Drilling Report

Celtic Resources Holdings PLC
11 November 2003


     Celtic Resources Provides Update on Suzdal and Strengthens Operational
                                   Management


          •   Drilling at Suzdal indicates extension to No 3 ore body
          •   Appointment of Director of Development, Central Asia
          •   Appointment of Director of Operations, Kazakhstan


Celtic Resources Holdings plc ("Celtic" or the "Company") today announced
results of their recent drilling campaign at the Suzdal mine in Kazakhstan and
appointments of senior operational staff.


The 100% owned Suzdal mine contains a resource of 1.5million ounces gold and
produced 37,000 ounces in 2002. A recent three hole drilling campaign on the
south east of sulphide ore body No 3 aimed at testing ore body continuity has
encountered significant gold mineralization. Details are shown below.

Drill hole        Depth        Mineralisation    Thickness of    Average Grade     Min-Max
  Number            m           from      to     interval (m)        g/t Au         Grade
                                                                                    g/t Au
        497   117.3 - 162.9     117.3    129.9            12.6             23.5   2.4 -71.2
                                143.5    148.4             4.9             31.1   5.7- 95.3
                                158.6    162.9             4.8              4.1    2.6 -5.2
        498   129.6 - 148.1     129.6    138.6             9.0             39.4   2.6 -52.0
                                144.0    148.1             4.1             17.0    2.1-28.6
        500   135.5 - 193.8     135.5    136.8             1.3              2.4         2.4
                                138.4    140.1             1.7              8.5         8.5
                                170.2    174.9             4.7             11.9   3.9 -24.6
                                181.6    189.8             8.2              5.3   0.2 -17.9
                                192.5    193.8             1.3              2.4         2.4




Kevin Foo, Managing Director, said "the drilling results are very encouraging as
we did not expect to find such rich grades and thicknesses in this part of No 3
ore body. With an average grade of over 20g/t Au, continued assessment of this
part of the ore body is justified."


The Company also announced a number of senior appointments and promotions, with
Andrzej Sliwa becoming Director of Development, Central Asia. Andrzej joined
Celtic in 1999 as a Project Development Consultant. He became Suzdal's General
Director in 2000 and has worked on Celtic's project development since August
2002. In his new position he will be responsible for the development and
identification of advanced stage gold mining opportunities for Celtic. He will
also be an Executive Director of the proposed Celtic spin off company, Eureka
Ming Plc. Prior to joining Celtic, Andrzej held various managerial positions in
exploration, project evaluation and project development in the gold and base
metals industry in Zambia, South Africa, Namibia and the FSU countries.

Wojciech Ozga is appointed Director of Operations, Kazakhstan. Prior to joining
Celtic, Wojciech was Group Manager of Mining Projects at the Australian based
WMC Resources. He was instrumental in the success of the Central Norseman Gold
Corporation and the Olympic Dam expansion. As Director of Operations he will be
responsible for the financial and operational success of Celtic's Suzdal and
Zherek gold mines in Kazakhstan.


Gary Patrick has been appointed Project Manager of the Suzdal Sulphide Project.
Prior to his involvement at Suzdal, Gary worked on the Nezhdaninskoye Gold
Project in Yakutia. He has had over 13 years experience in metallurgical
operations in gold, base metals and industrial minerals. In addition to his
process experience, Gary has completed several senior contracts at various
overseas projects in Kazakhstan, Malaysia, Tajikistan, Georgia, Burma and
Russia.


Speaking today about the appointments, Kevin Foo, Managing Director said,
"Celtic is rapidly expanding its activities at Suzdal and Zherek and in Central
Asian in general and the appointment of top line professionals such as Andrzej,
Wojciech and Gary will further ensure our success in Kazakhstan."



For more information please contact:

Kevin Foo                                      Leesa Peters/ Laurence Read
Celtic Resources Holdings Plc                  Conduit PR
Tel: + 44 (0) 20 7593 0001                     Tel: [phone]
[e-mail]         Tel: [phone]
----------------------------------------
                                               [e-mail]
                                               ---------------------

Joe Nally / David Newton
Williams de Broe
Tel: [phone]                      www.celticresources.com
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