Business
Operational Update & Placing
Operational Update & Placing.
About this update from Talisman Metals Plc
[{"type":"text","content":"\n Ovoca Gold PLC\n19 October 2007\n\n\n NEWS RELEASE\n\n\n 18 October 2007\n\n\n\n\n\nOperational Update and Placing\n\n\n\nOvoca Gold Plc, the London AIM (OVG.L) and IEX (OVX.IR) ('Ovoca') is pleased to\nannounce that on 15 October 2007 Mr Nikolai Dudov, the Governor of Magadan\nRegion, visited the Goltsovoye construction site and met with Mr. Yuri Radchenko\nand Mr. Sergey Salamatin, the Chairman and General Director respectively of\nOvoca Gold's wholly-owned subsidiary CJSC Ayax Prospectors Artel ('Ayax').\n\n\n\nGovernor Dudov also met with employees at Goltsovoye and expressed his\nsatisfaction with progress on site and stated that he looked forward to seeing\nthe mine with a full complement of local employees and generating tax revenues.\nHe also expressed his optimism for the future of the project by stating: 'Miners\ntoday are already looking to the long-term potential of Goltsovoye. In parallel\nwith the construction of the mine, the ore body's flanks are set to be explored'\n\n\n\n\nOvoca Gold's CEO, Leonid Skoptsov, comments: 'I am delighted that local\ngovernment is taking an active interest in Goltsovoye and the work of Ovoca. As\na company we understand the importance of maintaining good relations with the\nlocal community in which we work. We see the development of Goltsovoye as an\ninclusive process, involving our shareholders, workers, community officials and\ngovernment. We are looking forward to begin mining ore next winter and go to\nfull production capacity in 2009.'\n\n\n\nOvoca Gold is also pleased to announce the conclusion of a private placement to\nraise £1,258,356. The placement was a unit offering of one share and one half\nwarrant per unit, with a total of 15,729,450 shares and 7,864,725 warrants\nissued. The placement was issued at 8p per share, a 6% discount to the average\nmid closing market price of 8.51p per share on the ten trading days before 18\nOctober 2007, and strike on the warrants is 10p, exercisable by 15 October 2008.\nThe warrants, which are transferable, will not be quoted on any market.\n\n\n\nThe funds raised are to be deployed primarily on the evaluation and development\nof the silver deposit Goltsovoye, located in the Magadan Oblast of north-east\nRussia, in addition to advancing the company's other projects in the Kola\nPeninsula and for working capital purposes.\n\n\n\nThe Ru...