Ovoca reduces losses, focuses on new licences

Exploration company Ovoca Resources has reported reduced losses of €160,245 for the year to the end of February.

This at least is a reduction on the losses suffered last year - €229,730.

During the year, Ovoca acquired gold exploration licences on the gold line in Vasterbotten County in northern Sweden.

Ovoca and its partner Aurum will also be exploring the Newcastle West licence area for zinc over the next 18 months.

In a statement to the ISEQ today, Ovoca welcomed geologist Jeremy Martin to the board as new chief operations officer.

Subsequent to the year end, Ovoca raised €575,000 through a successful placing and land sale in Keel, Co. Longford and is fully funded for the 2004 year budget.