Business
Operational and Corporate Update
Operational and Corporate Update.
About this update from Talisman Metals Plc
[{"type":"text","content":"\n \nRNS Number : 9514D Ovoca Gold PLC 31 March 2011 \n\n Ovoca Gold plc (\"Ovoca\" or the \"Company\")\nOperational and corporate update\nHighlights:\n2011 Exploration season underway\nUS$50 million of Cash and Securities, pro forma as at end 29 March 2011\nShare buy back active, annual report out beginning May \n \n2011 Exploration Season\nOvoca is pleased to announce that mobilization has begun for the drilling season on the Rassoshinskaya exploration license. The Company plans to drill 5,000 metres on the Podgorniy target, and 2,000 metres on the Zet target. Olcha documentation is being prepared and will be submitted soon to the appropriate Russian authorities to receive an exploitation license, which are typically valid for 25 years. In addition to documentary work, Ovoca will perform geophysical work and some follow-up drilling (less than 1,000 metres) to explore potential mineralized zones to the northeast and east of zones 1 and 2 on Olcha. Previously announced on 7 December 2010, the Rassoshinskaya license has been extended by Rosnedra, the Russian State regulator, for two years to 15 February 2013. The Rassoshinskaya license is in the northeastern part of the Magadan Region, Russia and contains the Olcha, Podgorniy and Zet projects. \nOvoca is aggressively moving forward with its bulk sample program on Stakhanovsky which was announced with the maiden JORC resource of that project on 3 February 2011. The equipment for Ovoca's field installation to process 20,000 tons of material into a concentrate for analysis has been ordered; an engineering firm has been retained to design, coordinate equipment purchases and assemble the field installation on site; two heavy bulldozers have been moved to site already; on site is the rig for the 4,000 metre drill program to confirm the gold bearing quartz veins extend at depth. The Stakhanovsky gold project is located in the northwestern part of the Magadan Region, Russia.\n \nCash and Equity Investments\nCurrently, Ovoca has circa 1.2 million Polymetal common shares worth US$22.2 million as at close of business on 29 March 2011. Additionally, the Company has approximately US$7.6 million in cash and US$20.2 million in a diversified portfolio of gold mining equities. In total, the pro forma total cash and securities position of Ovoca as of 29 March 2011 is US$50 mil...