Interim Results

Celtic Resources Holdings PLC
27 October 2000


Celtic Resources Holdings Plc

Interim Results for the Six Months Ended 30 June 2000 for Celtic Resources
Holdings Plc ('Celtic')


Dear Shareholder

At an Extraordinary General Meeting held on 17 October 2000, the Proposed
Placing of 18,297,594 new ordinary shares and 7,246,498 warrants were approved
thereby facilitating completion of the Placing announced on 30 August 2000. 
Funds raised pursuant to this placing were Euro 3.3 million (£2 million and $3
million).
 
Since that date, we have also been pleased to announce that the financing for
Nezhdaninskoye, to be provided by Zenit Bank in Moscow, has been completed,
and the first tranche of funds has been drawn.  Together with our own
contributions, these will permit the refurbishment and commissioning of the
plant to remain on programme, and our target continues to be initial
production of gold before 31 December 2000.

Another portion of the Placing proceeds has been allocated toward drilling at
our Tamdykol oil property. This should commence in the next thirty days.

Celtic's unaudited Profit and Loss accounts for the period 1 January to 30
June 2000 is attached.  Your attention is drawn to the change in accounting
currency from Irish punts to US dollars, which is the trading currency for
both Celtic's future revenue stream and many of its expenses.  The loss of one
half cent (US) per share reflects the increased activity in all of the
Company's operations.


Dr Oliver Waldron
Chairman



CELTIC RESOURCES HOLDINGS PLC

UNAUDITED CONSOLIDATED PROFIT LOSS ACCOUNT

FOR THE HALF YEAR ENDED 30 JUNE 2000




                                         June 30, 2000       June 30, 1999
                                                  $000                $000

Administration expenses                           -333                 -69
                                        ----------------------------------


Operating loss                                    -333                 -69

Other income                                         0                  12
                                        ----------------------------------


Loss on ordinary activities before tax            -333                 -57

Taxation                                             0                   0
                                        ----------------------------------
Loss on ordinary activities after tax             -333                 -57

Minority interests                                   9                   0
                                        ----------------------------------
Group loss for the period                         -324                 -57

Dividends paid & proposed                            0                   0
                                        ----------------------------------
Retained loss                                     -324                 -57
                                        ==================================

Earnings per share (in cents)                    -0.49               -0.20
                                        ==================================