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Eureka in placing talks

Article Date:  Jun 16 2006

Celtic Resources spin-off Eureka Mining is talking to Russian banks about a placing to fund its Chelyabinsk project.

AIM-quoted Eureka, whose primary focus is on its Shorskoye molybdenum project in Kazakhstan, has received approaches from the Russian banks about helping support a possible placing to advance the company's Chelyabinsk copper and gold project in the southern Urals. Chief executive officer Jonathan Scott-Barrett says the company, which hopes to start full production of molybdenum from Shorskoye in Kazakhstan next month at at the rate of 2.4 million lbs a year, is also looking at another potential molybdenum and copper joint venture, which could be big.

Eureka last raised money at 125p last year. At 94p, up 7p today and valuing the company at £124 million, the shares have longer term potential.

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