Placing AMENDMENT

Celtic Resources Holdings PLC
10 October 2005


The following announcement replaces the "Placing" announcement released today at
07.37 under RNS number 4142S.

Amendments are identified with an asterisk (*).

The full amended text is shown below.

                          Celtic Resources Holdings Plc
                          ("Celtic" or "the Company")
                                        
                              US$10 million placing

Celtic is pleased to announce that Altima Global Special Situations Master Fund 
Limited and Altima Global Opportunities Master Fund Limited* ("Altima") have 
agreed to invest US$10 million (approximately £5.68 million) by way of a 
subscription for 2,841,910 new ordinary shares of €0.25 each in the Company at a 
price of £2.00 per ordinary share. The new shares represent 6.35 per cent. of 
the enlarged issued ordinary share capital of the Company. Altima will also be 
issued, subject to shareholder approval, an equal number of conditional 
warrants, to subscribe for ordinary shares at a price of £2.50 per share 
exercisable at any time before the 30th September 2008. The funds will be used 
for working capital purposes, including increasing production at the Suzdal gold 
mine in Kazakhstan to generate positive cash flow before the end of the year and 
to test by surface drilling the continuity of a very promising zone found 
between orebodies 3 and 4.

Application has been made for 2,841,910 new ordinary shares of €0.25 each to be 
admitted to trading on the AIM Market of the London Stock Exchange plc. These 
shares will rank pari passu with existing ordinary shares and dealings are 
expected to commence in the new ordinary shares at 08.00 a.m. on the 14th 
October 2005.

The issue of warrants is conditional upon the approval of shareholders at an
extraordinary general meeting and a circular will be sent to shareholders
shortly to convene such a meeting.

Commenting on the transaction, Celtic Chairman, Peter Hannen, said, "We are very 
pleased and encouraged that Altima has recognised the great value in our shares 
at this price and continues to support the Company."

A spokesman for Altima said, "We are pleased to renew our association with 
Celtic and to support it in consolidating its Russian interests and further 
developing its business in Kazakhstan."

For further information please contact:

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

                             www.celticresources.com




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