EXPLORATION: Irish exploration company Celtic Resources yesterday announced that Standard Bank London had agreed to provide a $12 million (€12.4 million) project loan facility for its 50 per cent-owned South Verkhoyansk Mining Company's Nezhdaninskoye gold project at Yakutia, in eastern Russia.

The company said in a statement it expected gold production from the Russian project to treble from around 50,000 ounces in 2003 to 150,000 ounces in 2004.

In the statement, Celtic Resources chairman and managing director Mr Kevin Foo said he expected gold production at the site to rise to 350,000 ounces per year by 2007 with further investment.

Celtic Resources has pledged to increase its current production capacity from 250,000 tonnes per year at present to 600,000 tonnes per year by 2004.

The funds from Standard Bank consist of a $9 million project loan and a $3 million overrun facility.