Share Buy Back (6150H)
June 01 2011 - 2:00AM
UK Regulatory
TIDMOVG
RNS Number : 6150H
Ovoca Gold PLC
01 June 2011
Ovoca Gold PLC
1 June 2011
Ovoca Gold Plc ("Ovoca" or the "Company")
Commencement of buy back program
Ovoca announces that on 31 May 2011 it commenced an on-market
share buy back programme.
Ovoca has in place the necessary authorities to allow the
Company purchase up to 10 per cent. of its issued share capital by
way of on-market share buy backs. The Company intends that share
buy backs will only be executed when appropriate financial and
stock market conditions prevail and when management determines that
share purchases are in the best interests of the Company and its
Shareholders as a whole.
On 31 May 2011 Ovoca acquired 35,000 ordinary shares of EUR0.125
each ("Ordinary Shares") of the Company at an average price of
GBP31p. Ovoca intends to hold these shares as treasury stock. Ovoca
now has a total of 88,423,806 Ordinary Shares in issue excluding
treasury shares and 35,000 Ordinary Shares held in treasury.
Tim McCutcheon, CEO, comments: "Ovoca Gold has several
investments in gold mining equities, which gives shareholders
exposure to gold investment before we commence our own gold
production (anticipated in 2013). As Ovoca's market value is at a
discount to the Company's cash and securities position, Ovoca stock
is a welcome addition to our overall portfolio."
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 Seimchan. 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
POSWGUAGAUPGGRG
Ovoca Gold (LSE:OVG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ovoca Gold (LSE:OVG)
Historical Stock Chart
From Jul 2023 to Jul 2024