Ovoca secures $92.7 mln loan for Russian silver mine

MOSCOW, July 29 (Reuters) - Ovoca Gold (OVG.L) (OVG.I) has secured a $92.7 million project loan with a major Russian banking institution to cover capital costs for development of a large silver mine in the Russian Far East, the company said on Tuesday. Ovoca is developing the Goltsovoye deposit in the Magadan region, which it said would produce an average 260,000 tonnes of ore and 5.8 million ounces of silver annually in its first stage. (Reporting by Robin Paxton, editing by Simon Shuster)