Arduina appeal

Celtic Resources Holdings PLC
12 October 2006


                          Celtic Resources Holdings Plc
                          ("Celtic" or "the Company")
                                        
                           Celtic wins Arduina Appeal
                                        
Celtic is pleased to announce that on 10 October 2006 the High Court of Justice
in London dismissed Arduina Holding BV's (Arduina) appeal against the
arbitration award made in Celtic's favour. The Judge found that the Ardiuna
appeal was misconceived and awarded Celtic its costs of the appeal on the
indemnity basis. There is no leave to appeal this decision. Arduina was also
ordered to make a substantial interim payment on account of Celtic's costs.

Celtic reported to its shareholders in December 2005 that an award had been made
in the Company's favour in the London Court of International Arbitration as a 
result of being the respondent in proceedings brought by Arduina.  The claims 
arose from an unsuccessful association between the companies in November 2002.  
It then followed that Celtic was awarded its costs of approximately £916,000.

As the Company stated in its Interim results released in September 2006, Arduina
appealed these awards and it is this appeal that was heard this week and 
dismissed.


Comment

Commenting on the Award, Celtic's Chairman, Peter Hannen said "this judgement
confirms the Company's consistent belief that Arduina had no case and its
efforts were wasteful of Celtic's and the Courts time"


For further information please contact:

Kevin Foo / Kate Dexter Smith         Leesa Peters / Laurence Read
Celtic Resources Holdings Plc         Conduit PR
Tel: + 44 (0)20 7921 8800             Tel: [phone] / Tel: [phone]
[e-mail]         [e-mail]

Frank Moxon / Simon Edwards
Evolution Securities Limited
Tel: [phone]

                             www.celticresources.com



                      This information is provided by RNS
            The company news service from the London Stock Exchange