CELTIC Resources has raised £900,000 in two separate share transactions, with the proceeds earmarked for two separate mining projects in Russia.

The bigger transaction involved using 2.04 million shares at 30p each to Goldking Limited, which had a warrant to buy the shares. Goldking has subsequently sold the shares issued under the warrants. The proceeds of £612,000 will be used to develop a silver lead zinc prospect in the Republic of Sakha in the Russian far east in which Celtic has a 50 per cent interest.

In a separate transaction, Celtic has placed 960,000 new shares at 30p each with clients of Yorkton Securities. The proceeds of £280,000 will be used for working capital for a gold deposit at Nezhdaninskoye.