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Miheevskoye project sold for US$33m

Tuesday, July 31st, 2007

The Directors of Celtic Resources are pleased to announce the sale of the Miheevskoye copper-gold project to The Russian Copper Company (“RCC”) for a total consideration of US$33 million. Celtic Resources’ share of the sale proceeds is US$26.5 million; the balance of US$6.5 million will be paid to AGL Ltd (“AGL”) the joint venture partner announced in January 2007.
Celtic Resources acquired Eureka Mining Plc in December 2006, which included two large copper-gold porphyry deposits, Miheevskoye and Tominskoye located in the Chelyabinsk region of southern Russia. Miheevskoye has a JORC resource of 426 million tonnes of ore at 0.37% Cu and 0.10g/t Au. RCC expressed an interest in Miheevskoye early this year and after consultation with the joint venture partner, AGL, it was agreed to enter into negotiations with RCC and the transaction has now completed.
The Tominskoye project, located 40km south of the city of Chelyabinsk is also in joint venture with AGL. It is owned 74.5% Celtic Resources and 25.5% AGL and is currently under pre-feasibility study to develop the Russian classified C1 and C2 resources of 241 million tonnes at 0.58% Cu and 0.12g/t Au.
Celtic Resources is actively assessing several gold and base metal projects in Russia and Kazakhstan with a view of further acquisitions and joint ventures.
Commenting on the disposal, Kevin Foo, Managing Director said, “This transaction is another demonstration of a successful deal between western and Russian mining partners. It also vindicates Celtic Resources’ decision to acquire Eureka Mining in 2006 and unlock its true value.”

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