Ovoca Resources PLC
29 September 2003
OVOCA RESOURCES PLC
York House
Rear 176 Rathgar Road
Dublin 6
Phone: + 353 1 4912944
PRESS RELEASE
STARTS
29 September 2003.
Ovoca Resources plc (OVG.I Dublin and OVG.L London) announces that it is in
advanced discussions with Midland Exploration Corporation, a Nevada based
Company, and will be issuing a Letter of Intent in the near future subject to
due diligence whereby it will acquire a 50% interest in a Midlands subsidiary,
Copper Hill Exploration, a Vancouver based company with copper and gold licence
claims covering 65 square kilometers in the Ketchen Lake area of British
Columbia, Canada.
It is likely that any deal would involve Ovoca issueing shares as well as cash
to acquire the interest in Copper Hill.
The licence claims area is situated midway between the towns of Merritt and
Princeton in the Nicola Belt and about 200 Km east of Vancouver. Previous
drilling on the Ketchen Lake Licence was carried out by Cominco in 1991. The
licences were subsequentially acquired by Mr Gary Brown (President of Midland)
on behalf of Copper Hill.
Copper Hill has recently carried out a Magnetometer Survey which has identified
a number of anomalies east of Cominco's B-10 drill and extending North West for
at least 2 kilometers. Results from Cominco's hole B-10 gave an average .38%
copper and .123 grms/tonne gold (.462% Cu equivalent) to a depth of 91.5 mtrs
and mineralised to total depth including a 3 metre section grading .74% copper
and .411 grms/tonne gold (1.014% Cu equivalent). Copper Hill intend to start a
diamond drilling programme within the next 6 weeks to prove up a copper/gold
bulk mining development.
"With the recovery in copper prices from $1300 to $1800 in the last two years
and with copper and gold predicted to go higher, this would represent an
exciting prospect for Ovoca to persue" stated Paul Smithwick, Chairman of Ovoca
Resources plc.
ENDS
For further information, please contact
Richard O'Shea, Ovoca Resources plc
Phone : + 353 87 2560397
John O'Connor, Ovoca Resources plc
Phone : + 353 1 4912944
Gary Brown, Midland Exploration Corporation, Vancouver
Phone : ( -8hrs) + 1 604 683 3277
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
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