Irish exploration group Celtic Resources Holdings has reported a profit in the full year and added that prospects for 2002 are positive.
Chairman and managing director, Mr Kevin Foo said: "Since the period end we have arranged further finance to enable a ramp up in production levels at the Nezhdaninskoye mine.
"Funds have also been raised to enable us to the purchase the balance of the Suzdal mine as well as an additional 15 pct interest in the Shorskoe molybdenum project to take Celtic to a 65 per cent holding.
"In addition, we continue to work with Standard Bank London to secure long term project financing for the Nezhdaninskoye gold mine."
He added:"Prospects at Suzdal, with the high-grade primary ore drilling results, have increased significantly and subject to financing, we will be accelerating this project with the intention of increasing production to beyond 100,000 ounces by 2003/4."
The comments came as the company posted a pretax profit for the year to December 31st $34,000 against a loss of $1.03 million.
Loss per share was 0.2 cents against a loss of 1.2 cents.
AFP