Ovoca Gold seeks to sell Olymp stake
Irish metals exploration company Ovoca Gold is to seek shareholder approval to sell its 100 per cent interest in Olymp at an egm in Dublin this Thursday.
The mining company is seeking to dispose of its stake in Olymp, whose only asset is a mining and exploration licence for the Olcha gold-silver deposit, to a subsidiary of Polymetal International.
The Olcha licence comprises an epithermal gold-silver deposit on Ovoca’s Rassoshinskaya licence located in the north eastern part of the Magadan Region, in north eastern Russia.
Ovoca is to receive 775,000 Polymetal shares for its Olymp stake in a deal worth £9 million, having entered into a conditional legal agreement to sell the interest last month.
Ovoca said it would retain the Polymetal shares “as a medium-term investment”.
In January 2010, Ovoca completed the acquisition of a portfolio of gold exploration projects focused on the Magadan Region that consisted of 100 per cent interests in Magsel, Bulun and Olymp.