New Molybdenum Projects

Celtic Resources Holdings PLC
24 May 2007

FOR IMMEDIATE RELEASE                                             24th May 2007



                          Celtic Resources Holdings Plc
                          ("Celtic" or "the Company")
                                        
                            New Molybdenum Projects
                                        

Celtic Resources ("Celtic"; ticker "CER") is pleased to announce that it has
been awarded licences for three molybdenum prospects in Central and Northern
Kazakhstan.


Highlights:

   •Principally molybdenum deposits, with ancillary copper and gold at one
    deposit

   •Significant exploration work completed including geochemical, trenching,
    geophysical surveying, core drilling and initial resource estimates

   •All projects have good access to infrastructure including power, water
    and rail

   •Initial exploration expenditure of US$3million planned to define resource


The Deposits:


Akkuduk (Mo)

The deposit is located in the Shetski region of Karaganda, central Kazakhstan
and occurs as stockworks and mineralised granite porphyry intrusives in volcanic
stratigraphy. Selected drill results gave 69.4m at 0.12% Molybdenum (Mo), 26m at
0.10% Mo and 33.4m at 0.12% Mo. P1 resource potential is presently 12,000 tonnes
of Mo.


Zhilandy (Mo, Cu, Au)

This deposit is near Kurchatov in the Pavlodar region, in northern Kazakhstan
and occurs as Mo and Cu mineralisation associated with a porphyry intrusive
system within volcanic host rocks. The intrusives also carry gold, silver, lead
and uranium. Significant molybdenum intersections include 8m at 0.11% Mo, 0.5m
at 1.0% Mo and 2.5m at 0.8% Mo. Gold mineralisation intersections included 15m
at 2.23g/t Au and 27m at 0.2-9.7 g/t Au.


Itmuryn (Mo)

This deposit is located 155km from Stepnogorsk in northern Kazakhstan, where
Celtic Resources Shorskoye molybdenum ore is treated. The mineralisation is
hydrothermal stockwork in volcanics that has been extensively altered and
covered with 18-24m of sediments. Limited shallow core drilling was completed
but a single drill hole of 167m intersected molybdenum mineralisation over
almost its entire length. Selected intersections were 4.3m at 0.106% Mo, 3.6m at
0.199% Mo and 2.7m at 0.136% Mo.


Commenting on the licences, Kevin Foo, Managing Director said, "Our success at
the Shorskoye molybdenum project and the buoyant prices of molybdenum has
provided the incentive to seek other opportunities that utilise our experience
in the FSU. These acquisitions are reasonably well advanced exploration
properties that may be fast tracked to production if the planned resource
definition programme meets our expectations."

For further information please contact:

Kevin Foo / Jonathan Scott-Barrett        Leesa Peters/ Jane Stacey
Celtic Resources Holdings Plc             Conduit PR
Tel: + 44 (0)20 7921 8800                 Tel: [phone]/ + 44 (0)781 215 9885
[e-mail]             [e-mail]

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

For the full technical report please visit our website www.celticresources.com .




                        New Molybdenum licences Awarded


Celtic announces that the Kazakhstan government has awarded the opportunity to
develop three molybdenum licences in Central and Northern Kazakhstan - Akkuduk,
Zhilandy and Itmuryn. The consideration for the licences was zero. All three
licences are valid for three years of exploration. There are minimum expenditure
obligations which vary between the licenses, as detailed below, and total up to
$3milllion in total over the 3 year period. At any time during this period an
economic discovery may be declared and a mining and exploitation license
obtained.

Molybdenum mineralisation, with ancillary copper and gold was discovered at the
projects in porphyry systems during exploration by Kazakh geologists in the 70's
and early 90's. The style of mineralisation is similar to that at the Celtic
Resources Shorskoye molybdenum mine which was successfully developed in 2005.

Celtic has planned an extensive exploration programme aimed at target and
resource definition. Field programmes will commence in 2008 after completion of
all licensing and permitting requirements The preliminary estimate of
exploration expenditure required is US$3 million comprising core drilling, RC
drilling, trenching and geophysical surveys.


Akkuduk

The project is located in the Shetski district of Karaganda oblast. Extensive
infrastructure exists in the region, with a railway station and 500MW power line
within 25km of the project. The Karatas Mo-Cu deposits are located 60-75km SE of
the project area.

Several zones of Mo mineralisation have been identified, occurring as stockworks
and disseminations in volcanic host lithologies. Granitic porphyry intrusives
are also mineralised and cross cut the volcanic stratigraphy. Two distinct
anomalies of Mo are present with a separation of approximately 3km. Both zones
are identified as Induced Polarisation (IP) anomalies and coincide with magnetic
lows. Oxidation levels typically extend from 30 to 35m below surface.

Drilling at the project was carried out by government organisations in the
1960's and 1970's. Better intersections from that drilling include:

   • Hole 22 - 14.2m at 0.073% Mo from 14.8m, 26m at 0.101% Mo from 29m and
     69.4m, at 0.12% Mo from 111.1m.

   • Hole 29 - 33.4m at 0.12% Mo from 74.4m

Government geologists previously identified the project to have P1 Resource
potential of 10-12,000 tonnes of Mo.

The exploration agreement is granted for a period of three years. It is planned
that field work will begin in 2008 with minimum annual expenditure requirements
of US$150,000 in year 1, US$300,000 in year 2 and US$350,000 in year 3.


Zhilandy

The Zhilandy project is located 50km west of the town of Kurchatov and 125km NNW
of Celtic's Shorskoye mine. The recently constructed Pavlodar-Kurchatov railway
line and road are 25km north of the deposit. The nearest settlement is Karaterek
village, located on the Irtysh River, some 30km NNE of the deposit. A 500kW
power line is located within 3km of the deposit.

The Mo and associated Cu mineralisation is associated with a porphyry intrusive
system within volcanic host lithologies. Several phases of mineralised
intrusives have been identified at the project carrying varying levels of
accessory metals including gold, silver, lead and uranium. Oxidation levels
typically extend from 21 to 28m below surface.

Two distinct geochemical anomalies identify the mineralised areas. The northern
anomaly is coincident with a 6km by 3km IP anomaly.

The mineralisation at Zhilandy was discovered in 1947 as a result of a
geochemical survey of the region. Varying amounts of exploration work have been
completed since that time with the most recent drilling carried out in 1993.
Completed exploration work includes geophysical surveys, surface trenching, 245
shallow drill holes to identify bedrock and 12 deep core drill holes. Better
intersections from the core drilling include:

   • Hole 23 - 1.5m at 0.135% Mo from 22.5m, 1.5m at 0.13% Mo from 34m
     0.5m at 1.0% Mo, from 69m and 8m at 0.11% Mo from 86m.
   • Hole 5 - 2.5m at 0.8% Mo from 109m

Gold mineralisation was also discovered at the project. Better intersections
include:

   • Hole 707 - 15m at 2.23g/t Au from 4m
   • Hole 11 - 27m at 0.2-9.7g/t Au from 2m

The portions of the deposit with potential for Mo and Au mineralisation have
been tested with very sparse core drilling. Potential remains to delineate
economic resource and this will be tested with planned core drilling.

The exploration agreement is granted for a period of three years. It is planned
that field work will begin in 2008 with minimum annual expenditure requirements
of US$150,000 in year 1, US$300,000 in year 2 and US$350,000 in year 3.


Itmuryn

The Itmuryn project is located 155km east of Stepnogorsk where ore from the
Shorskoye mine is processed. The railway station of Bozshakol is 55km from the
project and an 1150KV power line runs within 5km of the prospective area.

The Mo mineralisation is associated with a hydrothermal stockwork system within
volcanic host lithologies. Extensive alteration including sericitisation,
silicification and sulphidisation are present. Transported sediments occur to a
depth of 18 to 24m and a zone of oxidation typically extends a further 11m below
the sediments.

The mineralisation at Itmuryn was discovered in 1976 during regional
prospecting. Initial work included geophysical (IP, magnetic, gravimetric) and
geochemical surveys. Limited core drilling was subsequently completed and Mo
mineralisation was intersected in a single drill hole, Hole 399. Better
intersections from the core drilling include:

   • Hole 399 - 4.3m at 0.106% Mo from 43.5m, 3.6m at 0.199% Mo from 86.4m
     and 2.7m at 0.136% Mo from 160.3

It was notable in Hole 399 that Mo mineralisation was identified over almost the
entire 167m length of the hole. The nearest adjacent hole is located 1000m to
the north. Whilst poorly defined, the extensive Mo mineralisation in Hole 399,
coupled with the transported overburden results in the project area remaining
highly prospective for a substantial Mo deposit. Drilling has been planned to
test that potential.

The exploration agreement is granted for a period of three years. It is planned
that field work will begin in 2008 with minimum annual expenditure requirements
of US$150,000 in year 1, US$250,000 in year 2 and US$350,000 in year 3.


Attribution

The information in this report that relates to Exploration Results and Mineral
Resources is based on information compiled by Mr Paul Payne who is a member of
The Australasian Institute of Mining and Metallurgy. Mr Payne is the Principal
of Resource Evaluations Pty Ltd, and a consultant to Celtic and has sufficient
experience which is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Payne
consents to the inclusion in the report of the matters based on his information
in the form and context in which it appears.




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