Business
Completion of sale
Completion of sale.
About this update from Cerillion Plc
[{"type":"text","content":"\n Celtic Resources Holdings PLC\n18 May 2006\n\n\n\n Celtic Resources Holdings Plc\n\n Nezhdaninskoye sale for US$80 million completed\n\nCeltic Resources Holdings Plc (\"Celtic\" or \"the Company\") is pleased to announce\nthat it has completed the sale of 20% of The South Verkhoyansk Mining Company \n(\"SVMC\") for US$80 million cash (the \"Consideration\"). SVMC is the license \nholder for the Nezhdaninskoye gold mine in Yakutia, Russia (\"Nezhdaninskoye\").\n\nOn 3 February 2006 the Company announced the outcome of its discussions on the\nfuture of Nezhdaninskoye with Interros Group, one of Russia's largest private\ninvestment companies and a controlling shareholder in JSC MMC Norilsk Nickel and\nPolyus. As a result of these discussions, KM Technologies (Overseas) Limited, an\ninvestment vehicle for the Interros Group, made the cash offer. The\nConsideration has been held in escrow pending the withdrawal of Celtic's legal\nactions surrounding the disputed ownership in Nezhdaninskoye. That withdrawal is\nnow complete and the Consideration has been received in full by the Company.\n\n\nComment\n\nPeter Hannen, Chairman commented, \"Celtic is now placed to continue with its\nfundamental aim which remains: to grow into a significant gold mining company.\nWe are actively assessing potential projects for acquisition to build on the\nproduction base at the Suzdal and Zherek mines in Kazakhstan. We are pleased to\nfinally have completed this transaction and the Company can now look to the\nfuture, move forward and grow.\"\n\n\nFor further information please contact:\n\nKevin Foo / Kate Dexter Smith Leesa Peters / Laurence Read\nCeltic Resources Holdings Plc Conduit PR\nTel: + 44 (0)20 7921 8800 Tel: +44 (0)7812 159 885 \n Tel: +44(0)20 7429 6666\[email protected] [email protected]\n\nFrank Moxon / Nick Morgan\nWilliams de Broe Plc\nTel: +44 (0) 20 7588 7511\n\n www.celticresources.com\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n ","length":2167,"tagName":"div"}]