The Russian Government Commission for Natural Resources has audited and approved the resource classification for Ovoca Gold's Goltsovoye silver deposit in the Magadan Oblast of northeast Russia.
The exploration company said that the total resource of Goltsovoye now stands at 81.33 million ounces of silver and 46,438 tonnes of lead.
Ovoca said that, based on hydro-geological studies, two new water well holes have been drilled and equipped for both process and potable water supplies for the mine.
'We are pleased with the approval of these resources which is a milestone in the development of the Goltsovoye project,' commented Leonid Skoptsov, CEO of Ovoca Gold.
'In terms of new approved resources, the potential of Goltsovoye is rather underestimated by international auditing and further study of Goltsovoye ore field should bring more discoveries,' he added.
Ovoca Gold today also announced that it has placed 48.8 million new shares which will raise about £4.5m sterling for the company. The funds raised will be used on the evaluation and development of the Goltsovoye site.
It will also be used to advance the company's exploration projects in the Kola Peninsula, the company added.
