OVG Ovoca Gold

    RNS Number : 5323V
  Ovoca Gold PLC
  29 May 2008
   

    Ovoca Gold plc ("Ovoca" or the "Company")

    Licence amendment

    Ovoca (London (OVG.L), Dublin (OVX.IR), Frankfurt (OVX.GR)) is pleased to announce that the Federal Subsoil Use Agency (Rosnedra) has
approved amendments to the Company's Goltsovoye licence (the "Licence"). The amendments have been made by means of an addendum to the
existing licence (the "Addendum").

    The approval follows an application to Rosnedra to have the terms of the Licence amended so as to make them consistent with legislative
changes that have occurred since the Licence was granted in 1993. The amended terms confirm the Company's entitlement to an extension of the
Licence for the economic life of the Goltsovoye deposit. In addition, the Addendum records the Company's total reserves for Goltsovoye, as
audited and approved by GKZ, of 81.33 million ounces of silver and 46,438 tonnes of lead, and the preliminary mining allotment area for the
Licence.

    Leonid Skoptsov, the Ovoca CEO, comments: "We are pleased that Ovoca's request to have the terms of the Goltsovoye licence updated have
been satisfied and that Rosnedra have processed the corresponding addendum. The company hopes for further productive collaboration with all
state authorities over the course of the development of the Goltsovoye Mine"


 Mr Danesh Varma CFO, Company    +44 (0)20 7937 8151 danesh.varma@ovocagold.com
 Secretary
 Mr Leonid Skoptsov CEO          +7 495 648 26 46 leonid.skoptsov@ovocagold.com



    29 May 2008



    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
 
  END 
 
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