Ovoca Gold PLC
30 May 2007
NEWS RELEASE
30 May 2007
Ovoca Gold plc ('Ovoca' or the 'Company')
Appointment of Scott Wilson Mining Ltd. to produce a Bankable Feasibility study
for its Goltsovoye Project
Ovoca Gold Plc (AIM: OVG; IEX: OVX) is pleased to announce that Scott Wilson
Mining Limited (SWM) London has been appointed as lead consultants to produce
the Bankable Feasibility Study ('BFS') for Ovoca's flagship Goltsovoye Silver
Deposit in the Magadan Province of Russia.
The BFS will be completed before the end of the year. Since the completion of
the Wardell Armstrong report, Phase 1 of the Bankable Feasibility Study,
engineering design and testwork has continued on mining, metallurgy,
infrastructure and tailings disposal. This, together with site works which
were commenced after the winter, and will continue through the summer, will
allow the Company to meet its original construction and production timetable.
Recent liberalization in Russian legislation allowing treatment of precious
metal concentrates outside Russia have simplified the flow sheet to a gravity
and flotation circuit.
Leonid Skoptsov, Chief Executive Officer of Ovoca, commented: 'The commissioning
of Scott Wilson is another milestone achieved towards the completion of the
Goltsovoye Silver mine. The work undertaken since the completion of the Phase
One Bankable Feasibility Study in February 2007 has advanced the project
significantly in terms of proposed mining and processing methods. The project
is on track to commence mining in the first quarter of 2009. As this date
approaches, road access upgrade work and the purchase and moving to site of some
heavy equipment and fuel storage tanks is underway. Other critical site
activities are ongoing throughout the summer and will be reported as these
developments occur.'
The following is a list of all of consultants involved in the Bankable Feasibility Study:
Consultant Function
Scott Wilson Mining Project Manager
Resources
Mining
Infrastructure
Tailings Disposal, Hydrology, Geotechnical
Financial and Marketing
GBM Minerals Engineering Process plant Design
Consultants
Wardell Armstrong International Environmental baseline and Impact
Ovoca Gold Plc is an international exploration company quoted in London (OVG.L)
and Dublin (OVX.IR), exploring for precious and base metals in Russia, Sweden
and Ireland
For further information please visit www.ovocagold.com or contact:
Simon Beardsmore, Commercial Manager - Ovoca Gold Plc John O'Connor - CFO - Ovoca Gold Plc
Tel: +44 (0)207 397 8159 Tel: +44 (0)207 397 8152
Email: simon.beardsmore@ovocagold.com Email: john.oconnor@ovocagold.com
John Frain - Davy Nick Bias / Alex Buck - Buck Bias (UK PR)
Tel: +353 (0)1 679 6363 Tel: +44 (0)7887 920 530 / +44 (0)7932 740 452
Email: john.frain@davy.ie Email: nick@buckbias.com / alex@buckbias.com
This information is provided by RNS
The company news service from the London Stock Exchange