Irish exploration company Celtic Resources said today it has discovered significant gold grades from diamond-drilling at its Suzdal mine in Kazakhstan.
Drilling was in the sulphide ore zones, which are a continuation of the currently mined oxide ore bodies, it said.
"These are excellent results which confirm high grade mineralisation and the extension of the ore bodies at depth," managing director Mr Kevin Foo said.
"We remain on target to complete an internal development plan for the sulphide ores by December 2002 at which time we shall also announce revised ore reserve and resource figures."
He said, subject to finance, Celtic Resources plans to have the sulphide project running by 2004 to produce 130,000 ounces per year for more than 10 years.
Yesterday the company said it began trading on the Alternative Investment Market of the London Stock Exchange after a £5.04 million sterling (€7.88 million) fundraising by brokers Williams de Broe.
AFP