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Ovoca Gold appoints Tim McCutcheon as new CEO

02 December 2009

Ovoca Gold has appointed Tim McCutcheon as its new chief executive with immediate effect. McCutcheon has been a director of Ovoca since January 2009 and takes over from Mikhail Mogutov, who becomes executive chairman. Current chairman Leonid Skoptsov will retain his position on the board as a non-executive director.

McCutcheon has lived and worked in Russia and the Commonwealth of Independent States since 1994. Prior to working in Ovoca, he worked in multiple financial institutions such as Bear Stearns, Aton Capital and Pioneer Investments as an award-winning metals and mining sector analyst and as an investment banker.

In the half year to June 30, Ovoca posted a profit of US$8.2 million following the sale of its Goltsovoye silver property to JSC Polymetal for US$11 million cash and 7.5 million shares. The company has since hired an asset manager to help it build a portfolio of gold and gold related stocks with a portion of the cash received from the sale.

McCutcheon said: “Given the recent surge in the gold price and increasing interest in the gold mining sector from investors globally, I believe now is a particularly fortuitous time to lead a gold mining company. It is clear that investors have been patient with the company as it has re-grouped after the sale of Goltsovoye. I intend to reward shareholders for their patience by focusing on long term, sustainable shareholder value.”

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