OREANDA-NEWS. On September 28, 2007 CJSC “Severstal Resurs” (“Severstal Resurs”) announced an all cash offer by its affiliate Centroferve Limited (“Centroferve”) to acquire all of the issued and to be issued share capital of Celtic Resources Holdings plc (“Celtic”, LSE: “CER”) at a price of 270 pence per Celtic share at a total value of GBP 161 million, reported the press-centre of Severstal.

The acquisition forms part of Severstal Resurs’ strategy of targeted diversification and will be combined with recent acquisitions of selected gold mining licenses in Russia and the CIS region to enhance the group’s newly established gold segment.

Severstal Resurs manages all of the mining operations of its parent company, JSC “Severstal” (“Severstal”). Severstal Resurs consists of four high-quality mining complexes in northwest Russia and in Western Siberia producing iron ore and coking coal and is the second largest producer of pellets and coking coal in Russia.

This announcement should be read in conjunction with the full text of the announcement of the firm intention to make an offer under Rule 2,5 of the Irish Takeover Panel Act 1997, Takeover Rules 2001 to 2006 (the “Irish Takeover Rules”) issued today. The sources and bases for certain information contained in this press release are set out below.

Full report see here: http://www.severstal.com/eng/press_center/news/document2097.shtml