Celtic Resources, the Irish-based minerals development company hard hit by turmoil in Russia and poor gold prices, has reported pre-tax losses of almost £6 million for 1998, up from £1.36 million in 1997. The losses include a write-off of £5.6 million for deferred exploration expenditure. This relates to Celtic's planned development of its stake in the Nezhdaninskoye gold mine in Yakutia in the Russian far east which has now been put on hold, and the sale of Celtic's interests in the Ballinalack zinc/lead mine in Ireland.