Update re. Arduina

Celtic Resources Holdings PLC
20 December 2006



                                                              20th December 2006


                          Celtic Resources Holdings Plc
                          ("Celtic" or "the Company")
                                        
                          Celtic receives Arduina costs
                                        
Celtic is pleased to announce that Arduina Holding BV ("Arduina") has now paid 
the costs awarded to Celtic after the Company's successful defence of the London 
Court of International Arbitration ("LCIA") proceedings as reported to 
shareholders in December 2005.

As previously announced the LCIA awards were unsuccessfully appealed by Arduina 
at a hearing on 10 October 2006 in the Commercial Court at the High Court of 
Justice. The costs of the LCIA arbitration together with the interim payment of 
the costs of the appeal totalled approximately £1.02m.

Celtic reported to its shareholders in December 2005 that an award had been made 
in the Company's favour in the London Court of International Arbitration after a 
successful defence of the proceedings brought by Arduina.  The claims arose from 
an unsuccessful association between the companies in November 2002.  It then 
followed that Celtic was awarded its costs of approximately £916,000.

As the Company stated in its Interim results released in September 2006, Arduina 
appealed these awards and it is this appeal that was heard in October and 
dismissed.


Comment

Commenting on the Award, Celtic's Chairman, Peter Hannen said "We are delighted 
that this issue has been resolved in favour of the Company. The Board is now 
fully focused on developing Celtic into a significant FSU mining company, the 
first stage of which will be the completion of the proposed acquisition of 
Eureka Mining."





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] / Tel: [phone]
[e-mail]      [e-mail]

Frank Moxon / Simon Edwards
Evolution Securities Limited
Tel: [phone]

                            www.celticresources.com



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