18th May 2006 08:52
Celtic Resources Holdings PLC18 May 2006 Celtic Resources Holdings Plc Nezhdaninskoye sale for US$80 million completed Celtic Resources Holdings Plc ("Celtic" or "the Company") is pleased to announcethat it has completed the sale of 20% of The South Verkhoyansk Mining Company ("SVMC") for US$80 million cash (the "Consideration"). SVMC is the license holder for the Nezhdaninskoye gold mine in Yakutia, Russia ("Nezhdaninskoye"). On 3 February 2006 the Company announced the outcome of its discussions on thefuture of Nezhdaninskoye with Interros Group, one of Russia's largest privateinvestment companies and a controlling shareholder in JSC MMC Norilsk Nickel andPolyus. As a result of these discussions, KM Technologies (Overseas) Limited, aninvestment vehicle for the Interros Group, made the cash offer. TheConsideration has been held in escrow pending the withdrawal of Celtic's legalactions surrounding the disputed ownership in Nezhdaninskoye. That withdrawal isnow complete and the Consideration has been received in full by the Company. Comment Peter Hannen, Chairman commented, "Celtic is now placed to continue with itsfundamental aim which remains: to grow into a significant gold mining company.We are actively assessing potential projects for acquisition to build on theproduction base at the Suzdal and Zherek mines in Kazakhstan. We are pleased tofinally have completed this transaction and the Company can now look to thefuture, move forward and grow." For further information please contact: Kevin Foo / Kate Dexter Smith Leesa Peters / Laurence ReadCeltic Resources Holdings Plc Conduit PRTel: + 44 (0)20 7921 8800 Tel: +44 (0)7812 159 885 Tel: +44(0)20 7429 [email protected] [email protected] Frank Moxon / Nick MorganWilliams de Broe PlcTel: +44 (0) 20 7588 7511 www.celticresources.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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