Apptmnt - non-exec director

Celtic Resources Holdings PLC
19 October 2004



                         Celtic Resources Holdings Plc

                     Appointment of Non-executive Director

Celtic Resources Holdings Plc ("Celtic" or "the Company") is pleased to announce
the appointment on 18th October 2004 of Mr Boris Karlov as Non-executive
Director.

Mr Karlov, aged 38, is a Russian national and a graduate in International
Relations and Journalism from Moscow University (Moscow State Institute of
International Relationships (MGIMO). After graduating, he spent six years
working in London for management consultants McKinsey & Company. Following this
position he headed up a number of private equity funds and to date has overseen
the investment of over US$300 million in Russian companies operating in various
sectors including natural resources, media and brewing. Currently, he is
Managing Director of TPG Aurora, a Russian branch of the international
investment firm Texas Pacific Group with assets under management of
approximately US$10 billion.

Mr Karlov has been instrumental in the progress of the current negotiations with
Investment Group Alrosa concerning the Nezhdaninskoye gold mine. It is through
his working relationship over the past months with the board of directors of
Celtic on this matter, together with the wealth of experience and knowledge Mr
Karlov has of the Russian business community, that Celtic is pleased to appoint
him to the board as a Non-executive Director.

Commenting on the appointment, Celtic's Chairman, Peter Hannen, said, "We have
been very impressed with Boris' breadth of knowledge and experience in the
Russian business place. The importance of local expertise cannot be
underestimated and since Celtic is very much looking to Russia and the FSU for
its future growth and expansion, we are very pleased to have secured Boris'
services as a Non-executive Director."

There are no further disclosures that need to be made under Schedule Two,
paragraph (f) (iii) to (viii) of the AIM Rules.

For more information please contact:

Kevin Foo / Kate Dexter-Smith                 Leesa Peters / Laurence Read
Celtic Resources Holdings Plc                 Conduit PR
Tel: + 44 (0)20 7593 0001                     Tel: [phone]
                                              Tel: [phone]
[e-mail]
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                                              [e-mail]
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Joe Nally / Nick Morgan
Williams de Broe Plc
[phone]

                            www.celticresources.com






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