Celtic closes Russian deal

CELTIC Resources has completed the legal formalities to register the company's joint venture in Russia and an amended mining licence has been transferred to the Celtic/Sakhazoloto joint venture, Celtic's chairman, Dr Oliver Waldron, states in the annual report. The chief executive, Mr Sean Finlay, said the reserves of 1.2 million ounces of gold were likely to increase and that a full feasibility study would be carried out.