Business
Final Results
Final Results.
About this update from Talisman Metals Plc
[{"type":"text","content":"\n Ovoca Gold PLC\n23 June 2006\n\n\n Ovoca Gold Reports Final Results\n for the ten month period ending 31 December 2005\n\n\nOvoca Gold Plc (AIM: OVG; IEX: OVX) wishes to report its final results for the\nten month period ending 31st December 2005. During the year, the company has\ncontinued to expand its presence around the 'Kolmozero-Voronya Greenstone Belt'\nin the Kola Peninsula with the acquisition of a further three licences and an\nincreased 86% stake in Norplat. Ovoca Gold now holds a total exploration area\nof 669 square kilometres in Northwest Russia, giving the company a dominant\nposition in this under-explored but highly prospective geological province.\n\nIn June 2006, shareholders approved the acquisition of a 74% interest in CJSC\nProspectors Artel Ayax which holds 100% of the Goltsovoye exploration and\nproduction licence in the Magadan Oblast of eastern Russia. Goltsovoye contains\na Russian standard C1/C2 resource of 74 million ounces of silver equivalent at\nan average grade of 934 grammes per tonne silver.\n\nThe Goltsovoye project also brings three new directors with extensive experience\nof the Russian mining, business and financial sectors to the Board of Ovoca\nGold, expanding our expertise and strengthening our senior management team. The\ncompany has also made the key operational appointments of Mr Rowan Maule as\nChief Operations Officer and Mr Sergey Salamantin as General Director of Ayax.\n\nCommenting on the results, Ovoca Gold's Chairman, Roger Turner said, 'The\nacquisition of Goltsovoye gives Ovoca Gold a flagship project capable of\ntransforming the company from an advanced exploration and development company\ninto a mid-tier precious metals producer by 2008.'\n\n\nHighlights:\n\nKola Peninsula\n \n• Ovoca Gold has increased its holding in Norplat to 86% from 78% and holds \n an option to acquire the balance of Norplat on the basis of 11 new Ovoca\n Gold shares for every 10 Norplat shares.\n\n• The Kolmozero-Voronya Greenstone Belt is known to host eight gold deposits \n which have been defined by drilling and trenching as well as platinum group \n metals occurrences and a copper-molybdenum porphyry deposit. There is\n evidence of continuity along strike between these gold and platinum bearing\n structures over a distance of 20 kilometres.\n\n• In 2006 Ovoca Gold entered into a joint ve...