 metres down dip and is open in all directions. A further 12 holes are
planned in Q3 and Q4 2005 of which 5 holes of 150 metres depth will follow the
vein along strike to the east and west at 150 metre intervals where the gold
mineralisation is open.



In Q1 2006 a further programme is scheduled for 500 to 700 metre deep holes on
Oleninskoye No 3 when a larger drill rig is scheduled to start work. Gold grades
appear to increase with depth. In addition to the diamond drill holes Ovoca has
cut 15 surface trenches and channel sampled the bedrock across the veins. Assay
results from 4 of these trenches have been received. Overburden thickness
prevents trenching from following the strike to the east and west of the known
mineralised 900 metre strike length. Assays are carried out for gold, platinum,
palladium and silver.



Currently Oleninskoye No 3 Deposit is the main drilling and trenching target
having a Russian P1 + P2 category resource of 450,000 ounces of gold at 13.9
grammes per tonne prior to the commencement of drilling by Ovoca.



To-date Ovoca has completed 4 holes on Olinenskoye No 7 Deposit and a further 3
are scheduled for this year. The assay results from 2 of these holes are
awaited. A total of 5 surface trenches have been completed the best of which
gave 50.2 grammes per tonne gold over a 1 metre thickness.



LESHAYA



Leshaya, a new vein structure discovered by the ongoing geochemical surveys, is
approximately 4 kilometers to the northwest of Oleninskoye and sub parallel to
it. At Leshaya, Ovoca has completed 4 drill holes as follow up to the 2004
geochemical survey results.  Hole BF-041 intersected 12.3 grammes per tonne gold
from a drill depth of 7.0 to 8.5 metres and 80.3 grammes per tonne over 1.7
metres at 86.8 and 88.5 metres depth.  Hole BF-044 intersected 211 grammes per
tonne over 2 metres near surface. Hole BF-043 reported 26.5 grammes per tonne
over 1.6 metres from 55.1 to 56.7 metres depth. The geochemical survey is
continuing around Leshaya to determine the possible extensions of the
mineralised veins which will form the basis of the next drilling campaign on
this deposit early next year.



Oleninskoye No 7 and Leshaya South have, in the recent past, proved to warrant
additional drilling. No resources have yet been calculated for Leshaya.





NYALM



Nyalm No 1 and Nyalm No 2 stockworks are some 16 kilometers to the south east of
Oleninskoye. Nyalm No 1 zone measures 50 by 160 metres and tested to a depth of
100 metres in 15 Russian drill holes. Nyalm 2 measures 200 metres along strike
and has been tested to a depth of 50 metres in 8 shallow Russian holes. These
two stockworks are open along strike and down dip and contain an estimated
450,000 ounce of gold at 3.8 grammes per tonne in P1 and P2 resource category. A
geochemical survey is being completed on these areas and new anomalies have been
identified. Because of the thickness of the glacial till trenching is difficult
in this area and a drilling programme is scheduled for next year.



OTHER DEPOSITS



Other known mineralisation occurs at Pellapahk (gold, copper, molybdenum
porphyry), Verhkny Nyalm and Mudchechaive, areas have yet to be studied.



Ovoca's primary task is to confirm and increase the Russian resources using JORC
internationally acceptable standards of estimation. The true thicknesses of the
intersections have not yet been determined and the assays are uncut. All assays
in excess of 5 grammes per tonne gold are re-assayed and a programme of 1 in 10
samples to a second accredited laboratory has been initiated.



To-date Ovoca has completed 25 drill holes in 3,434 metres of drilling Currently
assays for 12 of these drill holes and 10 trenches are awaited, mostly from
Oleninskoye No 3 deposit. The results will be published as they are received.
Plans, cross sections and longitudinal sections are being updated and will be
posted on www.ovoca.ie as soon as they are complete.






Ovoca Resources plc - Kolmozero-Voronya Project                          July 26th 2005
Total Metres Drilled To-Date
                                 3,434
    Deposit        Drill Hole          Trench          From       To     Intersect     Gold
                        &                 &             Metres Depth       Metres      Grade
                    Sample #          Sample #                                          g/t
S Leshaya        BF-041-01                                 7.0       8.5        1.5        12.3
                 BF-041-48                                86.8      88.5        1.7        80.3
                 BF-042                              Assays    Awaited
                 BF-043-18                                55.1      56.7        1.6        26.5
                 BF-044-02                                 5.0       7.0        2.0       211.0
Oleninskoye 3    BF-027-24                               150.4     150.9        0.5         4.2
                 BF-027-38                               216.2     217.9        1.7         5.0
                 BF-028-21+22                            108.4     112.2        2.8        83.8
                       Including                         108.4     109.4        1.0       141.8
                 BF-028-51&52                            179.2     180.1        0.9         3.2
                 BF-037-163                              218.5     219.6        1.1         7.6
                 BF-039-45                                69.9      71.9        2.0         8.3
                 BF-040-84                               163.0     165.0        2.0         5.2
                 BF-045-33                               123.2     124.7        1.5        88.6
                 BF-046                              Assays      Awaited
                 BF-047                              Hole      Abandoned
                 BF-048-16                                89.8      91.3        1.5        29.6
                 BF-049                              Assays      Awaited
                 BF-050                              Assays      Awaited
                 BF-051                              Assays      Awaited
                 BF-052                              Assays      Awaited
                 BF-053                              Assays      Awaited
                 BF-054                              Assays      Awaited
                 BF-055                              Assays      Awaited
                 BF-056                              Assays      Awaited
                                 k-13-C-023               22.5      23.5        1.0         2.2
                                 k-13-C-028               27.5      28.6        1.1         8.6
                                 k-13-C-030               29.8      31.0        1.2        24.0
                                 k-15-C-10368              8.0      10.0        2.0        12.0
Oleninskoye 7    BF-029-52                               120.6     121.8        1.2         2.9
                 BF-031-16                                64.5      65.1        0.6         5.3
                 BF-057                              Assays      Awaited
                 BF-058                              Assays      Awaited
                                 k-BF-027-12              12.0      13.0        1.0        50.2
                                 k-BF-028A-020            21.6      22.1        0.5         1.2
                                 k-BF-028A-024            25.2      26.0        0.8         1.2
                                 [?c=1082]                86.7      87.2        0.5         1.2
                                 -BF-056-073





A review of Ovoca's Swedish properties is nearing completion by SRK Consulting
as a prelude to finalizing the work programme and commencing field work on the "
Gold Line" properties. This report will also be placed on the web site for
review.







Contacts
Barrie Oakes                  Chief Executive Officer             [phone]
Roger Turner                  Chairman                            [phone]
John O'Connor                 Chief Financial Officer             [phone]
Richard O'Shea                Director                            [phone]
John Frain                    Davy Corporate Finance              [phone]







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