Business
Trading Statement
Trading Statement.
About this update from Cerillion Plc
[{"type":"text","content":"\n Celtic Resources Holdings PLC\n15 February 2007\n\n\n\nFOR IMMEDIATE RELEASE 15 February 2007\n\n Celtic Resources Holdings Plc\n \n Trading Update\n\nCeltic Resources (\"Celtic\"; ticker \"CER\") is pleased to provide an update on\n2006 gold production and recent events, in advance of its full year results\nexpected to be announced in May.\n\n• Total group gold production increased by 62% to 61,520 ounces (2005; 37,991 ounces)\n\n o Suzdal (100% owned) gold production increased by 152% to 51,785 ounces, \n which includes 2,552 ounces of gold inventory (2005; 20,585 ounces). The \n increase was due to greater plant availability following the commissioning \n of the new air supply system for the BIOX plant and overall improvements \n in plant operation;\n o Zherek (75% owned) gold production was 9,735 ounces (2005; 17,416 ounces), \n a 44% decrease due to lower grade oxide and transitional ores delivered \n to the heap. These will be depleted this year and studies are continuing \n on developing the underlying sulphide ores.\n\n• Total attributable gold production for 2006 was up 75% to 59,086 ounces \n (2005; 33,639 ounces)\n\n• Average realised gold sales price was US$609.21 per ounce\n\n• Eureka Mining plc, acquired in December 2006, has continued to develop in line \n with management expectations:\n\n o Shorskoye Molybdenum Deposit (50% owned) in Kazakhstan which, following \n commissioning in May 2006, produced 577,710 lbs of molybdenum in \n concentrate in 2006, of which 445,610 lbs has been sold for a total of \n US$7,900,676 and 132,100 lbs of molybdenum in concentrate has been \n stockpiled awaiting sale;\n o In late January 2007, Celtic announced a Joint Venture agreement with \n Anime Global Limited, a company associated with the ICT Group of \n companies for the development of the Miheevskoye Project. Polymetal \n Engineering, a wholly owned subsidiary of Polymetal, has been contracted \n to execute the plans of the JV and discussions regarding the strategy of \n the resource are continuing.\n\nCommenting on the results, Kevin Foo, Managing Director of Celtic Resources\nsaid, \"We are at last seeing our efforts at Suzdal bear fruit and a 150%\nincrease in production to more than 50,000 ounces is satisfactory. We are\nseeking further group gold production increases in 2007. We also intend to make\nsignifican...