First Gold Pour etc

Celtic Resources Holdings PLC
25 February 2002


For Immediate release



                         Celtic Resources Holdings Plc


  • Construction of cyanide leach plant at Nezhdaninskoye completed

  • First gold pour achieved

  • Russian Government reforms continue to be positive for business



Celtic Resources Holdings Plc (CER), quoted on the ESM of the Irish Stock
Exchange, today announced that construction of the cyanide leach plant at its
50% owned Nezhdaninskoye gold mine in Yakutia in the far north of Russia is now
complete and the company had poured its first gold from this mine*.

Developments in Russia continue to be very positive, with several initiatives
aimed at developing Russia's vast resources industry undertaken by the
Government including:


  • Radical reform of taxation and customs laws

  • Reductions in corporate tax from 30% to 24%. Personal tax reduced to 13%

  • Elimination of the 5% gold export tax

  • Central Bank of Russia now pays London Fix gold price less 0.5%, compared
    to a previous deduction of 5.5%

Standard Bank London, which has been mandated by Celtic to arrange US$13.5
million project finance for Nezhdaninskoye is completing due diligence at
present, with a target for completion in April 2002.

Chairman and Managing director Mr Kevin Foo said, "our operations team at
Nezhdaninskoye are to be congratulated for completion of the leaching plant and
production of first gold. Conditions this winter were particularly harsh, with
temperatures dipping below minus 50C but they completed the project on schedule
and budget. We shall now focus on mine development and further refurbishment of
the plant. The rapid and positive reforms we are witnessing in Russia bode very
well for business and Celtic is well placed to benefit from these changes."

* For photographs of the gold pour, please see www.celticresources.com

For more information please contact


Kevin Foo/Claire Bolton                       Leesa Peters
Celtic Resources Holdings Plc                 Capital PR, London
Tel: [phone]                     Tel: [phone]/
                                              0781 215 9885
[e-mail]              [e-mail]

Maeve Governey/Rachel Watchorn                Eugenee Mulhern
Heneghan PR, Dublin                           Davy Corporate Finance Limited
Tel: [phone]                          Tel: + 353 1 679 6363
[e-mail]                                   [e-mail]





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