Ovoca Gold PLC
25 August 2006
Ovoca Gold plc ('Ovoca' of the 'Company')
OVOCA INCREASES SHAREHOLDING IN NORPLAT TO 100%
Ovoca (AIM:OVG; IEX:OVX) announces that it has acquired 8,100,000 ordinary
shares in its subsidiary Norplat Limited ('Norplat'), under the terms of the May
2005 Norplat Option Agreement, in consideration of the issue of 8,910,000 new
Ovoca ordinary shares of €0.025 each ('Ordinary Shares').
As a result of the transaction, Ovoca now has a 100% interest in Norplat.
In addition, application will be made for 2,500,000 Ordinary Shares to be issued
to satisfy certain professional service and consultancy liability obligations.
Roger Turner, Chairman, said 'We are delighted to complete the acquisition of
Norplat, which is strategic to our long term plans. Exploration work has been
continuing on Norplat's Kola Peninsula licences on gold and copper targets.
Meanwhile, on the other side of Russia at our Goltsovoye silver project,
drilling has commenced earlier this month as part of the bankable feasibility
study under the supervision of Wardell Armstrong International. Following
completion of the bankable study, Ovoca Gold plans to rapidly move into mine
construction during 2008 and position the company to become a mid-tier precious
metals producer.'
25 August 2006
For further information please contact
Roger Turner - Chairman
+44 (0)7739 092 813
Tom McCormack - Connexions PR
+ 353 (0)86 245 4215
+ 353 (0)1 230 3015
Nick Bias - Buck Bias
+44 (0)7887 920 530
John Frain - Davy Corporate Finance
+ 353 (0)1 679 6363
This information is provided by RNS
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