Tominskoye Sale Agreement

Celtic Resources Holdings PLC
05 November 2007




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

                     Agreement to sell stake in Tominskoye


Celtic is pleased to announce the proposed sale of its 70 per cent stake in the
Tominskoye copper project ("Project") to a subsidiary of The Russian Copper
Company ("RCC"). Anime Global Limited ("AGL"), Celtic's joint venture partner in
the Project, is also selling its 30 per cent interest in Tominskoye to RCC as
part of the transaction.

The consideration received by Celtic and AGL at completion will be approximately
US$25 million in cash (Celtic share US$17.5 million) (the "Disposal"). The
purchase price may be adjusted after completion, depending on the results of a
joint drilling programme to determine the actual copper tonnage present in
Tominskoye. The costs of this exploration programme are currently estimated by
Celtic to be US$1.9 million, of which Celtic will fund 35 per cent. The possible
adjustment will operate as follows:

• If the exploration programme determines that the deposit contains in
excess of 1.3 million tonnes of copper, total additional consideration of
US$19.03 for each tonne of copper above 1.3 million tonnes will be payable,
of which Celtic will receive 70 per cent and AGL 30 per cent.

• If the exploration programme demonstrates that there is less than 1.3
million tonnes of copper, RCC will have the right to reclaim up to $5
million of the initial consideration paid to Celtic and AGL at a rate of
US$19.03 for each tonne of copper below 1.3 million tonnes.

The minimum sum which Celtic will receive for its stake in Tominskoye will be
US$14 million and there is no limit on the maximum amount which Celtic may
receive.

The Disposal is conditional, among other things, on the approval of Celtic's
shareholders. It is expected that a circular setting out the terms of the
Disposal and a notice convening an extraordinary general meeting of the Company
will be sent to shareholders in due course.

Commenting on the Disposal, Kevin Foo, Managing Director of Celtic, said, "This
transaction further demonstrates our ability to add value for shareholders. Once
the Disposal is complete, we will have raised approximately US$44 million in
cash from the sale of assets which came into the Celtic Group through Eureka
which cost approximately US$32 million. It also allows us to focus on
development of our core gold and molybdenum assets which includes the highly
attractive Shorskoye molybdenum mine, which was also an asset of Eureka."

Enquiries:

Celtic Resources Holdings Plc
Kevin Foo / Jonathan Scott-Barrett
Tel: + 44 (0)20 7921 8800

Cardew Group
Anthony Cardew / Shan Shan Willenbrock
Tel: [phone]
[e-mail]

Conduit PR
Leesa Peters / Jane Stacey
Tel: [phone]
[e-mail]

Strand Partners Limited
Simon Raggett   / Stuart Faulkner
Tel: [phone]

Any person who is the holder of 1 per cent. or more of any class of shares in
Celtic may be required to make disclosures pursuant to Rule 8.3 of the Irish
Takeover Panel Act, 1997, Takeover Rules 2001 to 2006.

The Directors of Celtic accept responsibility for the information contained in
this announcement and to the best of their knowledge and belief (having taken
all reasonable care to ensure that such is the case), the information contained
in this announcement is in accordance with the facts and, where appropriate,
does not omit anything likely to affect the import of such information.




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