Business
Disposal
Disposal.
About this update from Cerillion Plc
[{"type":"text","content":"\n Celtic Resources Holdings PLC\n31 July 2007\n\n\n\n\n Celtic Resources Holdings Plc (AIM:CER)\n (\"Celtic Resources\" or the \"Company\")\n \n Miheevskoye project sold for US$33m\n \n\nThe Directors of Celtic Resources are pleased to announce the sale of the\nMiheevskoye copper-gold project to The Russian Copper Company (\"RCC\") for a\ntotal consideration of US$33 million. Celtic Resources' share of the sale\nproceeds is US$26.5 million; the balance of US$6.5 million will be paid to AGL\nLtd (\"AGL\") the joint venture partner announced in January 2007.\n\nCeltic Resources acquired Eureka Mining Plc in December 2006, which included two\nlarge copper-gold porphyry deposits, Miheevskoye and Tominskoye located in the\nChelyabinsk region of southern Russia. Miheevskoye has a JORC resource of 426\nmillion tonnes of ore at 0.37% Cu and 0.10g/t Au. RCC expressed an interest in\nMiheevskoye early this year and after consultation with the joint venture\npartner, AGL, it was agreed to enter into negotiations with RCC and the\ntransaction has now completed.\n\nThe Tominskoye project, located 40km south of the city of Chelyabinsk is also in\njoint venture with AGL. It is owned 74.5% Celtic Resources and 25.5% AGL and is\ncurrently under pre-feasibility study to develop the Russian classified C1 and\nC2 resources of 241 million tonnes at 0.58% Cu and 0.12g/t Au.\n\nCeltic Resources is actively assessing several gold and base metal projects in\nRussia and Kazakhstan with a view of further acquisitions and joint ventures.\n\nCommenting on the disposal, Kevin Foo, Managing Director said, \"This transaction\nis another demonstration of a successful deal between western and Russian mining\npartners. It also vindicates Celtic Resources' decision to acquire Eureka Mining\nin 2006 and unlock its true value.\"\n\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)7922 923 306\[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\n\n\n This information is provided by RNS\n The company news service from the London Stock...