New partners at gold mine

Celtic Resources Holdings PLC
19 September 2005



                         Celtic Resources Holdings Plc
                ("Celtic", "Celtic Resources", or "the Company")

                  New partners at the Nezhdaninskoye Gold Mine

The Board of Celtic Resources was today informed by Investment Group Alrosa
("IGA") that ZAO Polyus ("Polyus"), the gold mining arm of MMC Norilsk Nickel,
has bought from IGA a 50 per cent. interest in the South Verkhoyansk Mining
Company, which owns the Nezhdaninskoye Gold Mine in Yakutia, Russia.

Following the conclusion of the above acquisition, Polyus will become an equal
owner in Nezhdaninskoye with Celtic and overall, the Company's position is
positive.

The Directors are pleased to welcome Polyus, the largest gold producer in
Russia, as a partner for the future development of the Nezhdaninskoye Gold Mine.
With the ongoing support of the Company's shareholders, Celtic are pleased to
enter into discussions with Polyus, aimed at the rapid development of
Nezhdaninskoye. These discussions have been set to begin in early October.

The Company has always considered Nezhdaninskoye an outstanding project with
excellent potential for high levels of gold production at low operating costs.
We are now keen to progress the joint development of the project to full
production status which has been frustrated by past delays.

We will keep shareholders informed as discussions progress.



For further information please contact:

Kevin Foo / Kate Dexter Smith     Leesa Peters / Laurence Read
Celtic Resources Holdings Plc     Conduit PR
Tel: + 44 (0)20 7921 8800         Tel: [phone]
[e-mail]     Tel: [phone]
                                  [e-mail]


                            www.celticresources.com







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