Mining and exploration Celtic Resources said talks with Investment Group Alrosa (IGA) to increase its stake of the Russian Nezhdaninskoye gold mine to 100 per cent, were proceeding well.
Celtic added that the deal will include the acquisition of additional gold assets, including some producing mines.
"Iit is expected that the transaction will be completed as soon as possible," a joint statement said.
IGA will become Celtic Resources's largest shareholder on completion of the deal.