Issue of Equity

Celtic Resources Holdings PLC
11 April 2001


    CELTIC RESOURCES HOLDINGS PLC ('Celtic Resources' or 'the Company')


                       Celtic Resources Raises EUR1.27 MILLION


Celtic Resources is pleased to announce that it has concluded arrangements for
a placing of 10,854,700 new Ordinary Shares of nominal value IR2p each at a
price of EUR11.7 cents per share (approx. Stg8p per share)('the Placing
Shares'), raising in aggregate EUR1.27 million (approx. Stg£780,000) ('the
Placing'). In connection with the Placing it has also been agreed that
5,427,350 warrants to subscribe for Ordinary Shares in the capital of the
Company at an exercise price of EUR16.25 cents per share (approx. Stg10p per
share) will be issued, subject to the renewal of appropriate allotment
authority. It is intended that renewal of such authority will be sought by the
board of Celtic at the next general meeting of the Company.

The funds raised pursuant to the Placing will be used principally for the
advancement of the Nezhdaninskoye gold project and for ongoing operations.

Application will be made for the Placing Shares to be admitted to dealing on
the Exploration Securities Market of the Irish Stock Exchange.


11 April, 2001


For further information please contact:

Michael Kaufman / Claire Bolton
Celtic Resources Holdings Plc                                [phone]
[e-mail]

Ron Marshman / Ken Gooding
City of London PR Ltd                                        [phone]

Eugenee Mulhern
Davy Corporate Finance Limited                               [phone]