AIM Admission - Update

Celtic Resources Holdings PLC
11 December 2003


                                                                11 December 2003


Celtic Resources Holdings Plc announces successful admission and commencement to
                    trading on AIM today for spin off float

                               Eureka Mining Plc


Celtic Resources Holdings Plc ("Celtic" or the "Company") welcomes the
commencement of trading on AIM of Eureka Mining Plc ("Eureka", ticker symbol
EKA.L), a company formed specifically to consolidate and develop Celtic's
non-core Kazakhstan gold and base metal exploration assets. Eureka raised £7
million through brokers Williams de Broe with the issue of 5,833,333 shares at
120 pence giving an expected market capitalisation on admission of £20.4
million.

Celtic has a 44.4% interest in Eureka which was obtained by the sale of its
non-core Kazakhstan assets to Eureka for US$15 million, satisfied by the issue
of 7.6 million shares in Eureka. Two of Celtic's senior management, Kevin Foo
and Andrzej Sliwa, will join Eureka's board as Non-executive Chairman and
Executive Director respectively with David Bartley of Eureka as Chief Executive
Officer. Following admission, it is Celtic's intention to seek to distribute a
significant proportion of its holding in Eureka to Celtic shareholders as a
special dividend. The directors of Celtic will provide further information on
this proposal as and when it becomes available.
Speaking today, Celtic's Managing Director Kevin Foo said, "the admission and
financing of Eureka Mining Plc enables shareholders of both companies to benefit
from the realisation of these significant assets. Celtic will focus on
increasing gold production from our Nezhdaninskoye, Suzdal and Zherek mines to a
target level of 500,000 oz/yr by 2007 and in making Celtic one of the premier
FSU gold producers."
Eureka's Chief Executive Officer David Bartley said, "A proactive and well
established major shareholder bodes well in assisting us to acquire and develop
precious and base metals projects within Kazakhstan and to develop Eureka into a
significant mining company."



For more information please contact:

Kevin Foo/Claire Bolton/Kate Dexter-Smith Leesa Peters / Laurence Read
Celtic Resources Holdings Plc Conduit PR
Tel: + 44 (0) 20 7593 0001 Tel: [phone]
[e-mail] [e-mail]

David Bartley Joe Nally / Louis Castro/ David Newton
Eureka Mining Plc Williams de Broe Plc
Tel: [phone] [phone]

                            www.celticresources.com





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