New CEO at Ovoca Gold

on Jun 1, 2012

Ovoca Gold Plc, a gold mine development company operating in the Magadaan region, Russia, announced a change in their management team. Chief Executive Manager Tim McCutcheon has stepped down from the position and Kiril Golovanov was appointed the company’s new CEO. Ovoca Gold released an official statement, regarding the change, Mr. McCutcheon’s work at the company and its plans for developing two key license areas under the new management.

Russia-focused Ovoca Gold appointed KirilGolovanov as their new Chief executive officer replacing former CEO Tim McCutcheon, who has resigned to pursue other business interests. Chairman Mikhail Mogutov expressed his and the company’s gratitude for all the work McCutcheon has done for Ovoca since his arrival as a Non-Executive Director in 2009 and wished him well in his future endeavors. For the time being, the former chief executive officer will remain as a director in the company to ensure a smooth transition.

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His replacement, Kiril Golovanov has an impressive record. Prior to joining Ovoca Gold he has worked at leading Russian enterprises, such as Gazprombank and Vneshekonombank, and as a department manager in the Federal Service on Bankruptcy and Finance Restoration – a subdivision of the Russian Federation Ministry of Finance. In 2007 Mr. Golovanov joined Ovoca as a corporate advisor and moved to be the manager of the Company’s Russia representative office in 2009.!m[](/uploads/story/11/thumbs/mining_trucks_2_inline.png)The company expresses a full belief in Golovanov, who has been a key part of Ovoca, working on major operations, such as the development and subsequent sale of the Goltsovoye silver deposit. Mr Mogutov was very content with the choice, stating that Golovanov is a “strong leader” and “will be extremely focused on managing exploration activities in the Magadan region in order to achieve our company’s goals.”

A strong leadership is what the company needs for managing its large and ambitious operations. Currently,Ovoca is exploring and developing its 100 percent owned Stakhanovsky and Rassoshinskaya licenses. Both of these license areas have rich high-grade gold deposits.
Stakhanovsky is located about forty kilometers north of Susuman, which is the second largest city in the Magadanregion. There is a substantial gold deposit in the area, thought to consist of around 350,000 ounces of gold. The area is accessible by road and a power infrastructure is in place.

The second license area is located in the North Eastern part of the Magadan region, approximately 200 kilometers from the city of Seimchan. There is nearby infrastructure, but the site has great potential gold reserves according to the geological analysis conducted.The main focus is the Olcha prospect, where the resource estimate is 650,000 ounces of gold and 3.59 million ounces of silver. With the additional smaller deposits in this area, the potential output of gold from the Rassoshinskaya could reach several million ounces.
The Company is looking to develop this potential and believes that Mr. Golovanov is the right man for the job. Considering his experience managing large-scale projects in the past, Golovanov’s appointment is a logical move.


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