Placing & New Directors

Celtic Resources Holdings PLC
14 June 2001

          Celtic Resources Holdings Plc ('Celtic' or 'the Company')


                          Celtic Raises Stg£972,500

                                     and

                      Stengthens its Board of Directors


Celtic Resources Holdings Plc, the natural resources company quoted on the ESM
of the Irish Stock Exchange, has raised approximately Stg£972,500 through a
private placement of ordinary shares and warrants.


A total of 12,157,468 new ordinary shares have been placed at Stg8p each.
Every two new shares have one attached warrant which is exercisable at Stg10p
on or before December 31, 2002 (6,078,734 warrants in total and raising Stg£
607,873 on full conversion). Separately, Celtic has agreed to issue 4,729,762
warrants exercisable at Stg8p each on or before October 31, 2001 (raising Stg£
378,380 on full conversion). Every two Stg8p warrants have one additional
Stg10p attached warrant which is exercisable on or before December 31, 2002
(2,364,881 warrants in total and raising Stg£236,488 on full conversion).


Allotment of these new ordinary shares and issuance of both the Stg8p warrants
and Stg10p warrants is conditional on renewal of directors' allotment
authority, which will be sought at the Company's next general meting in July.


Mr Kevin Foo, recently confirmed as chairman of Celtic, said the new funds
would be employed to progress the Company's gold and hydrocarbon projects in
Russia and Kazakhstan. 'This a further example of the Company's ability to
finance its activities by equity issues whilst retaining or even increasing
its large equity interest in its key projects.'


Commenting on recent developments, Mr Foo said the transaction with Danae
Resources, which increases Celtic's interest in the Suzdal gold mine in
Kazakhstan to 40p.c., has now been completed, and the mine is operating well.
'Costs are below budget and production is on target to meet this year's
forecast gold output of 46,000oz', he adds. In addition, commissioning of the
Nezhdaninskoye gold project in Russia's Far East is now well underway. The
treatment plant is already operating on low grade material and producing
concentrate.


Celtic also announces a number of new appointments in recognition of the need
to strengthen its Board of Directors as the Company's operating base expands.
Approval for the election of Mr Euan Worthington, Mr Michael Palmer and Mr
Neil McDermott as directors of the Company will be sought at the next annual
meeting in July.


Euan Worthington will become an executive director responsible for corporate
finance and business development. He is a graduate geologist, with more than
20 years experience in the City with Hoare Govett, Shearson Lehman, SG Warburg
and, most recently, ABN-AMRO.


Michael Palmer will become finance director. He is a chartered accountant and
a former partner at Arthur Andersen & Co. In 1983 he co-founded Gallagher &
Co, a business consultancy- based accountancy practice where he remains a
senior partner specialising in providing financial advice to small and
medium-sized enterprises.


Neil McDermott will become a non-executive director of Celtic. He has various
business interests in property development, derivatives trading and gold
investments in Ireland and Eastern Europe.


'Our key projects are now progressing well and we expect to be generating
revenue in the second half of 2002. The strengthening of the Company's Board
over the balance of the year will help us realise the potential of these
projects as well as others within our portfolio', the chairman adds.


14 June, 2001




Further information:


Michael Kaufman / Claire Bolton, Celtic Resources Holdings Plc. Tel:+4420-
75930001

[e-mail]

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

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

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