Business
Exploration Activity Update
Exploration Activity Update.
About this update from Talisman Metals Plc
[{"type":"text","content":"\n Ovoca Gold PLC\n23 May 2006\n\n\n Ovoca Gold plc ('Ovoca' or the 'Company')\n\n Expansion of Russian Licence Area and\n \n Commencement of 2006 Drilling Programmes\n\n\n\n\n\nOvoca Gold Plc (AIM: OVG; IEX: OVX) is pleased to announce that\n\n\n\n• Ovoca has acquired an additional 250 km2 of exploration territory\nthrough the formation of a new joint venture company 'Lovozero Mining Company'\nwhich holds the Porosozero Exploration License. Ovoca's total exploration land\nunder licence in northwest Russia now totals 669 km2.\n\n\n\n• 2006 Drilling programmes have commenced on the Kolmozero-Voronya\nLicense and the Klippen Property in northern Sweden.\n\n\n\nNew Joint Venture Announcement: Porosozero Exploration License\n\n\nOvoca is pleased to announce that it has formed a Russian registered joint\nventure company 'Lovozero Mining Company' with its partner, the Central Kola\nExpedition, with each party holding a 50% equity interest. Ovoca has the right\nto acquire the Central Kola Expedition's equity, at par value, in the joint\nventure at a date of Ovoca's choosing following the transfer of the Porosozero\nExploration License, previously held by the Central Kola Expedition, into the\nname of the above joint venture company. The license covers an area of 250 km2\nand is situated to the east of the three licenses held by Ovoca's subsidiary,\nBlack Fox Resources, within the highly prospective Kolmozero-Voronya Greenstone\nbelt.\n\n\n\nThis Exploration license has now been successfully transferred to the Lovozero\nMining Company and the joint venture company, in becoming the new registered\nowner of the license, accepts all the liabilities in terms of work commitments\nfor the life of the license. The license is valid until 2009 with rights for\nextension subject to fulfilment of the conditions of the license agreement. In\naddition Ovoca has agreed to reimburse the Central Kola Expedition for\nexploration works completed to date on the above license amounting to US$80,000.\n The joint venture agreement was drafted with the assistance of Padva and\nPartners, attorneys at Law, of Moscow.\n\n\n\nExploration on Porosozero conducted by the Central Kola Expedition during 2005,\nin the form of deep overburden till sampling, has defined:\n\n\n\n• an extensive anomalous zone of gold over 3 kilometres in length with\nwidths averaging...