Appointment of Director

Celtic Resources Holdings PLC
25 June 2002

                         Celtic Resources Holdings Plc




                                CELTIC RESOURCES

                       APPOINTS PETER HANNEN AS CHAIRMAN




Celtic Resources Holdings Plc (Ticker: CER), announces the appointment of Peter
Hannen as a director and Chairman of the company.


Celtic's Managing Director, Kevin Foo, who previously acted as Chairman said,
"As we move towards our AIM Listing, it is appropriate for my dual role of
Chairman and Managing Director to cease. I am delighted to inform you that Peter
Hannen who has been appointed to the board has been elected as Chairman of the
company. Peter brings to Celtic significant experience in international trading
and asset management, along with his boundless enthusiasm and strong support for
the company. His family have been foundation investors in Celtic and Peter has a
significant financial interest in the company".


A British national, Mr. Hannen's background includes a 14-year career in all
aspects of commodity trading, including shipping, finance, hedging, trading and
options. He worked for M. Golodetz and Merrill Lynch in London before joining
Phibro in their New York office. In 1990 he set up a partnership to advise
overseas and family interests in asset allocation, with special emphasis on
resources.


Mr. Hannen holds 3,396,916 ordinary shares and warrants over 500,000 shares
exercisable at Stg 15.63p, which expire on 21 September 2003.


The announcement follows closely on the news that Celtic has received a
commitment from Standard Bank London to provide a US$12 million finance package
for the Nezhdaninskoye gold project in Yakutia. (This commitment is subject to
completion of all documentation, necessary government approvals and final legal
and technical due diligence.) The company also recently increased its interests
to 100% in the Suzdal gold project and 65% in the Shorskoye molybdenum project
in Kazakhstan.


For more information please contact:


Kevin Foo / Claire Bolton

Celtic Resources Holdings Plc

Tel: + 44 (0) 20 7593 0001

[e-mail]


Leesa Peters / Cindy Dennis

Capital PR, London

Tel: + 44 (0) 20 7618 7887

[e-mail]


Nigel Heneghan

Heneghan PR, Dublin

Tel: + 353 1 660 7395

[e-mail]


Eugenee Mulhern

Davy Corporate Finance Ltd

Tel: + 353 1 679 6363

[e-mail]




www.celticresources.com


                            www.celticresources.com




25 June, 2002



                      This information is provided by RNS
            The company news service from the London Stock Exchange