CELTIC Resources managing director, Sean Finlay was in fine form at the company's first annual meeting in Dublin this week. Finlay narrated the video showing the company's latest investment, a gold mine in the heart of the Russian Federation.

Conditions are primitive to say the least and Finlay's description of the mine as looking like a dark satanic mill was quite apt. Pointing to a gravity shaking table he said such equipment dated back to the Californian Gold Rush. Workers have to work in extremely cold temperatures and during winter travel by road to the nearest town takes five hours.

But Finlay was quick to reassure concerned shareholders that the Celtic directors did not have to grapple with such conditions when they were there, as the weather was considerably more clement. They were transported in a Russian helicopter, which also made a guest appearance on the video.

"These helicopters don't have a very good safety record," remarked Finlay "but they seemed to work alright when we were there".