Re: Heads of Agreement signed

Ovoca Resources PLC
22 January 2004

PRESS RELEASE







Ovoca Signs  Heads of Agreement on joint venture with Aurum Mineral Resources on
Newcastle West Licences.





Ovoca Resources plc ("Ovoca") announces that it has signed "Heads of Agreement"
with Aurum Mineral Resources Ltd ("Aurum") on it's mineral exploration licences
in Newcastle West County Limerick, subject to due diligence.



Aurum will have the right to earn a 25% interest in Ovoca's licences 3545, 3858
and 3859 where the main target is zinc by investing up to 100,000 euros over the
next eighteen months. Aurum will carry out a review of existing data and will
undertake target generation involving, where relevant new field mapping,
geochemical sampling, multi-element  factor analysis and  other such work.





Commenting on the proposed joint venture of the Newcastle West properties, Ovoca
Chief Executive, Richard O Shea said, " We are pleased to have in Aurum a highly
respected team of geologists as our joint venture partners. Ovoca has always
considered the Newcastle West licences highly prospective for zinc and with
commodity prices improving we look forward to Aurum confirming our high hopes
for these properties. This is a further important step in the development of
Ovoca and together with our recently acquired gold exploration properties in
Sweden will see Ovoca with an active exploration programme for the foreseeable
future."



Ovoca Resources Plc (OVG.I Dublin and OVG.L London)



Date:   22 January 2004







ENDS



For further information



Richard O'Shea                        CEO -  Ovoca Resources plc     Ph : 00 353
87 256 0397

John O'Connor              CFO - Ovoca Resources plc      Ph : 00 353 1 491 2944





This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange






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