Annual Report (0306H)
May 23 2011 - 2:00AM
UK Regulatory
TIDMOVG
RNS Number : 0306H
Ovoca Gold PLC
23 May 2011
RNS Number :
Ovoca Gold PLC
23 May 2011
Ovoca Gold plc
Annual Report 2010
Ovoca Gold plc ("Ovoca" or the "Company") is pleased to announce
its Annual Report and Financial Statements for the year ended 31
December 2010 are available on the Company's website
www.ovocagold.com and have been posted to shareholders.
The Annual General Meeting will be held at Buswells Hotel, 23-25
Molesworth Street, Dublin 2 at 12.30 p.m. on Monday 20 June
2011.
Key points:
-- Total comprehensive income for 2010 of US$10.4 million
-- Cash and cash equivalents and available for sale financial
assets of US$54.2 million as at 31 December 2010
-- Acquisition of three gold properties in the Magadan Region,
Russia
Operating statistics:
-- Maiden resource for Olcha
-- Maiden resource for Stakhanovsky
-- 10,234 metres of diamond drilling on Olcha
-- Total of 8,331 metres of drilling on Stakhanovsky (7,200
metres of RC drilling and 1,131 metres of diamond drilling)
-- Trenching, geochemical and geophysical work conducted on
Podgorniy, Zet, Vist, Olcha and Stakhanovsky
Tim McCutcheon, chief executive of Ovoca Gold commented:
"In 2010 we put Ovoca firmly on its feet for future growth, with
new projects, a new senior management team, Board appointments and
the retention of core technical staff that were responsible for our
past successes. Our projects are progressing well and exploration
results have been very encouraging. Our financial position is very
strong and we have the human and financial resources to advance our
projects quickly and efficiently.
Our business plan for the short and medium term is to put
Stakhanovsky into production in 2013 and to continue exploring and
proving up ounces on Rassoshinskaya. For Stakhanovsky we believe
that we have the financial and technical resources to put this
project into production on our own, and we are committed to see the
development of Stakhanovsky through to operation. Our preliminary
development plan calls for an open-pit mine that will produce from
35,000 to 50,000 ounces of gold annually. For Rassoshinskaya, we
believe we will need a partner for development. Given its location,
for the economics of any project on Rassoshinskaya to work, it will
have to be big - and big projects require partnership for a company
like Ovoca. In the meantime, we are intent on proving up resources,
demonstrating the attractiveness of the license area, and removing
as much as possible geological risk.
Although we have a focus on Russia, we recognize that the mining
business is global and gold deposits do not know national
boundaries. We review and study acquisition opportunities on a
constant basis, where we take into consideration the attractiveness
of the asset, our ability to add value, and how a new asset can be
a leverage point for further growth. In short, Ovoca Gold is set
for growth, and I look forward to delivering results to
shareholders in the coming years."
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, Rassoshinskaya and
Nevsko-Pestrinskoye 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 2013.
Rassoshinskaya is in the North Eastern part of the Magadan
Region about 200 kilometres from the town of Simchan. 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.
Nevsko-Pestrinskoye is located in the central part of the
Magadan region near the town of Omsukchan. A year-round road and
powerline are near the site. The license completely surrounds the
Goltsovoye silver deposit, which was owned by the Company from 2006
- 2009 and sold to JSC Polymetal for US$47.7 million at the time of
closing. Ovoca intends to investigate and explore known mineral
occurrences that extend beyond the Goltsovoye license area onto
Nevsko-Pestrinskoye.
Ovoca Gold Plc
Timothy McCutcheon +7 495 916 6029
tim.mccutcheon@ovocagold.com
Davy
John Frain +353 1 679 6363
This information is provided by RNS
The company news service from the London Stock Exchange
END
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