Result of Meeting, etc.

Celtic Resources Holdings PLC
31 July 2000


                             CELTIC RESOURCES PLC                             

CELTIC RESOURCES' NEW MANAGEMENT TEAM POISED TO EXPLOIT FORMER SOVIET UNION'S
THIRD LARGEST GOLD DEPOSIT


*  Shareholders Approve Acquisition Of Kazakhstan Assets To Bring Cash Flow

*  Zenit Bank approves finance for first stage of Nezhdaninskoye gold 
   project 

*  Aims In Three Years For 20m Ounces Of Gold Resources And 250,000oz 
   Annual Output

Shareholders in Celtic Resources Holdings PLC today approved deals that will
complete the recent revitalisation of the company whose primary objective now
is within three years to grow into a profitable, resources based group with a
valuable portfolio of producing and developing mines in Russia, Asia and
central Europe.   The target is to have more than 20m ounces of gold under the
Dublin-listed company's control in that time and group annual production above
250,000oz of un-hedged gold at an average operating cost of less than US$150
an ounce.

Celtic also plans to seek a full listing on the London Stock Exchange.

The new management team already has improved Celtic's balance sheet, enabling
it to pay off its debts, and cleared away licensing uncertainties relating to
its major asset, a 50p.c. holding in the Nezhdaninskoye gold mine in Yakutia
in Russia's Far East. This mine is exploiting the third-largest gold deposit
in the Commonwealth of Independent States.

New managing director, Mr Kevin Foo, emphasises that Celtic is not an
exploration company but an exploitation company.   Underlining this point, Mr
Foo says Celtic hopes to start paying dividends in 12 to 18 months.

He announced another important step forward for Nezhdaninskoye at the annual
meeting today. The Board of Zenit Bank of Moscow has approved, subject to
completion of all requisite documentation, a US$7m financial loan package for
the mine in 2000.  Draw-down of funds is expected to be possible within 45
days.  

Following shareholders' approval at the meeting, Celtic is to issue 20,381,500
shares at Sterling 12.5p each, for a total of Sterling £2.55m and warrants to
subscribe for 3,000,000 shares at Sterling 15.63p a share, to acquire assets
in Kazakhstan owned by companies associated with Mr Foo. Independent directors
who recommended the arrangements said the acquisitions were likely to bring
Celtic additional cash flow and value during the next three years. 

Mr Foo is an Australian metallurgist and one of the few in the western mining
industry who has specialised in developing mines in the former Soviet Union. 
His most recent achievement was to lead the team that in November 1999 brought
the Suzdal gold mine in Kazakhstan into production. The Celtic Board was also
strengthened by Mr Michael Kaufman, a lawyer and investment banker who spent
19 years with Bankers Trust.  Since they joined, they have raised US$1.5m for
Celtic, mainly through private placings with personal contacts.  Both will
have substantial interests in Celtic following completion of the deals
approved today.

Mr Foo says long experience has taught him to minimise the use of western
technology in the former Soviet Union and to employ local expertise.
Consequently, Russian engineers and mining and construction companies will be
used to re-commission the Nezhdaninskoye gold mine, which was mothballed in
1997 during the worst of Russia's economic problems.

The funds from Zenit Bank will enable the existing plant to be refurbished and
first gold for Celtic should be produced from Nezhdaninskoye by year-end.  
The present plant is capable of treating 100,000 tonnes of ore a year to
produce 50,000oz of gold in the first 12 months and 80,000oz per annum
thereafter for up to five years.  This is based on the treatment of high grade
quartz vein ore and represents the first stage of the project.  The next stage
of the project envisages construction of a new 600,000-800,000tpa treatment
plant at a cost of around US$50m.

Russian geologists calculated that the Nezhdaninskoye deposit contains more
than 20m oz of gold in resources.  Using independent western classifications,
it has been calculated that 6.28m oz, in measured and indicated categories,
are present in 29 of the 130 ore bodies assessed to date.  Celtic intends to
exploit quartz vein ore bodies which are both high grade - 10 to 11g/t gold -
and have simple metallurgy.  Parts of the ore body assay over 30g/t gold.    

Nezhdaninskoye has 8,000t of stockpiled ore, 15 kms of underground mine
workings ready for operation and power, water and heating plants to support
the operation and associated town.  Celtic's interest in the project is via a
50pc shareholding in The South Verkhoyansk Mining Company (SVMC) with the
Government of Yakutia owning the rest.

Mr Foo says total production costs at Nezhdaninskoye will be about
US$150-200/oz because of the extreme cold (temperatures are regularly below
minus 45 degrees Centigrade) and the remote location. The mine is 450kms from
the city of Yakutsk, takes two hours from there by plane and then involves a
12 hour truck journey.  Celtic has already upgraded an existing landing strip
so it can operate charter aircraft from Yakutsk instead and now has a team of
engineers and staff established at the mine.

ASSETS IN KAZAKHSTAN

Among the assets being acquired from the companies associated with Mr Foo,
Suzdal has 1.8m oz of proven and probable reserves and is expected to produce
56,000 oz of gold in 2000 at total costs of under US$120/oz.  Celtic now owns
15pc and is operator of Suzdal with partners Danae Resources NL, whose largest
shareholder is Multiplex, a large Australian construction company (35pc), and
Kazakh partners (50pc).

Cash flow is also expected to come from Tamdykol in north-west Kazakhstan, a
shallow oil field only 150 metres below the surface which has produced limited
quantities of oil from surface wells for 60 years but has not been extensively
developed.  Celtic plans to drill four to twelve wells this year, each well
capable of producing about 90 barrels of high grade oil per day.

Also included in the deals with Mr Foo, Celtic takes over five other gold and
base metals projects in Kazakhstan where Iscor, the South African mining
house, is among its partners.  Normandy Mining, Australia's biggest gold
producer, spent US$5m on one polymetallic property, Kentau, before a change of
strategy caused it to withdraw.

During the past 12 months Celtic's shares have traded between Sterling 18p and
Sterling 1.5p and at Friday's closing price of Sterling 9.5p it is now
capitalised at about Sterling £9m. 


Further information:  

Kevin Foo, Managing Director/Claire Bolton, Office Manager
Celtic Resources Holdings Plc
Tel: [phone].  www.celticresources.com

Ron Marshman/Ken Gooding
City of London PR, 0044 (0)20 7628 5518

Nigel Heneghan, Heneghan PR, 00 353 1 660 7395

31 July, 2000