17th May 2007 07:01
Ovoca Gold PLC17 May 2007 Ovoca Gold plc ("Ovoca Gold" or the "Company") Operational Update Ovoca Gold successfully completes Goltsovoye license review Ovoca Gold is pleased to announce the successful completion of a routinescheduled license review. The review involved the verification of compliance ofCJSC Prospectors Artel Ayax's ("Ayax") licence obligations for the Goltsovoyesilver deposit license. Ovoca Gold owns 74% of Ayax and has the option toacquire the remaining 26% up to 18 April 2008. The Russian Federal Supervisory Natural Resources Management Service(Rosprirodnadzor) has issued a detailed statement (Act # 02n-07) on the statusof the Goltsovoye license. The Federal Inspectorate has verified Ayax'sfulfillment and compliance of its current license obligations. Ovoca Gold's work program at the Goltsovoye deposit is currently on-schedule.Upon commencement of production at the Goltsovoye mine, Ovoca Gold expects toemploy 300 to 400 people in the Magadan Region and provide an estimated annualtax revenue of approximately 300 mn rubles. The Governor of Magadan, N. N. Dudov, in his annual regional address made on 20February 2007 said "There are high hopes connected to the development ofGoltsovoye - and the (Ovoca Gold) management intends to complete the task asplanned." Ovoca Gold continues to implement a 'greener' approach to mining Ovoca Gold continues to make a concentrated effort to take a responsiblecorporate approach to the environmental considerations of mining in the MagadanRegion. Leonid Skoptsov, Ovoca Gold's CEO, comments: "As the Company moves closer tomine construction, management has been working jointly with leading Russianscientific institutes to develop highly environmental-friendly mining andmetallurgic solutions for the planned Goltsovoye mine. The proposed solutionsensure that mining activity at Goltsovoye will have a minimum impact on thesurrounding area. I and the Ovoca Gold team have been working hard to finalize adevelopment plan that will significantly decrease environmental risks associatedwith tailing storage, lead by-product emissions and overall abovegroundtopography damage, which notably should also significantly decrease reclamationcosts in the future. Building on Russian President Vladimir Putin's comments regarding the need for 'green' industrial activities, Ovoca Gold hopes that its efforts will encourageother mining corporations owned by Russians and operating in Russia to beresponsible stewards of our environment. Ovoca Gold has executives andshareholders who are lifelong residents of the Russian Far East, who have adirect interest in ensuring that the company's contribution to local economicprosperity is properly balanced with environmental protection, so that futuregenerations can continue to enjoy the unique nature of the Magadan Region. " Ovoca Gold Plc is an international exploration company quoted in London (OVG.L) and Dublin (OVX.IR), exploring for precious and base metals in Russia, Sweden and Ireland For further information please visit www.ovocagold.com or contact: Simon Beardsmore, Commercial Manager, Ovoca Gold PlcTel +44 (0)207 397 8159Email simon.beardsmore@ovocagold.com Nick Bias - Buckbias PRTel +44 (0) 7887 920 530Email nick@buckbias.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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