Fthr re Issue of Equity

Celtic Resources Holdings PLC
25 September 2000


          Celtic Resources Holdings Plc ('Celtic' or 'the Company')           
                                                                              
                                                                              
  Celtic announces the publication of ESM Particulars in respect of Proposed  
                Placing of 18,297,594 New Ordinary Shares and                 
                     Proposed Issue of 7,246,498 Warrants                     


Further to the announcement on 30 August, 2000 of the arrangement of a placing
of 21,739,494 Ordinary Shares of nominal value IR2p each, raising in aggregate
EUR3.3 million (Stg£2.0 million, US$3.0 million), the Board of Celtic is
pleased to announce the publication of a document comprising ESM Particulars
in relation thereto.

Of the total number of Ordinary Shares placed, the issue of 18,297,594 New
Ordinary Shares ('the second tranche') is conditional on the grant of
sufficient authority to Directors to allot such securities. The grant of
warrants, which are being issued on the basis of one warrant for every three
New Ordinary Shares subscribed for and which are exercisable at Stg15p per
share, in respect of both the first and second tranches of shares placed, is
also conditional on receipt of the requisite shareholder approval.

The ESM Particulars, copies of which have been posted to Shareholders,
convenes an Extraordinary General Meeting of the Company for 11.00 a.m. on 17
October, 2000 at which the resolutions facilitating completion of the Placing
will be considered and voted on. Renewal of the general authority of Directors
to allot equity securities is also being proposed.

The net proceeds of the placing will be used, in conjunction with loan finance
from Zenit Bank of Moscow, for the purposes of continued preparation for
re-commencement of gold production at Nezhdaninskoye. Drilling of certain oil
exploration wells in the near term at Tamdykol, and general corporate expenses
and working capital requirements will also be financed. 

The Directors expect that gold will be produced from Nezhdaninskoye, and that
cash flow will be generated at Tamdykol by the end of this year.


For further information:

Kevin Foo
Managing Director
Celtic Resources Holdings Plc
+ 44 207 593 0001

Ron Marshman/Ken Gooding
City of London PR
+ 44 207 628 5518

Eugenee Mulhern
Davy Corporate Finance Limited
+ 353 1 679 6363


25 September, 2000