New London Sponsor Appointed

Celtic Resources Holdings PLC
26 June 2001


                   CELTIC RESOURCES APPOINTS SG SECURITIES

                         FOR PROPOSED LONDON LISTING

  * Planned Autumn Listing Will Coincide With Fundraising

  * Move Will Enable Company To Accelerate Russian And Kazakhstan Projects



Celtic Resources Holdings Plc ('Celtic Resources', 'the Company') is pleased
to announce the appointment of SG Securities (London) Ltd ('SGSL') as sponsor,
financial advisor and corporate stockbroker in connection with a planned
flotation of Celtic Resources on the Official List of the London Stock
Exchange. Celtic also intends to transfer from the ESM to the Official List of
the Irish Stock Exchange, and Davy Stockbrokers shall remain as the Company's
sponsor, financial advisor and stockbroker in connection with the Irish
listing.


The proposed flotation, planned for autumn 2001, will be linked with a fund
raising that will substantially strengthen Celtic Resources' cash position.
Amongst other things, this will enable the Company to increase gold production
at its 50p.c. owned Nezhdaninskoye gold project in the Yakutia district of
Russia's Far East as well as accelerate development of various of its mineral
and hydrocarbon projects in Kazakhstan.


Commissioning of Nezhdaninskoye is underway, with first ore mined and the
plant operating to produce gold concentrates. In Kazakhstan, the Company's
50p.c. owned Suzdal gold mine is operating well, with costs on budget and
production on target to meet this year's forecast output of 46,000oz, whilst a
pre-production drilling programme is scheduled to begin later this year at the
Tamdykol oil project. The Company expects to be generating revenue in the
second half of 2001.


'Our plans to list in London were first announced last year and we are
extremely pleased that the Company has progressed sufficiently to justify such
a move and attract a sponsoring broker', said Mr Kevin Foo, Celtic Resources'
Chairman and Managing Director. 'We are delighted to have secured the services
of SGSL, one of London's leading stockbrokers whose mining research and
corporate finance teams are amongst the best in the business, and we intend to
explore with them all of the possibilities concerning our move to London'


Further details of the listing timetable and funding plans will be announced
in due course.


Celtic Resources recently completed a private placement of shares and warrants
which raised nearly Stg£1m immediately and will bring in a further Stg£1.22m
on full exercise of the warrants. The Company also announced moves to
strengthen its Board with the proposed appointments of Euan Worthington,
Michael Palmer and Neil McDermott as directors.


Further Information:

Kevin Foo/Claire Bolton, Celtic Resources Holdings.    Tel: [phone]

Eugenee Mulhern, Davy Corporate Finance Ltd.           Tel: [phone]

Nigel Heneghan, Heneghan Public Relations Consultants. Tel: [phone]

Ron Marshman, City of London PR Ltd.                   Tel: [phone]



26 June, 2001