Interim Results

Celtic Resources Holdings PLC
01 October 2002

           CELTIC RESOURCES HOLDINGS PLC ("Celtic" or "the Company")

             Interim Results for the Six Months Ended 30 June, 2002


The Company announces its results for the six months ended 30 June, 2002,
details of which are set out below.

The Company also reports, further to its announcement yesterday, the current
level of acceptances received to date under its open offer. Approximately 3.8%
of qualifying shareholders have accepted the open offer providing the Company
with £12,000 of additional funds. The offer remains open until 3.00 p.m. on 8
October, 2002.

Unaudited Profit & Loss Statement for the six months ended 30 June 2002
                                                                                            2002        2001
                                                                                            $000        $000
Amounts written off intangible fixed assets                                                    -           -
Administrative expenses - continuing operations                                            (895)       (572)
Operating loss - continuing operations                                                     (895)       (572)
Share of associated company's profit before tax                          ( note 1 )          349           -
Interest payable                                                                               -           -
Interest receivable                                                                           34          16
Loss on ordinary activities before taxation                                                (512)       (556)
Taxation                                                                 ( note 2 )        (107)           -
Loss after taxation                                                                        (619)       (556)
Minority interests                                                                             -          89
Retained loss of group                                                                     (619)       (467)
Foreign currency adjustments                                                               (299)         206
Total losses recognised                                                                    (918)       (261)
Group loss per share (in cents)                                                           (0.53)      (0.40)

Note 1 - Share of associated company's profit before tax

This is the group's share of the earnings of the Suzdal Gold Mine attributable
to the 40% interest held during the period. This interest was increased to 100%
in June 2002.

Note 2 - Taxation

This is the Kazakhstan tax payable on the associated company's profit before
tax.


Unaudited Consolidated Balance Sheet at 30 June 2002
                                                                                           2002        2001
                                                                                           $000        $000
Fixed assets
Intangible assets                                                                        28,061      15,237
Tangible assets                                                                           3,899       1,314
Financial assets                                                                              2          42
                                                                                         31,962      16,593
Current assets
Stocks                                                                                    2,782         235
Debtors                                                                                   2,521       3,564
Cash at bank and in hand                                                                  5,572       1,256
                                                                                         10,875       5,055
Creditors
Amounts falling due within one year                                                    (12,476)     (6,691)
Net current assets                                                                      (1,601)     (1,636)
Net assets                                                                               30,361      14,957
Capital and reserves
Called up share capital - equity                                                          5,407       3,114
- non equity                                                                              3,184       3,206
Share premium account - equity                                                           29,481      15,834
Renominalisation reserve - equity                                                            39           -
- non equity                                                                                 22           -
Profit and loss account - equity                                                       (10,881)    (10,493)
Foreign currency reserve - equity                                                         (496)        (24)
Shareholders' funds                                                                      26,756      11,637
Minority interests - equity                                                               3,605       3,320
                                                                                         30,361      14,957

Note

The Balance Sheets include the assets and liabilities of all group companies
including, at 30 June, 2002, those of FIC Alel JSC the company which holds the
Suzdal gold mine where the group's ownership was increased from 40% to 100% in
June 2002.



Unaudited Consolidated Cash Flow Statement for the six months ended 30 June 2002
                                                                                            2002        2001
                                                                                            $000        $000
Cash flow from operating activities
Operating loss                                                                             (895)       (572)
Depreciation                                                                                  59          24
Stocks increase                                                                            (431)        (18)
Debtors increase                                                                           (416)        (67)
Creditors (decrease)/increase                                                                137       2,507
Minority interest decrease                                                                     -       (217)
Exchange movements                                                                         (299)         206
                                                                                         (1,845)       1,863
Returns on investments and debt servicing
Interest received                                                                             34          16
Interest paid                                                                               (95)           -
                                                                                            (61)          16
Capital expenditure and financial investment
Payments to acquire intangible fixed assets                                                (240)       (979)
Payments to acquire tangible fixed assets                                                (4,017)     (3,055)
Payments to acquire investments                                                          (1,200)           -
                                                                                         (5,457)     (4,034)
Net Cash Flow before Financing                                                           (7,363)     (2,155)
Financing
Net proceeds from issue of ordinary share capital                                         11,301       1,351
Loans taken                                                                                1,109       1,228
Loans repaid                                                                               (611)       (250)
                                                                                          11,799       2,329
Increase in cash                                                                           4,436         174




1 October, 2002


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