Business
2nd joint venture agreemnt
2nd joint venture agreemnt.
About this update from Cerillion Plc
[{"type":"text","content":"\n Celtic Resources Holdings PLC\n05 March 2007\n\n\n\nFOR IMMEDIATE RELEASE 5 March 2007\n\n Celtic Resources Holdings Plc\n (\"Celtic\" or \"the Company\")\n \n Second Joint Venture Agreement with AGL for the Development of the\n Tominskoye Copper and Gold Project in Russia\n \n\n\nThe Directors of Celtic are pleased to announce that the Group has entered into\na second joint venture agreement to develop the Tominskoye copper and gold\ndeposit in Russia, which was one of the assets of Eureka Mining Plc acquired by\nCeltic in December 2006. This new agreement follows the announcement in January\n2007 between the Company and AGL to develop the Miheevskoye copper and gold\nproject. Both resources are based in the Chelyabinsk region.\n\n\nHighlights\n\n\n •50/50 joint venture (JV) with Anime Global Limited (\"AGL\"), one of the\n investment vehicles of ICT Group - large Russian investment and production\n group\n\n\n •Sale of initial 25.49% of the interest in the project to AGL for US$\n 3.64m in cash. Earn-in by AGL of further 24.51% by performing and completion\n of technical earn-in stages\n\n\n •All compliance, licensing and technical work including confirmation\n drilling for a bankable feasibility study to be carried out by Polymetal\n Engineering, a wholly owned subsidiary of Polymetal - the world's fifth\n largest silver producer and Russia's third largest gold producer\n\n\n •Polymetal Engineering's considerable knowledge and expertise will be\n brought to the JV which aims at completion of the bankable feasibility study\n in mid 2008\n\n\nThe JV will start immediately and develop an overall project plan which has the\nfollowing key objectives:\n\n • Initiate a technical evaluation to determine the best way to develop the\n asset\n\n\n • Complete a bankable standard feasibility study to international\n standards on the deposit, including all local permits, approvals and\n licenses in mid 2008\n\n\nThe joint venture is structured as a part cash contribution and performance\nbased earn-in steps, which will be fully funded by AGL. Following the final\nearn-in step, AGL will own a fifty percent interest in the resource.\n\nPolymetal Engineering has been contracted to provide a range of services,\nincluding submitting Approved Permanent Conditions Report to the Russian State\nCommittee for Mineral Resources (\"GKZ\...