Celtic Resources sells assets in Kazakhstan

Irish Exploration company Celtic Resources is set to transfer its gold and metal exploration assets in Kazakhstan to a new company called Eureka Mining.

Celtic will keep a 44.4% stake in Eureka, following the admission of the new company to London's AIM. Eureka has raised £7m (€5.8m) through the issue of 5.8 million shares.

Celtic has sold the assets to Eureka for $15m (€12.4m) in an all-share deal. It expects to distribute much of its stake in Eureka to shareholders as a dividend.