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Gold exploration in Russia

March 2011

The information contained in this document is being supplied (in the case of distribution in the UK) only to persons who fall within certain exemptions of the Financial Services and Markets Act 2000, including a limited number of specified persons and institutions which meet the requirements of articles 19, 43, 48, 49 and 50 of the Financial Services and Markets Act 2000 (Financial Promotion Order 2001), or are persons to whom this document may otherwise lawfully be issued or passed on to. It must not be distributed or passed on to any other person. No representation or warranty, express or implied is given to the accuracy of the information or opinions contained in this document and no liability is accepted by Ovoca Gold Plc nor by Davy or any of their respective directors, members, officers, employees, agents or advisers for any such information or opinions.

Accordingly, this information is being supplied to you, in whole or in part, for information purposes only and not for any other purpose. In particular, the distribution of this document in jurisdictions other than the United Kingdom may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of laws of any such other jurisdiction. This document and the information contained in it do not constitute a prospectus and do not form any part of an offer to sell or allot or issue, or any invitation to apply for, securities. Any decision to apply for securities must be made solely on the basis of information contained in the final document issued by Ovoca Gold Plc. By accepting receipt of this document you will agree to be bound by the limitations set out above.

Persons receiving this document should note that, in connection with any proposed transaction, Davy is advising Ovoca Gold Plc and no-one else.

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DisclaimerDisclaimer

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Listing symbol OVG.L (AIM), OVX.IR (Irish SE)

Shares outstanding 88.5mn

Warrants/options 6.6mn

Management ownership 45%

Net cash and equivalents (at 03.12.10) $55.4mn

Market capitalization (at 28.02.11) $47.5mn

Deferred performance-based consideration to $18.0mnMagadan asset vendors

Company snapshot

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Ovoca Gold is a well-funded gold explorer and mine developer with a proven track record of creating value.

The Company’s business strategy is:

•Focus – Russia, gold

•Expertise/experience – professional staff with high success rate

•Long-term regional experience – Russia business savvy, proven ability

•Partnership – local government, community, strategic outreach

View from Olcha gold deposit, Magadan Region, Russia, looking north

Introduction

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Ovoca Gold is:

Unique exposure to Russian gold industryAlmost complete absence of juniors in RussiaRussia major gold producer and massive resource potentialRussia again on agenda of major companies (PepsiCo, BP, Ford, Kinross)

Strong financial and capital market positionCash and investments worth +$50mnShare buy-back programNo debt (vendor payment contingent on successful exploration-development)

Zero value given for attractive exploration/development assetsStakhanovsky project – easy to executeRassoshinskaya – multiple high quality targetsCompany track record for successful asset development

Investment case

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Share price performance

Strong share price performance, up 109% in 2010

Trading liquidity improved in 2010 due to roll up and new investor outreach effortDaily share volume up 86%, value volume up 111% (4Q09 vs. 4Q10 on AIM)

AIM

list

ing,

GB

P p

ence

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Russia is the world’s 5th largest gold miner with one of the fastest rates of production growth

Russia hosts some of the world’s most promising exploration potential

However, Russia is:

Underexplored

Undermined

Underrepresented in asset portfolios of world’s gold mining companies

Ovoca looking for gold, all alone…

Why Russia?

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Russia has the world’s 3rd largest gold reserves, 5th largest producer

Source: USGS

Country Reserves (mn ounces) % of global total Production 2010 (mn ounces)

South Africa 192.9 7.6% 6.1

Australia 186.5 10.2% 8.2

Russia 160.8 7.6% 6.1

US 96.5 9.2% 7.4

Indonesia 96.5 4.9% 3.9

China 61.1 13.8% 11.1

Uzbekistan 54.7 3.5% 2.8

Ghana 51.4 4.0% 3.2

Peru 45.0 6.8% 5.5

Canada 32.2 3.6% 2.9

All others 533.7 28.9% 23.2

Russia – Last frontier for gold

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Russian production as a percentage of total 2010 production of top global gold mining companies:Company Direct or indirect attributable production from

Russia in 2010 (ounces) % of total company production

Barrick 40,806 0.5%

Anglogold Ashanti 0 0%

Newmont 0 0%

Gold Fields 0 0%

Goldcorp 0 0%

Harmony 0 0%

Newcrest 0 0%

Kinross 554,008 23.7%

Eldorado 0 0%

Agnico Eagle 0 0%

Source: Company data

Russian footprint (lack of)

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Despite Russia’s poor “risk” image in many mining circles, there are numerous positive examples of foreign gold companies working successfully in Russia

Kinross – Developed, built, operated, closed and sold Kubaka. Completed Kupol construction and currently operates. Acquired and sold Julietta

High River Gold – Acquired and currently operates Buryatzoloto. Developed, built and currently operates Berezitoviy

Bema Gold – Developed, built, and operated Julietta. Developed, began construction of Kupol

Silver Bear Resources – Acquired, developed and sold Avlayakan

Ovoca Gold – Acquired, developed and sold Goltsovoye

Celtic Resources – Acquired by Severstal, shareholders see share price appreciation of 118% from start to finish of hostile takeover

Petropavlovsk – Very successful UK gold miner with long track record operating in Russia

Foreigners in Russia

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Ovoca Gold has a top-tier team that collectively has decades of experience in mining asset development in Russia. The team’s core competency is exploration and development in the Far East region of Russia.

Projects which have had major Ovoca Gold team involvement include:

Unifying factor: gold/silver, Far East Russia, successful

Expertise/experience

Name Ownership history Peak production

Kubaka (Kinross – Polymetal) 500,000 oz - Au

Julietta (Bema – Kinross – Northern) 110,000 oz – Au

Goltsovoye (Ajax – Ovoca – Polymetal) 7,000,000 oz – Ag* (planned)

Karalveem (LL Gold) 60,000 oz – Au

Lunnoye + Arylakh (Polymetal) 5,000,000 oz – Ag

Dukat (Pan American Silver – Polymetal) 15,000,000 oz – Ag

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Goltsovoye silver project

Location: Magadan, RussiaProduction started: 2010Peak output: estimated 7mn oz AgOwnership: Ovoca – PolymetalResource: 69.0mn oz silver @ 895.3 g/t*

Ovoca involvement:

Ovoca Gold acquired Goltsovoye in 2006. From 2006 to 2008 the Ovoca team upgraded the resource base to JORC standards, completed a Bankable Feasibility Study, secured an LOI on mine financing from a commercial bank, and then sold the project to Polymetal for $47.7mn in cash and securities (a 194% premium to Ovoca’s market capitalization at the time of closing).

* Wardell Armstrong International, press release 08.02.2007, JORC measured, indicated and inferred resources

Goltsovoye experience

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Ovoca Gold core projects:

Rassoshinskaya: 2 year exploration license, extendable and convertible to 25 year exploitation license Multiple targets – Olcha, Podgorniy, Zet, Vist Gold-silver, low sulphidation epithermal deposits, similar to successful mines in region

Stakhanovsky: Full exploitation license, valid to 2027, extendable Gold bearing quartz dykes, course - free gold, very simple metallurgy Significant infrastructure already in place

Rassoshinskaya

Stakhanovsky

Projects

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Stakhanovsky

Exploitation license valid until 07.05.2027, total size is 73 km2 in Northwestern part of the Magadan region

Bulldozer clearing drill platform at Berezitoviy

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Stakhanovsky

Berezitoviy

Zabolocheniy 1 – 2

Burovaya

Albitoviy

Tainstvennay 1 - 3

N

Diorite quartz dykes parallel to each other and perpendicular to Zabolocheniy river bed.

Ore exposed in trench from Berezitovy (bottle for scale)

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Stakhanovsky – Maiden resource

Maiden JORC resource announced 02/2011: 350,000 oz Au inferred category

“SRK’s Mineral Resource Statement given in the table below is reported using the terminology and guidelines given in the JORC Code. The resource is given above a 0.5 g/t cut off grade and comprises 7 areas from the Berezitoviy, Zabolocheniy 1 and Tainstvennaya 1 areas.

Generally, SRK considers the drilling to have covered only a quarter of the immediate area in which the geological mapping and grab sampling results have returned encouraging results; therefore exploration potential is considered to be good.”

View from Berezitoviy looking Southeast

Million tons Grade (g/t) Gold (t) Gold (oz)

9.1 1.2 10.9 350,000

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2001 - 2008

State-owned license area. OOO Magsel acquired the property at

auction in May 2007.

1940 - 2000 2009 - 2010 2011 -

State mining run by local Artel (Communal placer

mining groups)

Ovoca acquires Magsel in January 2010.

Initial exploration work conducted by Magadangeologia

Geophysics, geochem, trenching and drilling done

Uneven course-grain mineralization in diorite quartz

dykes. Initial Russian-code resource (P1) of 1.2mn oz gold

Rich placer deposits discovered in the Stakhanovsky and

Zabolocheniy river beds – alluvial mining

To date approximately 2mn oz gold has been

extracted from the license area

2009: 260 ton bulk sample taken from two dykes – grade determined 2 g/t with +60%

recovery via gravitation.

2010: 7,100m RC drilling and 1,000 DD completed. Results

given to SRK for resource calculation.

Cor

pora

teO

pera

tiona

l 2011: Initial JORC resource from SRK.

Large-scale bulk sampling and DD drilling. Commence

pre-feasibility study, register end-year resource with State as first step to full

feasibility and mine construction.*

Stakhanovsky – History

*Subject to successful exploration

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Stakhanovsky – Drilling

Significant 2010 RC drilling results include:Bore hole

ID number

Target Interval, m True thickness, m

Gold grade g/ton

from to length

RCZ1-3 Zabolocheniy-1 125 143 18 18 4.48RCZ1-6 Zabolocheniy-1 118 121 3 3 2.87RCZ1-8 Zabolocheniy-1 86 89 3 3 12.78RCZ1-9 Zabolocheniy-1 88 110 22 22 0.64RCZ1-23 Zabolocheniy-1 39 51 12 12 0.82RCZ1-27A Zabolocheniy-1 58 71 13 12 3.09

RCBU-8 Burovaya 17 22 5 5 16.27RCBU-9 Burovaya 26 31 5 5 3.82RCBU-11 Burovaya 65 73 8 8 0.69RCBU-12 Burovaya 88 94 6 6 1.54RCBU-15 Burovaya 65 70 5 5 0.56

RCBR-15 Berezitoviy 24 32 8 8 0.76RCBR- 20 Berezitoviy 29 37 8 8 1.74RCBR-27 Berezitoviy 3 11 8 8 0.61RCBR-30 Berezitoviy 12 14 2 2 0.95

RC rig drilling at Stakhanovsky

Total work done in 2010 included approximately 7,100m RC drilling and 1,000 meters of DD.

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View from Zabolocheniy 1 looking East

Stakhanovsky – Infrastructure in place

Village Udarnik, on license area, pop. seasonal, buildings in place to house miners, drill crew

Power substation

Year-round road to Susuman, town pop. 7,500. Distance to license area 40km

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Simple project with clear development path

•Significant infrastructure in place at site

•Initial test work show gold recoveries in excess of 60% via gravitation alone

•Multiple observations of large gold particles > 1mm in size

•Opportunity for scalable start-up with off-the-shelf modular production lines

•Initial estimate of low capital expenditures

Picture of gold particles taken from 2009 bulk sample, Russian coin (for scale) approximately size of US dime

Stakhanovsky – Summary

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Rassoshinskaya

Exploration license valid until 15.02.2013, term is extendable and can be converted to 25 year exploitation license, total size is 2,460 km2 in Northeastern part of the Magadan region

Staging camp for Olcha

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Significant gold-silver deposits (+1mn oz Au equivalent) mined or under development

Mayskoye

Dvoinoye

Kupol

Kubaka

AmetistovoyeJulietta

Dukat

NatalkaKhakanja

Nezhdaninskoye

Rassoshinskaya

Karalveem

Lunnoye

Excerpt from SRK report, June 2009

Rassoshinskaya regional context

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Podgorniy: Large gold-silver anomaly. Geophysics, geochemistry and grab samples. Trenching and drilling scheduled for 2011 season.

Vist: Gold-silver target. Placer mining in neighboring area.

Zet: Gold-silver bearing epithermal quartz vein system over 7 km long. Geophysics, geochemistry, grab samples and trenching done. Drilling scheduled for 2011 season.

Olcha: Gold-silver bearing epithermal quartz vein system. Extensive exploration work done.

Rassoshinskaya – Multiple targets

Excerpt from SRK report, June 2009

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Podgorniy – Strong geochem anomaly

Halo grade (g/ton)

Au Ag

>0.20 >0.30

0.05-0.20

0.15-.030

0.01-0.05

0.10-0.15

0.00-0.01

0.04-0.10

2km 2km

Geochemical results show strong presence of gold and silver, geophysics also confirm structural anomaly at site. Trenching and drilling planned for 2011.

Silver Gold

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Maiden JORC resource announced 06/2010: 344,000 oz Au inferred category

The metallurgical characteristics of the ore are amenable to conventional gravitation, flotation and direct cyanidation processing techniques. Metal recoveries from initial test work reached over 97% for gold and 74% for silver

Olcha – Maiden resource

Zond

Zone 2

Zone 1

2.7km

N

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Olcha: Structural model developed, new results being added

NW

NW

Zone 2

Zone 1

Olcha

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Bore hole C-35. Epithermal quartz veining. Similar veining in neighboring gold mines (Kubaka, Kupol)

Olcha

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Significant historical drilling and trenching results include:Bore hole ID number

Target Interval, m Gold grade g/ton

Silver grade g/tonfrom to length

C-47 Centralny, Zone 1 29.6 30.4 4.4 7.1 20.9C-63 Centralny, Zone 1 10.4 18.4 8.0 15.9 49.6C-85 Centralny, Zone 1 16.3 24.5 8.2 6.1 18.9C-88 Centralny, Zone 1 65.2 70.5 5.2 9.4 15.7C-121 Centralny, Zone 1 93.4 121.3 27.9 4.7 21.4

including 105.1 107.1 2.0 25.1 77.8114.6 118.6 4.0 6.9 43.5

C-33 Centralny, Zone 2 152.0 157.5 5.5 8.4 20.0C-40 Centralny, Zone 2 38.8 40.3 1.5 35.2 103.1C-42 Centralny, Zone 2 51.5 53.0 1.5 24.6 54.5C-42 Centralny, Zone 2 151.2 153.8 2.6 8.0 14.6C-59 Centralny, Zone 2 106.6 108.0 1.4 7.9 10.0C-136 Centralny, Zone 2 180.1 181.0 0.9 15.4 97.8C-136 Centralny, Zone 2 203.6 204.6 1.0 14.0 TR

Trench ID number

Target Width, m Gold grade g/ton

Silver grade g/ton

K-22 Centralny Zone 1 2.6 8.1 33.9K-67 Centralny Zone 1 7.5 17.3 38.5K-68 Centralny Zone 1 3.4 10.2 40.8K-105 Centralny Zone 1 10.5 6.5 16.0K-172 Centralny Zone 1 2.8 12.3 43.5K-102 Centralny Zone 2 1.3 42.0 75.2K-353 Centralny Zone 2 1.5 18.5 30.5K-355 Centralny Zone 2 3.5 14.3 16.8K-354 Centralny Zone 2 9.4 10.7 89.7K-370 Zond 9.2 45.6 102.5

Olcha

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Bore hole ID number Interval, m Au grade g/ton Ag grade g/tonfrom to length

C-33 152.0 157.5 5.5 8.4 20.0C-40 38.8 40.3 1.5 35.2 103.1C-42 51.5 53.0 1.5 24.6 54.5C-42 151.2 153.8 2.6 8.0 14.6C-59 106.6 108.0 1.4 7.9 10.0

C-136 180.1 181.0 0.9 15.4 97.8C-136 203.6 204.6 1.0 14.0 TR

C-168* 95.9 110.0 14.1 11.3 30.1including 105.2 110.0 4.8 30.9 70.6C-168* 168.6 171.6 4.0 5.4 37.0including 169.6 170.6 1.0 15.2 110.4C-169* 197.5 207.5 10.0 14.6 13.0including 197.5 199.3 1.8 14.1 10.3including 204.8 206.5 1.7 44.5 40.8C-190* 195.1 202.6 6.5 6.5 28.1including 199.1 200.9 1.8 19.2 68.8C-194* 144.7 146.7 2.0 10.4 29.5C-195* 259.9 273.6 13.7 4.0 16.5including 266.4 268.0 1.6 9.7 49.9including 270.8 271.6 0.8 13.6 20.8

Trench ID numberK353 1.5 18.5 30.5K354 9.4 10.7 89.7K355 3.5 14.3 16.8

* denotes data from 2010 drilling season

Olcha – Zone 2

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Overburden cleared, ore outcrop (white veins) visible

View looking West, camp, drill rig in background

Trench heading South

Olcha – Photo highlights

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Ovoca Gold is one of the only independent (no strategic stake owned) publically-listed junior explorer/miner active in Russia today

Junior miner presence in Russia largely absent +

Foreign companies wanting to enter Russia lack local partners+

World class projects and people=

Business opportunity: focus of Ovoca Gold

Drill rig at Olcha

Ovoca focus

32EV is market capitalization as of 28.02.11 plus net cash as of latest financial report, peer group is AIM listed companies with operations in emerging markets

Producers Explorers/developers

Peer valuation (EV/oz resource)

Current valuation implies negative value for our resources, free gold!

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Current EV valuation of Ovoca Gold implies a negative US$/oz Au (JORC M,I&I)

Explorer/developer peer average valuation would imply share price of GBP 0.65

Assume Rassoshinskaya conversion and Stakhanovsky threshold of 300,000 oz JORC measured and indicated completed by end-2011:

•Payment out of Ovoca equals US$12mn as per vending agreement•JORC measured, indicated and inferred resource at 694,000 oz Au (Olcha + Stakhanovsky)•Current EV valuation would be US$8/oz JORC resource (less than half closest peer)•Cash and equivalents position would still be very strong at forecast US$32 – 35mn

Valuation – Vending arrangement

Road sign for Susuman, note city coat-of-arms is dredge for placer mining

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Stakhanovsky

Rassoshinskaya

ExploitationMine

developmentExploration

2010 - 2011 2012 2013 –

2010 - 2013 2014-2015 2016 –

Management intentions (3 - 5 years)

a significant gold resource ready for feasibility study and/or JV partner with

global mining companies

a cash generating asset producing 30,000 – 50,000 ounces Au annually

(preliminary in-house estimate)

Development timeline

Management’s goal is to put Stakhanovsky into production as soon as possible, generate cash flow to keep company financially self-sufficient, explore the Rassoshinskaya license area, and keep an eye out for opportunistic acquisitions.

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Name Position Background

Tim McCutcheon

CEO, Executive Director

Mr. McCutcheon’s background is as a capital markets analyst and investment banker. Worked in Moscow and New York in banking and has over 15 years of business experience in Russia/CIS. BA cum laude Columbia University, New York, NY. MBA, Columbia Business School.

Mikhail Mogutov

Executive Chairman

Mr. Mogutov has been involved in acquiring and managing industrial complexes since 1988. His experience includes United Machinery Plant (Russia’s largest machine-building enterprise), Vostsibugol (one of Russia’s largest coal mines), and Biomed (pharmaceuticals).

Leonid Skoptsov

Non-executive Director

Mr. Skoptsov has decades of experience in managing and advising natural resource companies. His experience includes oil producer Volganeft (oil company in Russia), First Mining (developer of large zinc-lead deposit in Russian Far North), and North Pacific Coal (large coking coal project in Russian Far North).

Yury Radchenko

Non-executive Director

Mr. Radchenko, a geologist, was a founder of the Dukatsky Mining Geological Company, now one of the largest exploration contractors in the Russian Far East. He is currently the general director for the Julietta gold mine (formerly Kinross). He is also the discoverer of the Lunnoye silver deposit (Polymetal).

Don SchisselNon-executive Director

Mr. Schissel has recently retired from BHP Billiton after a near 30 year career there. He was Regional Exploration Manager - Eurasia between 1992 – 1999, as well as Exploration Manager - Russia and Kazakhstan between 2005 – 2009. Team discovery of Oyu Tolgoi porphyry copper deposit in Mongolia (now in Ivanhoe Mines) and Jinlong gold deposit in China.

Ken KuchlingNon-executive Director

Mr. Kuchling is a mining consultant with a focus on mining engineering. His clients include Northgate Minerals, NovaGold, Oromin, and BHP. He was Senior Mining Engineer for Rio Tinto’s Diavik Diamond Mine in Canada between 1997 – 2000 and played a key role in project feasibility study and permitting.

Kirill Golovanov

Corporate Secretary, Head Russia Office

Mr. Golovanov is a graduate of Moscow State Legal Academy and has worked in Gazprombank, Vneshekonombank, as well as a department manager in the Federal Service on Bankruptcy and Finance Restoration – a subdivision of the Russian Federation Ministry of Finance.

Svetlana Radchenko

CFO

Ms. Radchenko has over a decade of experience in financial management of both Russian and international companies, including working in the finance departments of such companies as OAO Volganeft and OAO TverUniversalBank. She has a Doctorate in Finance, St. Petersburg State University, Russia and MA Finance, Moscow State University, Russia.

Oleg Tsopanov

Head Geologist

Mr. Tsopanov has a long and successful career as a geologist. He was the Head of Diamonds, Gold and Precious Metals at the Ministry of Geology of the USSR. Mr. Tsopanov is responsible for the discovery of multiple gold and other metal ore bodies, including Kubaka (Kinross), Dukat (Polymetal), and Karleveem.

Vyacheslav Makeev

Head Metallurgist

Mr. Makeev is a metallurgist and was the Production Chief at the Julietta mine (Bema Gold). He was also instrumental in the construction and operation of the Lunnoye silver mine (Polymetal), where he served as Chief Metallurgist. He was also Head of Technology at TsNIGRI, a major Russian laboratory.

Team

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Ovoca Gold Plc.

Russia representative office:Stoloviy Pereulok, Bld 6Moscow, 121069RussiaTelephone: +7 495 916 6029

Dublin office:78 Merrion SquareDublin 2IrelandTelephone: +353 1 661 9819

www.ovocagold.com

Contacts