Celtic Resources Holdings has bought the remaining shares of the Suzdal gold mine in Kazakhstan and raised its stake in the Shorskoe molybdenum project.
Celtic plans to raise £2.56 million sterling through a share placing to fund the acquisition.
Mr Kevin Foo, chairman and managing director of Celtic Resources, said: "This is a significant step for Celtic as Suzdal is not only profitable but has the potential for a major resource increase".
AFP