Friday, 27th July 2007 (2066 views)

The remaining 25 per cent shares in Zherek gold mine have been purchased by mineral exploration company Celtic Resources, it has been announced.

Celtic, who already owned the other 75 per cent stake, closed the deal to bring its ownership to a full 100 per cent for a sum of $660,000 (£330,000).

According to the gold miner, it expects the move to increase its total attributable gold resources to 4.23 million ounces of gold - a rise of 210,000 ounces.

"Now we have 100 per cent ownership of Zherek, we can focus on the next stage of planning to treat the substantial sulphide ores in 2009, once the oxide ores are depleted," commented managing director Kevin Foo.

Mr Foo added that test work and feasibility studies are underway with a decision on the company's best development route expected in early 2008.

Mineweb reports that gold production from the open pit and heap leach operation at Zherek in 2006 was 9,735 ounces, compared to 17,406 ounces in 2005, with production in 2007 expected to rise to 10,000 ounces.

 

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