Ovoca Gold to sell Russian unit for €24.5m

Precious metals exploration company Ovoca Gold has agreed to sell its Ayax unit for $31 million in cash and stock to Russian …

Precious metals exploration company Ovoca Gold has agreed to sell its Ayax unit for $31 million in cash and stock to Russian silver producer OAO Polymetal.

The Dublin-listed firm said Ayax owns the interests to the Goltsovoye silver deposit which is 81kms from Polymetal's Dukat processing plant.

The payment includes $11 million in cash and 7.5 million JSC Polymetal ordinary shares which had a market price of $2.67 million giving a value of €24.5 million ($31m) to the deal.