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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (2458)	6/12/2007 10:31:51 PM
From: LoneClone	Read Replies (1) \| Respond to of 194506

Celtic Resources says Cigma Metals to buy up to 90 pct of arm Dostyk Gold 06.12.07, 6:03 AM ET forbes.com LONDON (Thomson Financial) - Celtic Resources Holdings PLC said its wholly-owned units -- Eureka Mining PLC and Dostyk Gold LLP -- have signed an agreement with Cigma Metals Corp allowing it to buy up to 90 pct of Dostyk. Celtic said Cigma has paid 300,000 usd as initial payment to buy a 51 pct stake in the project, with a right to acquire a further 20 pct for 700,000 stg. The final option to acquire 19 pct more in Dostyk will be in exchange for 100,000 usd in 2008. Eureka will then hold the remaining 10 pct, Celtic said. Dostyk Gold holds the license over the 14,000 square kilometre Dostyk mining area in northern Kazakhstan. Cigma plans to convert current resource estimates over the project area into JORC-compliant resources. TFN.newsdesk@thomson.com