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About this update from Cerillion Plc
[{"type":"text","content":"\n Celtic Resources Holdings PLC\n26 July 2007\n\n\n\n Celtic Resources Holdings Plc\n (\"Celtic Resources\" or \"the Company\")\n \n Purchase of remaining 25% of Zherek Gold Mine\n \nCeltic Resources is pleased to announce that it has purchased the remaining 25%\nof Zherek LLP for US$660,000 cash to take its ownership to 100%. The purchase\nof the additional 25% in Zherek increases Celtic's total attributable gold \nresources by approximately 210,000 ounces gold to 4.23 million ounces gold.\n\nThe 100% ownership of Zherek enables Celtic to develop Zherek as an integral\npart of the Company's plans to consistently produce more than 100,000 oz/year\nfrom their two Kazakhstan gold mines. Celtic's Suzdal and Zherek gold mines,\nseparated by only 28km, can take advantage of their close proximity with the\ntreatment of the refractory components of the Zherek ore in the fully\nfunctioning Suzdal BIOX plant.\n\nAs of 1st January, 2006, Zherek had Measured, Indicated and Inferred sulphide\nore resources of 5.43 million tonnes at 4.8 g/t gold containing 841,000 ounces*.\nIn 2006, gold production from the open pit and heap leach operation on oxide \nores at Zherek was 9,735 oz, compared to 17,406 oz in 2005 as transitional ores\nwere encountered and recoveries and grades declined. Expected production in 2007\nis 10,000 ounces.\n\nCeltic is currently evaluating methods to treat the transitional ores in 2008\nand the sulphide ores in 2009 and expects the heap leaching of oxide ores to\ncontinue into 2008.\n\nKevin Foo, Managing Director, commented, \"Now we have 100% ownership of Zherek,\nwe can focus on the next stage of planning to treat the substantial sulphide\nores in 2009, once the oxide ores are depleted. Test work and feasibility \nstudies continue and we expect to have a decision on Zherek's optimum\ndevelopment route in early 2008.\"\n\nFor further information please contact:\n\nKevin Foo / Jonathan Scott-Barrett Jane Stacey / Leesa Peters\nCeltic Resources Holdings Plc Conduit PR\nTel: + 44 (0)20 7921 8800 Tel: +44 (0)20 7429 6606 / (0)792 292 3306\[email protected] [email protected]\n\nSimon Raggett / Braden Saunders Peter Krens\nStrand Partners Limited Mirabaud Securities Limited\nTel: +44 (0) 20 7409 3494 Tel: +44 (0)20 7878 3362\n\n www.celticresources.com\n\n* Information extracted from an independent report pr...