Acquisition of Option

Celtic Resources Holdings PLC
11 September 2007



FOR IMMEDIATE RELEASE                                          11 September 2007


                          Celtic Resources Holdings Plc
                      ("Celtic Resources" or "the Company")
                                        
    Celtic acquires exclusive option for 2.4 million ounce Lobash Gold-Copper
                                    deposit

Highlights

   •Exclusive option to purchase 100% of the Lobash gold copper deposit in
    Karelia, Russia

   •Celtic to pay US$150,000 and complete a drilling program to confirm possible 
    2.44 million ounces of gold, to license owner, Promnedra

   •Payment terms to range from US$5 to US$10 per ounce for proven C1 resources

   •Option is until 31 December 2007 with a six month extension possible

   •Unpublished geological resources are 128.94 million tonnes at 0.59g/t gold
    and 0.15% copper

Celtic Resources (AIM: CER) has acquired an exclusive option to assess and 
purchase 100% of the Lobash gold copper deposit in the central Karelia region of 
Russia. The option has been granted by the owner of the property, closed joint
stock company Promnedra. Principal terms were an option payment of US$150,000 
and a commitment by Celtic to complete a mutually agreed drilling program that 
confirms a minimum of 76 tonnes (2.44 million ounces) of gold in Russian C1 or
JORC equivalent category. The term of the option is until 31 December 2007, with 
a six month extension to be granted, if required by Celtic. Payment terms will 
range from US$5/oz to US$10/oz for proven C1 resources.

Following the discovery of Lobash in 1980 by the "Karelian Geological
Excursion", 29 holes totalling 6,000m of 64mm diamond drilling were completed.
This was based upon 200m x 100m drill spacing to depths of 50m to 350m. This was
followed in 1993 with a further 26 infill diamond holes on a 100m x 50m spacing
in the centre of the deposit, targeting the higher grade stockwork core and an
additional two extension holes drilled along strike to test mineralisation
continuity. To date, this drilling has not closed off the lateral, or down dip,
potential of Lobash. However, it has confirmed the presence of a higher grade
core zone with gold grades in excess of 1.0g/t gold covering broad mineralised
zones varying between 100m to 200m. Outside of the main stock work core the
tabular ore lodes vary in thickness averaging 10m to 20m, but at lower grades.

A multi phased drilling program of approximately 20,000 metres is planned by
Celtic Resources for 2007-2008 to evaluate several anomalous drill holes and to
explore along the strike to the west and also the northern plunge of the
deposit. The aim is to confirm, to JORC and Russian GKZ standard, the current
unpublished Russian resource data and to identify the extent of high grade ore
for future feasibility.

Unpublished geological resources at 0.5g/t Au equivalent cut-off stand as 
follows:

C1+ C2   69.787 Mt at 0.52 g/t Au and 0.15% Cu
P1       59.153 Mt at 0.67 g/t Au and 0.15% Cu
Total    128.94 Mt at 0.59 g/t Au and 0.15% Cu

Total contained metal of 76.01 t Au (2.44 million ounces) and 193,000 tonnes of 
copper.

Celtic is confident that the planned drilling program will convert much of the 
existing P1 category resources into the higher categories of C1 and C2.

Celtic Resources Managing Director Kevin Foo commented, "The Lobash deposit is a  
very interesting gold copper prospect in a mineral rich area of Russia.  This 
asset will compliment our activities in Russia and forms part of our long term 
strategy of becoming a major producer in the FSU."

For further information please contact:

CELTIC RESOURCES HOLDINGS PLC     Tel: [phone]
Kevin Foo                         www.celticresources.com
Jonathan Scott-Barrett

STRAND PARTNERS LIMITED           Tel: [phone]
Simon Raggett, Chief Executive    www.strandpartners.co.uk

MIRABAUD SECURITIES LIMITED       Tel: [phone]
Peter Krens                       www.mirabaudsecurities.co.uk

FOX DAVIES CAPITAL LIMITED        Tel: [phone]
Richard Hail, Corporate Finance   www.fdcap.com

CONDUIT  PR                       Tel: [phone]
                                  3306
Leesa Peters, Jane Stacey         www.conduitpr.com

                            www.celticresources.com

Further Information on Lobash Copper Gold Deposit

The Lobash Gold-Silver-Copper deposit lies within the Belmorski administrative
district in the central Karelia region of the Russian Federation. It is 40km
west of the Borovoi train station, which is connected to the major city of
Petrozavodsk some 461km away. In addition, 105km by road to the east is the sea
port of Belomorsk.

The Karelia region is renowned worldwide for its wealth of mineral resources
rich in diamonds, gold, silver, copper, nickel and molybdenum. Lobash is hosted
within the Karelia Composite Terrane, which was formed during the early
Proterzoic era, as the Achaean terranes collided and eventually amalgamated with
early Proterzoic rocks.

The Achaean greenstone belts are comparable to modern island arc assemblages
consistent with the progressive westward accretion of successive island arcs,
above eastward dipping subduction zones, separated by granite and gneiss. More
than 20 major greenstone belts, up to 100 - 150km long have been recognised
within the Karelia Composite Terrane, as well as many smaller splinters
separated by various intrusions. Four main tectonic zones exist, each with
different composition and ages of volcanic rocks, combined with varying degrees
of metamorphism and deformation.

Locally, the Lobash deposit is hosted within the Lobskaya anticline along the
contact between Lower Proterzoic, Karelian Complex terrigenous sediments of the
Sumisk suite and Upper Achaean greenstone, Lopean Complex meta-volcanics of the
Pebozerskaya suite, overlaying later Achaean massive biotitic granitic
intrusives.

Gold, silver and minor copper mineralisation at Lobash consists of coarse free
gold grains less than 0.8mm in size, combined with chalcopyrite, sphalerite and
pyrrhotite sulphide ore occurring within a sulphide-quartz-vein stock work
system associated with zones of hydrothermal and metasomatic biotite and
sericite alteration. Outside of the central higher grade core stock work, broad
mineralisation is developed along tabular plagioporphyry intrusives.

Following the discovery of Lobash in 1980 by the "Karelian Geological
Excursion", 29 holes totalling 6,000m of 64mm diamond drilling was completed.
This was based upon 200m x 100m drill spacing to depths of 50m to 350m. This was
followed in 1993 with a further 26 infill diamond holes totalling 5,200m on a
100m x 50m spacing in the centre of the deposit, targeting the higher grade core
and an additional 2 extensional holes drilled along strike to test
mineralisation continuity. To date, this drilling has not closed off the
lateral, or down dip, extents of Lobash, but it has confirmed the presence of a
higher grade core zone with gold grades in excess of 1.0g/t Au covering broad
mineralised thicknesses varying between 100 to 200m. Outside of the main stock
work core the tabular ore lodes carry thickness averaging 10 to 20m, but at
lower grades.

A multi phased drilling program of approximately 20,000 metres is planned by
Celtic Resources for 2007-2008 to evaluate several existing holes and to provide
extensional drilling along the strike to the west and the northern plunge of the
deposit. The aim is to confirm, to JORC and Russian GKZ standard, the current
unpublished Russian resource data and to identify the extent of the high grade
ore for future feasibility.

Current geological resource estimates provided by Promnedra and reviewed by
Resource Evaluations Pty Ltd, Celtic's reserve consultant company, are shown
below in Tables 1 and 2.

                           ----------------------------------------
                                           Table 1
                               Ore Resource 0.3 g/t - cut off
                                         Ore Tonne         Metal         Metal
               Au g/t   Cu %                ('000)        Au (t)        Cu (t)
  ------------ -------- ----------        ----------    ----------    ----------
C1               0.59          0.13         35,441         20.36        44,408
C2               0.30          0.13         61,266         17.06        77,314
C1+C2            0.50          0.13         96,707         37.43       121,722
P1                                          80,962        40.481       105,250
C1+C2+P1 Total                             177,669         77.91       226,972
------------   --------    ----------     ----------    ----------    ----------
              
                                           Table 2
                               Ore Resource 0.5 g/t - cut off
                                         Ore Tonne         Metal         Metal
               Au g/t   Cu %                ('000)        Au (t)        Cu (t)
  ------------ -------- ----------        ----------    ----------    ----------
C1               0.79          0.15         25,499          19.9        37,881
C2               0.40          0.15         44,288         16.48        66,960
C1+C2            0.67          0.15         69,787         36.38       104,841
P1               0.67          0.15         59,153         39.63        88,730
C1+C2+P1 Total                             128,940         76.01       193,571
------------   --------    ----------     ----------    ----------    ----------







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