Ovoca Gold Plc is a Moscow-based gold exploration and mine development company with a strong balance sheet and an exciting portfolio of gold properties in the Magadan region, Russia.
The Company has a successful track record of developing precious metals assets and bringing value to shareholders. At the beginning of 2009 Ovoca Gold sold its flagship asset, the Goltsovoye silver deposit, for $47.7mn, a near 200% premium to the Company’s market capitalization at the time of sale closing. The entire asset development cycle Ovoca completed on Goltsovoye, from exploration to feasibility study to financing and start of mine construction.
Former CEO Tim McCutcheon has resigned to pursue other business interests but will remain as a director to assist Golovanov to ensure a smooth transition, the company said.
Previously the company secretary and head of the Russian office, Golovanov was appointed a director of Ovoca with effect from April 12.
He takes up the new role with immediate effect.
Chairman Mikhail Mogutov said "We are very pleased to appoint such a strong leader as Mr. Golovanov as CEO.
"He will be extremely focused on managing exploration activities in the Magadan region in order to achieve our company's goals. Tim has done a good job for the company and we wish him well in his next endeavours."
Ovoca is exploring and developing its 100 per cent owned Stakhanovsky and Rassoshinskaya licences.
Stakhanovsky lies around 40 kilometres north of Susuman, the second largest city in the Magadan region, and revealed a maiden inferred resource of 350,000 ounces of gold last year.
In July, last year, the company updated the resource estimate for the Olcha prospect located within the Rassoshinskaya licence area to 650,000 ounces of gold and 3.59 million ounces of silver.