Completion of Placing

Celtic Resources Holdings PLC
07 January 2005



                          Celtic Resources Holdings Plc
                           ("Celtic" or "the Company")

    Completion of placing and other agreements with Barrick Gold Corporation


The Company announced on the 31st December 2004 that shareholder approval had
been granted for the proposals, set out in the circular sent to shareholders on
the 7th December 2004 ("Circular"), concerning among other things the strategic
relationship with Barrick Gold Corporation ("Barrick").

The board of Celtic is pleased to announce that all other conditions relating to
the share subscription by Barrick set out in the Circular have been met, that
the transaction documents referred to in the Circular have all been entered into
and that, as of Friday, 7th January 2005, Barrick holds 3,688,191 ordinary
shares in Celtic representing 8.9 per cent. of the total issued share capital of
the Company, which were today admitted to trading on the AIM Market of the
London Stock Exchange.

Enquiries:

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

                            
Joe Nally / Frank Moxon
Williams de Broe Plc
Tel: [phone]
                                www.celticresources.com
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                      This information is provided by RNS
            The company news service from the London Stock Exchange
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