LONDON (Thomson Financial) - Dublin-listed Ovoca Gold Plc. said it has completed drilling at Pellapakh deposit in Russia's Kola peninsula and expects assaying results of the samples in October, which would enable it to build a resource model of deposit.
Chief Executive Leonid Skoptsov reiterated that the drilling results at Pellapakh indicate that the company has discovered a world class molybdenum deposit with a potential resource comparable to that of the major molybdenum producers of the world.
With molybdenum prices of over $74,000 a tonne, Ovoca Gold believes that this major discovery has tremendous potential for the company, Skoptsov added. TFN.newsdesk@thomson.com yos/tsm COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.