RNS Number : 5333C
Ovoca Gold PLC
02 September 2008
INTERIM RESULTS
Tuesday, 2 September 2008
Ovoca Gold Plc (AIM: OVG; IEX:OVX; OVX:GR) ("Ovoca" or "the Company") is pleased to report its interim, unaudited, results for the six
months ended 30 June 2008.
Highlights
Goltsovoye
* Bank Feasibility Study completed in Q1 of 2008
* 260,000 tonnes of ore a year underground mine and process plant designed to produce 6.4 million ounces of silver in the early life
of the mine
* Road and infrastructure construction started and man camp in place
* Public hearings successfully held
* Non-binding project finance term sheet signed in July for $ 92.7m in July 2008
Kola
* World class molybdenum/copper ore body discovered at Pellapakh
* 132 million tonne resource at 0.06% molybdenum equivalent grade (79,200 tonnes of contained molybdenum) comparable to major
producers of the world
* Major drill programme completed with some assay results still awaited
* Geostatistical resource estimate to be upgraded on receipt of outstanding assays and on completion of the next stage infill
drilling programme
* Deposit close to infrastructure - 50 kilometres from a power station - 160 kilometres from a large seaport - 90 kilometres from
the nearest railroad station
* Current molybdenum price at US$74,000 per tonne and rising means tremendous potential for Ovoca
Commenting on the half years results, Ovoca Gold's CEO, Leonid Skoptsov, said " The Goltsovoye project is moving ahead with the detailed
engineering nearing completion and the project finance due diligence process well underway. We are looking forward to closing the project
finance in the near future and moving to appoint the lead construction and mining contractors as soon as possible. Work in Kola has been
ongoing and the drilling results to-date indicates a world class molybdenum and copper ore body. Additional assay results are awaited and
will be processed as soon as they are received. The next half year should see significant progress towards achieving production".
OVOCA GOLD plc
Group Income statement for the six months ended 30 June 2008
30 June 30 June
2008 2007
Euro Euro
Administrative expenses (602,631) (397,784)
Operating loss (602,631) (397,784)
Interest receivable and similar income 4,580 25,813
Loss for the year before tax (598,051) (371,971)
Taxation
Loss for the year (598,051) (371,971)
Earnings per share
Basic Loss per ordinary share (0.14 Cent) (0.25 Cent)
Diluted loss per ordinary share (0.13 Cent) (0.22 Cent)
OVOCA GOLD plc
Group Statement of Changes in Equity for the six months ended 30 June 2008
Share Share Share based Other Retained Total
Capital Premium payment reserves Losses
Euro Euro Euro Euro Euro Euro
Balance at 1 January 2007 7,942,025 34,349,541 520,436 11,482 (12,032,227) 30,791,257
Loss for the period - - - - (371,971) (371,971)
Proceeds of share issue 5,625 31,500 - - - 37,125
Balance at 30 June 2007 7,947,650 34,381,041 520,436 11,482 (12,404,198) 30,456,411
Balance at 1 January 2008 10,824,326 47,585,750 520,436 11,482 (12,886,763) 46,055,231
Loss for the period - - - - (598,051) (598,051)
Proceeds of share issue 127,500 221,751 - - - 349,251
Balance at 30 June 2008 10,951,826 47,807,501 520,436 11,482 (13,484,814) 45,806,430
OVOCA GOLD plc
Group Balance Sheet
30 June 30 June
2008 2007
Euro Euro
Fixed Assets
Intangible Assets 42,844,881 29,504,995
Property, plant and equipment 2,176,280 182,747
45,021,161 29,687,742
Current Assets
Trade and other receivables 970,553 443,452
Cash and cash equivalents 1,096,767 1,014,586
2,067,320 1,458,038
Total Assets 47,088,481 31,145,780
Equity and Liabilities
Equity
Called up share capital 10,951,826 7,947,650
Share premium 47,807,501 34,381,041
Other reserves 11,482 11,482
Share Based Payment Reserve 520,436 520,436
Profit & loss account (13,484,814) (12,404,198)
45,806,431 30,456,411
Minority Interests 1 38,225
45,806,432 30,494,636
Current Liabilities
Trade and other payables 1,282,049 651,144
Total Liabilities 1,282,049 651,144
Total Equity and Liabilities 47,088,481 31,145,780
OVOCA GOLD plc.
Group Cash Flow statement for the period ended 30 June 2008
30 June 30 June
2008 2007
Euro Euro
Cash flows from operating activities
Net loss for the period before taxation (602,631) (397,784)
Adjustments for:
Depreciation 241,809 1,865
Decrease/(Increase) in debtors 354,646 (78,018)
Increase/(Decrease) in creditors 89,335 (270,712)
Net cash from operating activities 83,159 (744,649)
Cash flows from financing activities
Proceeds of issue of share capital 349,251 37,125
Cash flows from investing activities
Expenditure on exploration activities (3,532,859) (1,717,613)
Purchase of property, plant & equipment (840,065) 0
Interest received 4,580 25,813
(4,019,093) (1,654,675)
Net (Decrease)/Increase in cash and cash (3,935,934) (2,399,324)
equivalents
Cash and cash equivalents at beginning of 5,032,701 3,413,909
period
Cash and cash equivalents at end of 1,096,767 1,014,585
period
Notes
1. No dividend is proposed in respect of this period.
2. The calculations of loss per share have been based on the retained losses after taxation and on a weighted average of 434,663,637
ordinary shares (2007 * 315,725,761) in issue during the period.
3. The Unaudited results have been prepared on a going concern basis and on the basis of the accounting policies adopted in the Annual
accounts for the year ended 31 December 2007.
4. The interim report is Unaudited and does not constitute Statutory Accounts as defined in S.148 of the Companies act 1963. A copy of the
Group*s 2007 Statutory Accounts has been filed with the Irish Companies Registration Office. The auditors* opinion on these statutory
accounts was unqualified.
5. The interim report for the six months to 30 June 2008 was approved by the Directors on 1 September 2008.
Copies of this report are available at the Company's offices at:
Connaught House, Burlington Road, Ballsbridge, Dublin 4
Ovoca Gold Plc is an international exploration company quoted in London (OVG.L), Dublin (OVX.IR) and Frankfurt (OVX:GR ), exploring for
precious metals in Russia.
For further information please visit www.ovocagold.com or contact:
Danesh Varma, CFO - Ovoca Gold Plc John Frain - Davy
Tel: +44 020 7653 9881 Tel: + 33 (0) 1 679 6363
Email: danesh.varma@ovocagold.com Email: john.frain@davy.ie
This information is provided by RNS
The company news service from the London Stock Exchange
END
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