Proposed Joint Venture

Ovoca Resources PLC 17 January 2001 Ovoca Resources Plc Re: Proposed Joint Venture Ovoca Resources Plc wish to announce that it has signed a 'Heads of Agreement' document with Amcorp Ireland Limited in relation to a proposed joint venture agreement. Under this proposed agreement Amcorp will have the right to earn a 51% interest in 15 licence areas contained in the Cahir Co Tipperary and North Galway licence blocks for a proposed expenditure of US$500,000. A four year earn in period is envisaged. The proposed arrangements are conditional on execution of a mutually acceptable definitive agreement. For further information contact: James Morrissey, Fleishman-Hillard Saunders, (01) 6188444 or Mr Frank Buckley, Ovoca Resources Plc, (027) 70822