19th Sep 2005 12:20
Celtic Resources Holdings PLC19 September 2005 Celtic Resources Holdings Plc ("Celtic", "Celtic Resources", or "the Company") New partners at the Nezhdaninskoye Gold Mine The Board of Celtic Resources was today informed by Investment Group Alrosa("IGA") that ZAO Polyus ("Polyus"), the gold mining arm of MMC Norilsk Nickel,has bought from IGA a 50 per cent. interest in the South Verkhoyansk MiningCompany, which owns the Nezhdaninskoye Gold Mine in Yakutia, Russia. Following the conclusion of the above acquisition, Polyus will become an equalowner in Nezhdaninskoye with Celtic and overall, the Company's position ispositive. The Directors are pleased to welcome Polyus, the largest gold producer inRussia, as a partner for the future development of the Nezhdaninskoye Gold Mine.With the ongoing support of the Company's shareholders, Celtic are pleased toenter into discussions with Polyus, aimed at the rapid development ofNezhdaninskoye. These discussions have been set to begin in early October. The Company has always considered Nezhdaninskoye an outstanding project withexcellent potential for high levels of gold production at low operating costs.We are now keen to progress the joint development of the project to fullproduction status which has been frustrated by past delays. We will keep shareholders informed as discussions progress. 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 [email protected] Tel: +44 (0)20 7618 8708 [email protected] www.celticresources.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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