3 Million Shares Placed at Eur0.0385

Celtic Resources Holdings PLC
19 November 1999



CELTIC RESOURCES PLC ('Celtic')


Celtic today announces that it has placed 3,000,000 Ordinary Shares
representing approximately 6.5% of the enlarged issued ordinary share capital
of Celtic, at a price of Euro 0.0385 per share.

These new Ordinary Shares have been placed with new private investors.

The funds raised will facilitate further assessment of Celtic's Nezhdaninskoye
gold mining project.

Application will be made for these new Ordinary Shares to be dealt in on the
Exploration Securities Market of the Irish Stock Exchange.