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Ovoca to sell Russian silver deposit to Polymetal

Wed Nov 19, 2008 5:16am EST

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Nov 19 (Reuters) - Irish-registered miner Ovoca Gold Plc (OVG.L) (OVG.I) said on Wednesday it agreed to sell a silver deposit in Russia to miner JSC Polymetal (PMTL.MM) for $11 million in cash and 7.5 million Polymetal shares, and its shares rose 16 percent. Ovoca, whose Ayax unit owns the Goltsovoye deposit, said it would use the proceeds to finance the exploration of its Russian properties.

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Polymetal said separately the transaction has potential to become strongly accretive on resource-per-share and, in the future, reserve-per-share and cash-flow-per-share basis.

Ovoca shares were up 16 percent at 3.05 pence at 1006 GMT. Polymetal shares were quoted at 77.88 roubles ($2.95) on Russia's MICEX exchange. (Reporting by Balachander Surianarayanan in Bangalore; Editing by Mike Miller)

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