Management Change - Appointment of New CEO (6274C)
May 03 2012 - 2:01AM
UK Regulatory
TIDMOVG
RNS Number : 6274C
Ovoca Gold PLC
03 May 2012
Ovoca Gold PLC
3 May 2012
Ovoca Gold plc
Management Change, Appointment of New CEO
Ovoca Gold plc ("Ovoca" or the "Company") is pleased to announce
that Kirill Golovanov has been appointed CEO, effective
immediately. Tim McCutcheon, the Company's former CEO, has resigned
to pursue other business interests but will remain as a non
executive director and assist Mr. Golovanov to ensure a smooth
transition.
Mr. Golovanov was appointed a director of Ovoca effective from
12 April 2012 and prior to that he was the Company's corporate
secretary and head of its Russian office.
Mr. Mogutov, Chairman, said: "We are very pleased to appoint
such a strong leader as Mr. Golovanov as CEO. He will be extremely
focused on managing exploration activities in the Magadan region in
order to achieve our Company's goals. Tim has done a good job for
the Company and we wish him well in his next endeavors."
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 and Rassoshinskaya
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 2014.
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.
Ovoca Gold Plc
Timothy McCutcheon +7 495 916 6029
tim.mccutcheon@ovocagold.com
Davy - NOMAD and joint broker
John Frain +353 1 679 6363
Fairfax I.S. PLC - joint broker
Ewan Leggat/Laura Littley +44 207 598 5368
This information is provided by RNS
The company news service from the London Stock Exchange
END
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