Acquisition

Celtic Resources Holdings PLC
2 April 2001

                        CELTIC RESOURCES HOLDINGS PLC

                 CELTIC GETS BACK 35P.C. OF SUZDAL GOLD MINE

                    AND FINALISES GOLDBELT RESOURCES DEAL




  * Transaction Increases Celtic's Suzdal Interest To 50p.c.

  * Buys US$2.1 Million Debt At Discount For US$1.8 Million

  * Total Payment Of US$1.8m, Part Of Which Is Spread Over Next Two Years



Celtic Resources Holdings Plc ('Celtic'), quoted on the ESM of the Irish Stock
Exchange, has signed Heads of Agreement with Danae Resources NL ('Danae') to
acquire the latter's 35p.c. interest in the producing Suzdal gold mine in
Kazakhstan, thereby lifting Celtic's interest to 50p.c. Danae, a subsidiary of
Multiplex Constructions, the Australian property development company,
originally acquired its holding in Suzdal from Dabney Industries, a company
whose assets were acquired by Celtic in 2000. Kazakh partners own the
remaining 50p.c. of the mine.


Under the terms of the agreement, Celtic receives the additional stake in
Suzdal by acquiring 100p.c. of Danae Resources (Central Asia) Ltd and buying
out debt with a face value of US$2.1m for US$1.8m. Of the total purchase
price, US$1m is payable in cash on completion, and the balance is payable from
operations at Suzdal by June 30, 2002.


Danae may also elect to convert any outstanding debt into fully paid Celtic
shares on the following basis:


    At May 30, 2002 it may convert up to half of the balance of the purchase
    price outstanding into Celtic shares at a discount of 10p.c. to the then
    prevailing market price.


    At June 30, 2002, it may elect to convert any outstanding balance on the
    same terms.

Suzdal is an open cut, heap leach project based on proven and probable
reserves of 1.9m oz of gold. Approximately 200,000oz of gold in oxide ores at
6g/t gold are to be treated by heap leach. The mine has been in production
since November 1999 and expected production for 2001 is 45,000oz at a total
cost of US$140/oz. Additional low-grade oxide ores and dumps make up another
estimated 200,000oz, and some 1.7m oz contained in sulphide ore compose the
balance.


Mr Kevin Foo, acting chairman of Celtic, said: 'The acquisition of a larger
share of Suzdal is an important and beneficial move for Celtic as the cash
flow will help fund several of our Kazakhstan activities, and further adds to
our gold inventory. We also have plans to accelerate development of the
high-grade sulphide orebody which makes up the bulk of the Suzdal resource.'


Celtic also announces the successful completion of the acquisition of the
mining and exploration assets in Kazakhstan of Goldbelt Resources and Goldbelt
International, first announced on December 14, 2000. Celtic gains over 2m
ounces of gold and significant resources of copper and zinc for an all-in deal
of 1.2m fully-paid Celtic shares to the value of US$250,000.


Further Information:


Kevin Foo/Claire Bolton, Celtic Resources Holdings Plc.

[phone] londonoffice@celtic resources.com


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


Eugenee Mulhern, Davy Corporate Finance Limited [phone]




2 April, 2001