Ovoca Gold Plc.
Ovoca Gold Announces Drilling Results On Major Molybdenum Discovery on its Kola Licences in North West Russia
Ovoca Gold Plc. / Miscellaneous Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Ovoca Gold Announces Drilling Results On Major Molybdenum Discovery on its Kola Licences in North West Russia February 18 2008 Ovoca Gold Plc, the London AIM (OVG.L), Frankfurt (OVX.GR) and IEX (OVX.IR) ('Ovoca') is pleased to announce the interim results of a 3,000 metre diamond drill programme in 23 holes on it’s Pellapack property in the Kola Penninsula. These holes were drilled to confirm, and add to, a preliminary drill programme carried out during the Soviet era on this significant molybdenum – copper property over the past 12 months. Ovoca’s holes have been spaced at 100 to 150 metres apart along 10 profile lines, also spaced at between 100 and 150 metres apart, across the known mineralisation. The mineralisation occurs as a series of sub-parallel en echelon ore bodies. There are a total of 70 drill intersections showing ore bodies range from 5 to 110 metres in thickness. A preliminary non-JORC inferred resource evaluation using Datamine® and applying a 0.03% molybdenum cut off grade implies a resource of 132 million tonnes of ore at 0.06% molybdenum equivalent grade (using current metal prices to calculate the molybdenum equivalent grade of the copper content) totalling 79,200 tonnes of molybdenum equivalent metal. Metallurgical test work carried out by Gintsvetmet, a leading Russian non ferrous metallurgical laboratory, indicates that recoveries of molybdenum and copper of 82% into concentrates using a simple flotation process can be achieved on these sulphide ores during operations. Further metallurgical test work will be carried out. Ovoca is currently carrying out a further 5,500 metre, 21 hole, infill drill programme between the existing 10 profiles of holes and to replace some of the shallow Soviet holes. A tighter grid of 50x100 meters is planned for a rich central part of the Pellapakh deposit. This will give a better defined resource to a depth of 300 metres from surface, 400 metres across the mineralised zone and along a total strike length of 1,100 metres The 21 hole drilling programme is scheduled to be complete by the end of Q2 2008 when a report on 'The Pellapakh Resource Estimate' will be prepared and submited to the State Committee for Geology (GKZ) for approval in Q3 2008. Pellapakh is a potential large scale open pit deposit. It is still open along strike and in depth with significant geochemical and geophysical anomalies to the north which have not yet been drilled. Leonid Skoptsov, the Ovoca CEO, stated: 'The drilling results at Pellapakh indicate that the Company has discovered a world class molybdenum deposit with a potential resource comparable to that of the major molybdenum producers of the world. It is located 50 kilometres away from a plentiful source of power from the hydropower station at Serebryanskaya; it is 160 kilometres away from the largest Russian sea port at Murmansk; the nearest rail road station at Revda is just 80 kilometres away and the major mining community of Lovozero is only 60 kilometres from the deposit. With molybdenum prices over US$70,000 a tonne this major discovery has, we believe, massive potential for the Company and we will continue with the work in progress without losing sight of our main objective of bringing Goltsovoye into production.' Qualified Person The above information has been reviewed and verified by Mr. Roger Turner, Director of Ovoca Gold Plc, for the purposes of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in March 2006. Mr. Turner, with 40 years of mining engineering, management and consulting experience, graduated as a mining engineer from the Camborne School of Mines, has a M.Sc. degree in Economic Geology from Leicester University and is a member in good standing with the Institute of Materials, Minerals and Mining and a UK Chartered Engineer. Ovoca Resources Plc is an international exploration company with dual listing in London (OVG.L) and Ireland (OVX.IR), exploring for Precious and base metals in Russia, Sweden and Ireland For further information please visit www.ovocagold.com or contact: Leonid Skoptsov – Ovoca Gold Plc Tel + 7 (0)495 648 2646 Email: leonid.skoptsov@ovocagold.com John Frain – Davy Tel : +353 (0)1 679 6363 Email: john.frain@davy.ie The following table has been derived from data obtained from published information from Government of British Columbia in Canada (a major molybdenum producing Province) for comparison purposes to put the potential of Pellapakh into perspective. Resources Deposit Owner Tonnes Molybdenum Copper Moly Eq Metal Millions % % K Tonnes Ruby Creek Adanac Moly Corp 205 0.062 127 Ajax Tenajon Resources Corp 174 0.074 129 Berg Placer Dome 250 0.031 0.39 182 Davidson Blue Pearl Mining 75 0.177 133 Endako Endako Mines Ltd 81 0.063 51 Highland Valley Tek Cominco 252 0.010 0.42 138 Kitsult-BC Moly Phelps Dodge 104 0.110 114 Mac Silvercorp Metals Inc 100 0.072 72 Maggi Richard Billingsley 181 0.029 0.28 107 Trout Lake RocaMines Ltd 43 0.120 52 Haven Lake Red Bird Resources 64 0.100 64 Schaft Creek Copper Fox Metals Inc 332 0.026 0.39 225 Storie Eveready Resources Corp 101 0.078 79 Pellapakh* Ovoca Gold 132 0.060** 79 * Non JORC Resources - Comparison with world major molybdenum deposits. ** Grade as Molybdenum Equivalent Note: Mo price $/t= 73,000 Cu price $/t= 7,800 Table data source: http://www.empr.gov.bc.ca/mining/geolsurv/Publications/GeoFiles/Gf2005-23/ toc.htm A Summary of Ovoca and Soviet Diamond Drill Hole Results at Pellapakh can be found at: http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id =1713425&source=RNS http://www.ovocagold.com 19.02.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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