Thursday, 2nd December 2004 (2661 views)

Celtic Resources has announced that it has entered into a strategic relationship with Barrick Gold Corporation to develop current and future gold assets at Celtic.

Under the deal Barrick will provide £14.9 million into Celtic through a placing and may offer further cash input of up to £7.5 million.

The firm will also be able to participate in all of Celtic's future new projects, as well as developing the Yakutia and Kazakhstan sites.

Peter Hannen, Chairman of Celtic, said: "The Board of Celtic is delighted to have one of the largest and most dynamic players in the gold industry as a cornerstone investor.

"We are excited about the prospects of working with Barrick on developing gold projects in Yakutia and Kazakhstan, using the significant influence and financial support which they bring."

Greg Wilkins, president and CEO of Barrick, added: "We consider the investment in Celtic as an excellent opportunity to further enhance and strengthen Barrick's future growth profile. We view the investment as a key strategic relationship for our growth in Russia and Central Asia."

 

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