Final Results

Celtic Resources Holdings PLC
5 June 2001



CELTIC RESOURCES HOLDINGS PLC

UNAUDITED PRELIMINARY RESULTS
for the Year Ended 31 December 2000
            

Chairman's Statement            
The directors are pleased to set out below the unaudited preliminary results
for the year to 31 December 2000 and anticipate distributing the annual report
to members later this month.                        
                        
This has been a year of development and consolidation. Since there was no
revenue, our development expenditure and overhead costs have been financed by
placings and we have also used our shares to finance the acquisition of
significant additional developable reserves.                        
                        
During the year we issued approximately 50 million shares of which 22 million
were to acquire assets and the balance were issued for cash. The cash raised,
net of all share issue expenses, was approximately US$3.6 million of which
approximately US$2 million was invested in projects, approximately US$0.6
million was used for overheads and the balance was on hand at year end.       
                
                        
We have continued to develop our various exploration projects in the first
five months of this year and we expect to generate revenue in the second half
of the year.  



 CELTIC RESOURCES HOLDINGS PLC                        
                                                                              
                                                       
                                                2000     1999
                                              US$000   US$000
                        
UNAUDITED CONSOLIDATED PROFIT & LOSS ACCOUNT                        
for the Year Ended 31 December 2000                        
                        
Write off deferred exploration expenditure                                    
                
                                              (453)      (175)
Administration expenses                       (608)      (448)
                                              ---------------
Operating Loss                              (1,061)      (623)
Loan interest                                    0       (226)
Other income                                    27          1
                                              ---------------
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                                   

                                            (1,034)      (848)
Extraordinary item                               0        255
                                              ---------------
LOSS BEFORE TAXATION                        (1,034)      (593)
Taxation                                         0          0
                                              ---------------
LOSS AFTER TAXATION                         (1,034)      (593)
Minority interest                               73        (22)
                                              ---------------
Retained loss of group                        (961)      (615)
Retained losses brought forward             (9,065)    (8,450)
                                              --------------- 
RETAINED LOSSES CARRIED FORWARD            (10,026)    (9,065)
                                              ===============
                        
Loss per share                              $0.012     $0.019
                                              ===============
 
                                                2000     1999
                                              US$000   US$000

 
UNAUDITED CONSOLIDATED BALANCE SHEET                        
as at 31 December 2000                        
                        
Fixed assets                        
 Intangible assets                          11,678      7,316
 Tangible assets                               359         31
 Financial assets                              750          0
                                              --------------- 
                                            12,787      7,347
                                              --------------- 
Current assets                        
 Stock                                         217          0
 Debtors                                     1,393         47
 Cash at bank & in hand                      1,082        206
                                              ---------------
                                             2,692        253
Creditors                        
 Amounts falling due within one year                                         
                                            (1,306)      (223)
Net Current assets                           1,386         30
                                              ---------------
 
NET ASSETS                                  14,173      7,377
                                              ===============
                        
Capital & Reserves                        
 Called up share capital                     6,061      4,767
 Share premium                              14,742      8,205
 Profit & loss                             (10,026)    (9,065)
 Other reserve                                (230)      (225)
                                              ---------------
                                            10,547      3,682
Minority interest - equity                   3,626      3,695
                                              --------------- 
                                            14,173      7,377
                                              ===============