Acquisition

Celtic Resources Holdings PLC
26 July 2007



                          Celtic Resources Holdings Plc
                      ("Celtic Resources" or "the Company")
                                        
                  Purchase of remaining 25% of Zherek Gold Mine
                                        
Celtic Resources is pleased to announce that it has purchased the remaining 25%
of Zherek LLP for US$660,000 cash to take its ownership to 100%.  The purchase
of the additional 25% in Zherek increases Celtic's total attributable gold 
resources by approximately 210,000 ounces gold to 4.23 million ounces gold.

The 100% ownership of Zherek enables Celtic to develop Zherek as an integral
part of the Company's plans to consistently produce more than 100,000 oz/year
from their two Kazakhstan gold mines. Celtic's Suzdal and Zherek gold mines,
separated by only 28km, can take advantage of their close proximity with the
treatment of the refractory components of the Zherek ore in the fully
functioning Suzdal BIOX plant.

As of 1st January, 2006, Zherek had Measured, Indicated and Inferred sulphide
ore resources of 5.43 million tonnes at 4.8 g/t gold containing 841,000 ounces*.
In 2006, gold production from the open pit and heap leach operation on oxide 
ores at Zherek was 9,735 oz, compared to 17,406 oz in 2005 as transitional ores
were encountered and recoveries and grades declined. Expected production in 2007
is 10,000 ounces.

Celtic is currently evaluating methods to treat the transitional ores in 2008
and the sulphide ores in 2009 and expects the heap leaching of oxide ores to
continue into 2008.

Kevin Foo, Managing Director, commented, "Now we have 100% ownership of Zherek,
we can focus on the next stage of planning to treat the substantial sulphide
ores in 2009, once the oxide ores are depleted. Test work and feasibility 
studies continue and we expect to have a decision on Zherek's optimum
development route in early 2008."

For further information please contact:

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

Simon Raggett / Braden Saunders       Peter Krens
Strand Partners Limited               Mirabaud Securities Limited
Tel: [phone]             Tel: [phone]

                            www.celticresources.com

* Information extracted from an independent report prepared by SRK Consulting
(UK) Ltd (SRK) which was prepared under the direction of Dr. Mike Armitage,
CEng, CGeol. Dr Mike Armitage is a full time employee, and the Managing
Director, of SRK and a Member of the Institute of Materials, Metals and Mining
(IMMM) which is a Recognised Overseas Professional Organisation (ROPO) included
in a list promulgated by the Australian Stock Exchange from time to time. Dr
Mike Armitage 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. Dr Mike Armitage consents to the inclusion in the
report of the matters based on his information.



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