Sale of Gekko Equipment

Celtic Resources Holdings PLC
19 February 2007



FOR IMMEDIATE RELEASE                                          19 February 2007

                          Celtic Resources Holdings Plc
                                        
                            Sale of Gekko Equipment

Celtic Resources ("Celtic"; ticker "CER") is pleased to announce that it has
sold it's Gekko Equipment to Iberian  Resources Limited ("Iberian"), an
Australian company quoted on ASX, in Exchange for 2.5 million Iberian ordinary
shares  ("Iberian Shares") valuing the Gekko Equipment at A$1.67m (£0.7m) based
on today's closing price of A$0.665.  Following  the completion of this
transaction Celtic will hold 2.16% of the issued ordinary share capital of
Iberian.

The Gekko Model 10,000 Intense Leach Reactor and In Line Pressure Jigs comprise
an unused unit that was originally  purchased by Celtic for use in the process
plant at the Nezhdaninskoye Gold Mine in Russia.  It is valued in Celtic's  31
December 2006 accounts at US$778,000.  Due to the negotiations that arose over
the ownership of Nezhdaninskoye, the  equipment remained containerised in
Australia.  Celtic has since sold its interest in the project and the equipment
is  no longer required by the Company.


In consideration for the plant Iberian will issue Celtic with 2.5 million
Iberian Shares under the following "lock in" arrangements:

O   No sale of shares for 3 months

O   One third of shares restricted for 3 months.

O   One third of shares restricted for 6 months.

O   One third of shares restricted for 9 months.

O   Any sale of shares will be conducted in an orderly manner in
    consultation with Iberian Resources

Kevin Foo, Managing Director of Celtic commented, "Celtic is pleased to realise
some value out of the equipment in the form of this new shareholding. Iberian is
an emerging European gold producer with a JORC resource of over 2 million ounces
and a strong balance sheet which is commissioning its first gold mine in 
Armenia."


For further information please contact:

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

Frank Moxon / Simon Edwards
Evolution Securities Limited
Tel: [phone]
www.celticresources.com



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