25th Aug 2006 15:28
Ovoca Gold PLC25 August 2006 Ovoca Gold plc ('Ovoca' of the 'Company') OVOCA INCREASES SHAREHOLDING IN NORPLAT TO 100% Ovoca (AIM:OVG; IEX:OVX) announces that it has acquired 8,100,000 ordinaryshares in its subsidiary Norplat Limited ('Norplat'), under the terms of the May2005 Norplat Option Agreement, in consideration of the issue of 8,910,000 newOvoca ordinary shares of €0.025 each ('Ordinary Shares'). As a result of the transaction, Ovoca now has a 100% interest in Norplat. In addition, application will be made for 2,500,000 Ordinary Shares to be issuedto satisfy certain professional service and consultancy liability obligations. Roger Turner, Chairman, said "We are delighted to complete the acquisition ofNorplat, which is strategic to our long term plans. Exploration work has beencontinuing on Norplat's Kola Peninsula licences on gold and copper targets.Meanwhile, on the other side of Russia at our Goltsovoye silver project,drilling has commenced earlier this month as part of the bankable feasibilitystudy under the supervision of Wardell Armstrong International. Followingcompletion of the bankable study, Ovoca Gold plans to rapidly move into mineconstruction during 2008 and position the company to become a mid-tier preciousmetals producer." 25 August 2006 For further information please contact Roger Turner - Chairman+44 (0)7739 092 813 Tom McCormack - Connexions PR+ 353 (0)86 245 4215+ 353 (0)1 230 3015 Nick Bias - Buck Bias+44 (0)7887 920 530 John Frain - Davy Corporate Finance+ 353 (0)1 679 6363 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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