Unaudited Preliminary Results

Celtic Resources Holdings PLC
31 May 2002




                         CELTIC RESOURCES HOLDINGS PLC



     AIM LISTING UNDERWAY AS CELTIC RESOURCES GOLD OPERATIONS GAIN MOMENTUM

          Celtic Resources Releases Unaudited Preliminary Results For

                        The Year Ended 31 December 2001

Highlights include:

Overall


  • 48 million shares issued to raise US$6 million net of expenses

  • US$5.4 million of this invested in projects with the balance used to
    finance overheads

  • Pretax profit of US$334,000 v loss US$1.034 million

Nezhdaninskoye Project (50%)


  • Mine, mill and infrastructure have been refurbished to enable expansion

  • Financing underway to bring to full production levels of over 150,000
    ounces per annum

Suzdal Project ( increasing interest to 100%)

  • Contracts to increase ownership of project to 100% signed after period end
  • Produced 43,000 ounces of gold in 2001
  • Cash positive and profitable in 2001
  • Dividends paid to Celtic of US$585,000 before withholding taxes



Celtic Resources Holdings Plc (Ticker: CER), the Irish ESM Listed company that
aims to become one of the largest gold producers in Russia and Kazakhstan by
2007, today released its unaudited preliminary results for the year to 31
December 2001. The company's annual report is expected to be distributed to
shareholders in June.

At Nezhdaninskoye (50% owned) in Russia, Celtic completed a consolidation
process, refurbished the mine, mill and infrastructure and continued working on
raising the finance necessary to bring the mine into Stage I full production.

At Suzdal ownership was increased to 40% during the year which qualifies
Celtic's subsidiary FIC Alel JSC as an associated company and allows the
proportionate share of the profit to be included in the Celtic accounts. The
Suzdal operation in Kazakhstan was profitable and cash positive in 2001.
Consequently it paid dividends, of which Celtic's share was US$585,000 before
withholding taxes.

Williams de Broe were appointed as nominated adviser and broker for Celtic's
proposed AIM listing and fundraising. In total some 48 million shares were
issued during 2001 raising approximately US$6 million net of expenses of which
some US$5.4 million was invested in projects and US$0.6 million was used to
finance overheads.

Celtic Resources' Chairman and Managing Director, Kevin Foo commented: "Since
the period end we have arranged further finance to enable a ramp up in
production levels at the Nezhdaninskoye mine. Funds have also been raised to
enable us to the purchase the balance of the Suzdal mine (announced on 27 May
2002) as well as an additional 15% interest in the Shorskoe molybdenum project
to take Celtic to a 65% holding. In addition, we continue to work with Standard
Bank London to secure long term project financing for the Nezhdaninskoye gold
mine."

"Prospects at Suzdal, with the high-grade primary ore drilling results, have
increased significantly and subject to financing, we will be accelerating this
project with the intention of increasing production to beyond 100,000 ounces by
2003/4." Mr Foo added.

"Overall, we have had an encouraging year and our prospects for 2002 are good.
Our key objective of growing into a profitable, resources based company is
becoming a reality as we realise the potential of our mining and hydrocarbon
properties in Russia and Central Asia," Mr Foo concluded.

For more information please contact:


Kevin Foo / Claire Bolton                     Cindy Dennis
Celtic Resources Holdings Plc                 Capital PR, London
Tel: + 44 (0) 20 7593 0001                    Tel: + 44 (0) 20 7618 7887
[e-mail]              [e-mail] mailto:
                                              [e-mail]@capitalww.com

Nigel Heneghan
Heneghan PR, Dublin
Tel: + 353 1 660 7395
[e-mail]

                            www.celticresources.com

31 May 2002



UNAUDITED CONSOLIDATED PROFIT & LOSS ACCOUNT

for the year ended 31 December 2001
                                                                                                2001                2000

                                                                                              US$000              US$000
Amounts written off - intangible fixed assets                                                      0               (453)
Administrative expenses - continuing operations                                              (1,465)               (608)
Operating loss - continuing operations                                                       (1,465)             (1,061)
Interest payable                                                                                (20)                   0
                                                                                             (1,485)             (1,061)
Interest receivable                                                                               27                  27

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                                                  (1,458)             (1,034)
Share of associated company's profit before tax                                                1,792                   0

PROFIT/(LOSS) BEFORE TAX                                                                         334             (1,034)
Taxation                                                                                       (596)                   0

LOSS AFTER TAXATION                                                                            (262)             (1,034)
Minority interests                                                                                26                  73
Retained loss of group                                                                         (236)               (961)
Retained loss brought forward                                                               (10,026)             (9,065)
RETAINED LOSS CARRIED FORWARD                                                               (10,262)            (10,026)
Loss and fully diluted Loss per share                                                       ($0.002)            ($0.012)

UNAUDITED CONSOLIDATED BALANCE SHEET

as at 31 December 2001
                                                                                                2001                2000

                                                                                              US$000              US$000
FIXED ASSETS
Intangible assets                                                                             19,658              11,678
Tangible assets                                                                                1,954                 359
Financial assets                                                                                 899                 750
                                                                                              22,511              12,787
CURRENT ASSETS
Stocks                                                                                           610                 217
Debtors                                                                                        2,199               1,393
Cash at bank and in hand                                                                         943               1,082
                                                                                               3,752               2,692
Creditors
Amounts falling due within one year                                                          (6,285)             (1,306)

Net current assets                                                                           (2,533)               1,386

Net assets                                                                                    19,978              14,173

Financed by
CAPITAL AND RESERVES

Called up share capital

- equity                                                                                       3,910               2,855

-non equity                                                                                    3,184               3,206
Capital conversion reserve- equity                                                                61                   0
Share premium - equity                                                                        19,677              14,742
Profit and loss account - equity                                                            (10,262)            (10,026)
Foreign currency reserve - equity                                                              (256)               (230)
Shareholders' funds                                                                           16,314              10,547
Minority interests - equity                                                                    3,664               3,626
                                                                                              19,978              14,173





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