Corporate Development

Celtic Resources Holdings PLC
24 April 2003




                         Celtic Resources Holdings Plc

                Suzdal Sulphide Ore Feasibility Study Completed



The Directors of AIM listed mining company Celtic Resources Holdings Plc (CER)
are pleased to report progress on the 100% owned Suzdal Gold mine in Kazakhstan
where an internal feasibility study on the Sulphide Project has been completed.
Key components of the study are:

Resources and Reserves

Two calculations of geological reserves were completed, the first by Celtic's
own engineers at Suzdal and the second by independent mining and geological
consultants Geomine Solutions, of South Africa. The results are summarised below
and include sulphide ore from surface to 330m depth from all four ore bodies.
These figures exclude remaining oxide ores, which are estimated to be 550,000
tonnes averaging 2.2g/t gold containing approximately 39,000 ounces of gold.

Below 330m, strong indications of the continuity of the ore body at depth are
present. Previous drilling to a maximum depth of 802m encountered ore grade
mineralisation in 11 holes. The deepest intersection was at 701m (1.5m at 3.1g/t
gold). The thickest intersection was from 312m (26m at 3.8g/t gold) and the
richest intersection in another hole from 436m (2.5m at 11.7g/t gold).

This data confirms the continuity of the ore body at depth, but are currently
too widely spaced to enable any estimate of volume of the deep resource.

                    Tonnes         Gold          Gold          Gold
                                  Grade       Content       Content

                                (g/t gold)    (tonnes)        (oz)



Celtic             5,172,000         8.96         46.32     1,489,905
Resources

Geomine            5,129,000         8.35         42.82     1,377,000
Solutions

Open Pit Mineable Reserves

The resource data in turn has been assessed and an open pit mine plan developed
with mineable reserves to JORC standard calculated by Geomine Solutions for ore
bodies 1, 2 and 3. Total open pit mineable reserves, at a 2g/t gold cut-off
grade, are shown below, with the pit floor at a maximum depth of 170m and an
assumed ore loss of 5%.

Orebody             Ore Total      Gold        Gold       Gold Content
                                  Grade      Content         (oz)

                       (t)         (g/t     (tonnes)
                                  gold)

Orebodies 1 and     1,103,650      13.75        15.17          487,716
3

Orebody 2              82,080       6.23         0.51           16,441

Total at 2g/t       1,185,730      13.22        15.68          504,156
cut-off

An alternative calculation at a 1g/t gold cut-off grade, gave total open pit
mineable reserves of 1,456,414 tonnes averaging 11.04g/t gold containing 516,953
ounces of gold.

A similar study on underground ore mining is nearing completion and the ultimate
mining method will be a combination of open pit and underground mining.



Metallurgy and Processing

The Suzdal sulphide ores are classified as refractory. Extensive metallurgical
test work has been completed by Russian and Kazakhstan institutes and by western
laboratories. The processing route selected will consist of crushing, grinding
and flotation, with production of a high-grade flotation concentrate. This
concentrate, containing gold locked in pyrite and arsenopyrite will be oxidized
using bacterial leaching which is a process used successfully at several mines
to liberate gold from sulphide minerals. The gold will then be recovered in a
conventional CIL plant. The most recent bacterial leaching test work has been
conducted in South Africa by Goldfields Mining Services, who are leaders in this
field. Overall gold recoveries are expected to be 80-85%.

Production Schedules and Costs

The Suzdal Sulphide Project will significantly increase production from Suzdal.
This, when combined with oxide production from the heap leach and from the
nearby Zherek deposit, will enable annual production to rise to over 100,000
ounces of gold. Actual production from Suzdal sulphides will range from 70,000
ounces to 120,000 ounces with average annual production of 85,000 ounces.
Expected overall cash costs will range from $130-190/oz.

Financing

Financing for the Project is nearing completion with a US$21 million project
finance facility arranged with Narodny Bank in Kazakhstan. This includes US$3
million for working capital.

Managing Director Kevin Foo said, "Our overall aim is to build Kazakhstan gold
production to more than 100,000 oz/year by 2005 and sustain this for 10 years.
The completion of the sulphide feasibility study shows that this can be
achieved. The major effort this year will be the construction of the sulphide
plant and achievement of first production from the sulphide ores in the first
half of 2004, whilst maintaining production from Suzdal and Zherek oxide ores at
24,000 ounces and 20,000 ounces respectively or 44,000 ounces in total."

Internal studies are also continuing on the low grade oxide dump material,
estimated to contain some 14 million tonnes at 0.8 to 1g/t gold, to determine if
processing is viable which could extend the oxide operations several years.

The company also announced that internal feasibility studies on its Abyz
gold-polymetallic property in central Kazakhstan had not met desired economic
hurdles, largely because of predicted high operating costs and Celtic's
ownership of only 60% of the project, with an obligation to carry the other 40%.
Consequently, relinquishment of this property was decided, although the company
may re-tender for the license in the future.

For more information please contact

Kevin Foo / Kate Dexter Smith   Cindy Dennis

Celtic Resources Holdings Plc   Capital PR, London

Tel: + 44 (0)20 7593 0001   Tel: [phone]

[e-mail]   [e-mail]

Joe Nally / David Newton

Williams de Broe

Tel: [phone]

                            www.celticresources.com





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