IGA update

Celtic Resources Holdings PLC
10 November 2003



For Immediate Release                                        10th November 2003


                         Celtic Resources Holdings Plc



Following the announcement on 23rd June, 2003 that Celtic Resources Holdings
Plc, the AIM listed FSU gold mining specialists ("Celtic" or "the Company"), had
reached agreement with Investment Group Alrosa ("IGA") to increase its ownership
of the Nezhdaninskoye gold mine to 100 per cent, Peter Hannen, Chairman of
Celtic and Sergey Vybornov, CEO of IGA have issued the following statement:


"Negotiations between the parties to finalise arrangements for this purchase
have progressed well and it is expected that the transaction will be completed
as soon as possible.


We now also expect that Celtic will acquire certain additional substantial gold
assets, some of which are producing mines. This is in line with the company's
stated intention of 9th September to become a major FSU gold producer and we
believe that this demonstrates the advantages of the relationship between Celtic
and IGA."


Completion of these transactions will result in Celtic having IGA as its largest
shareholder. The Celtic Board is of the view that the presence of a large
Russian company supporting Celtic greatly enhances its plans for rapid
development. This also demonstrates the potential of the Company to further
extend its interests in the FSU with an appropriately positioned and active
shareholder.



For more information please contact:

Kevin Foo / Claire Bolton                     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 / Louis Castro
Williams de Broe
Tel: [phone]

                           www.celticresources.com








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