Ovoca Gold has appointed Wardell Armstrong to conduct a Bankable Feasibility Study on the 74 Moz Goltsovoye silver deposit in the Magadan Region of Russia and the Wardell team commenced work on site this week. This follows Ovoca’s recent acquisition of a 78% equity interest in the Russian company CJSC Ayax, holder of a mining license for the Goltsovoye silver deposit in the Magadan Region in the east of Russia. The study is to be completed by the first quarter of 2007.

A confirmatory core drilling programme, geotechnical and hydrological drilling programme will shortly commence under the supervision of the consultant and will supplement the study. The Goltsovoye deposit which has reserves of 74 Moz of silver approved as C1 and C2 under the Russian standard for resource classification will during the study be converted to the JORC standard for resource and reserve classification.

Following completion of the bankable study, Ovoca plans to rapidly move into mine construction during 2008. It aims to develop into a mid-tier precious metal producer with additional advanced exploration projects in the Kola Region of northwest Russia bringing additional resources for future development.

Ovoca Gold is also developing and exploring precious and base metals in Sweden and Ireland.