Directorate Change

Celtic Resources Holdings PLC
21 December 2006



                          Celtic Resources Holdings Plc
                          ("Celtic" or "the Company")
                                        
                      Celtic Strengthens Board of Directors
                                        
Celtic is pleased to announce additions to its board of directors following the 
completion of the Eureka transaction.

Mukhtar Tuyakbayev (56)
As previously announced Mr. Mukhtar Tuyakbayev has joined the board to 
strengthen Celtic's representation in Kazakhstan, our main country of business. 
Mukhtar has managed Celtic's representative office in Kazakhstan for a number of
years.  He qualified from Moscow State Technical University in electronics 
engineering. He has more than 10 years experience in mining and exploration 
industries. From 1997 to 2001 he was the General Director of Auliye, Auliye Gold
and Auliye Resources LLP, affiliate companies of Dabney Industries. Previous 
positions have included directorships at Tomiris LLP, Almaty and Avers LLP, 
Almaty.  Mukhtar also holds directorships in Soho Central Asia LLP, Central Asia 
Gifts Kazakhstan LLP, DOOSAF Tour LLP, Targay LLP, Source Engineering LLP, 
Central Asia Service & Supply LLP.  The due diligence on this appointment is now
complete.

Jonathan Scott-Barrett (62)
At the point at which the scheme of arrangement is final for the Eureka
transaction Jonathan Scott-Barrett joins the Board of Celtic. Jonathan was a
non-executive director since Eureka Mining listed and took over as CEO early
this year from David Bartley who stepped down for health reasons. Jonathan is a
Chartered Surveyor and has had an extensive career in senior management and
executive positions, including nine years as a non-executive director of Hanson
Plc whose operating companies at that time included Peabody Coal, the largest
coal producer in the US. He was also a publishing director of Centaur
Communications Ltd for over 15 years, one of the largest business to business
publishers in the UK and was publisher of Money Marketing, The Lawyer and
Chairman of Perfect Information, a City based financial information provider.
Jonathan also holds directorships in Brumare Ltd, MG Capital Plc, Aerial Camera
Systems Ltd, NHS Lotteries Ltd, MG Research Ltd, Talkcast Corporation Plc,
GexTech Holding (UK) Plc, Lehman Communications Ltd.

Mr Tuyakbayev and Mr Scott-Barrett hold 443,961 and 27,771 ordinary shares of
Euro 0.25 in the share capital of the Company being 0.8 per cent. and 0.05 per
cent. of the issued share capital of the Company respectively. The
aforementioned holdings and issued share capital are stated post the issue of
the New Celtic Shares for the Eureka transaction. In addition, to honour a
commitment in his service contract with Eureka, Celtic has agreed to issue and
allot Jonathan Scott-Barrett 46,875 Celtic ordinary shares upon a date to be
agreed between them.

In regards to the aforementioned appointments there are no further disclosures
that need to be made under Schedule Two, paragraph (f) (iii) to (viii) of the
AIM rules.


Kirill Lipa
Kirill Lipa heads the Investment Banking Department in Aton Capital and
primarily specializes in M&A, private placements, public offerings and financial
strategy advisory. Kirill joined Aton Capital Group in February of 2002 as Head
of Mergers & Acquisitions, and assumed control of the Corporate Finance
department in March of 2003. Prior to moving to Aton Kirill was Deputy Chairman
of the Board of Olympiysky Bank, where he supervised all corporate finance
activities in 1998-2000. Kirill joined Olympiysky Bank in 1993 after earning a
Law Degree from Moscow State Law Academy. Mr. Lipa graduated magna cum laude
from the Moscow State Law Academy in 1994. He provides an important link between
the Russian resource industry and western markets.


Serdar Karliev
Serdar Karliev is a director in the Investment Banking Department and head of
underwriting of Aton Capital in both Moscow and London. He is responsible for
providing mergers and acquisitions and equity capital markets solutions for
Russian and CIS clients. Prior to joining Aton in 2004 he was Vice-President of
Corporate Finance at Uralsib Bank and previously worked at Creditanstalt
Investment Bank and EBRD in London. Serdar graduated with a Diploma in Economics
from the Turkmen Institute of National Economy. He brings extensive M&A and fund
raising experience in natural resources sector to the Board.

Both the appointments of Mr. Lipa and Mr. Karliev are subject to due diligence.


Summary

On completion of these appointments the whole board of directors will be as
follows:


Peter Hannen              Non Executive Chairman
Kevin Foo                 Managing Director
Michael Palmer            Finance Director
Euan Worthington          Executive Director
Jonathan Scott Barrett    Executive Director
Mukhtar Tuyakbayev        Kazakhstan Director
Neil McDermott            Non Executive Director
Michael Nesbitt           Non Executive Director
Peter McKenna             Non Executive Director
Boris Karlov              Non Executive Director
Kirill Lipa               Non Executive Director
Serdar Karliev            Non Executive Director


On 12th September 2006 we also announced the appointment of Mr. Alexander 
Schwarzkopf to the board.  Mr. Schwarzkopf has subsequently withdrew due to a 
change in circumstances and his appointment will not be completed.

The Company is also pleased to announce the appointment of Alfa Capital Markets
as advisers on corporate development and mergers and acquisitions in the FSU.


Comment

Commenting on the appointments, Celtic's Chairman, Peter Hannen said "We are
looking forward to working with our new  directors and advisers and feel that
their expertise in the FSU and merger and acquisition activities strengthens the
board and focuses us in the areas in which the Company is moving forward.  We
are aware that this represents a large  board for the size of organization we
are and we will be looking to streamline this in the New Year"

For further information please contact:

Kevin Foo / Kate Dexter Smith           Laurence Read
Celtic Resources Holdings Plc           Conduit PR
Tel: + 44 (0)20 7921 8800               Tel: [phone]
[e-mail]           [e-mail]

Frank Moxon / Simon Edwards
Evolution Securities Limited
Tel: [phone]
www.celticresources.com




                      This information is provided by RNS
            The company news service from the London Stock Exchange