Irish exploration company Celtic Resources Holdings yesterday welcomed news that Russian President Mr Vladimir Putin has signed a Bill allowing for a production-sharing agreement (PSA) at Celtic's Nezhdaninskoye gold project in the far east of Russia.

The PSA will allow the company to negotiate a specific fiscal regime for the project, which contains the third-largest gold deposit in Russia.

Celtic expects to produce about 15,000 ounces of gold from Nezhdaninskoye by the end of this year.