Management Change - Appointment of New CEO

RNS Number : 6274C

Ovoca Gold PLC

03 May 2012

 

Ovoca Gold PLC

3 May 2012

Ovoca Gold plc

Management Change, Appointment of New CEO

Ovoca Gold plc ("Ovoca" or the "Company") is pleased to announce that Kirill Golovanov has been appointed CEO, effective immediately. Tim McCutcheon, the Company's former CEO, has resigned to pursue other business interests but will remain as a non executive director and assist Mr. Golovanov to ensure a smooth transition.

Mr. Golovanov was appointed a director of Ovoca effective from 12 April 2012 and prior to that he was the Company's corporate secretary and head of its Russian office.

Mr. Mogutov, Chairman, said: "We are very pleased to appoint such a strong leader as Mr. Golovanov as CEO. He will be extremely focused on managing exploration activities in the Magadan region in order to achieve our Company's goals. Tim has done a good job for the Company and we wish him well in his next endeavors."

Notes to Editors

Ovoca Gold PLC ("Ovoca" or "the Company") is a mineral exploration and mine development company listed on the AIM market of the London Stock Exchange (Ticker: OVG) and on the ESM market of the Irish Stock Exchange (Ticker: OVX). The Company's principal activity is gold exploration in the Magadan Region of the Russian Federation. Previously Ovoca acquired, developed and sold to JSC Polymetal the Goltsovoye silver project located in the Magadan Region. Currently, Ovoca is aggressively exploring and developing its 100 per cent owned Stakhanovsky and Rassoshinskaya licenses.

Stakhanovsky is located approximately 40 kilometres north of Susuman, the second largest city in the Magadan region. It is accessible by year-round road and there is power infrastructure on site. Stakhanovsky's initial independently established resource was announced in an RNS on 2 February 2011 and is available on the Company's website. The Company intends to put Stakhanovsky into production by 2014.

Rassoshinskaya is in the North Eastern part of the Magadan Region about 200 kilometres from the town of Seimchan. There is no nearby infrastructure. Rassoshinskaya hosts an epithermal gold deposit named Olcha, which is the focus of Ovoca's exploration program. Olcha and nearby satellite deposits have the potential to host a high grade multi-million ounce gold resource. Olcha's initial independently established resource was announced in an RNS on 22 June 2010 and is available on the Company's website.

Ovoca Gold Plc

Timothy McCutcheon [phone] [e-mail] 

Davy - NOMAD and joint broker

John Frain [phone]

Fairfax I.S. PLC - joint broker

Ewan Leggat/Laura Littley [phone]

 

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