Intention to delist

Celtic Resources Holdings PLC
14 January 2008


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

     Announcement of intention to delist Celtic shares from trading on AIM


The recommended cash offer for Celtic by Centroferve Limited ("Centroferve"), a
wholly owned subsidiary of Severstal (the "Offer"), was announced as having
become unconditional in all respects on 17 December 2007, as acceptances of the
Offer had been received by Centroferve in respect of 47,266,133 Celtic shares
(representing approximately 84.7 per cent. of the Celtic shares to which the
Offer relates).

At the request of Centroferve, and as set out in Centroferve's offer document to
Celtic shareholders of 20 November 2007, the board of Celtic has therefore
applied for the cancellation of the trading of Celtic shares on AIM (the
"Delisting"). The Delisting will take effect at 7.00 a.m. on 22 January 2008 and
a further announcement will be made at that time.

In addition, having received acceptances of the Offer in respect of more than 80
per cent. of the Celtic shares to which the Offer relates, Centroferve has sent
out notices pursuant to the provisions of Section 204 of the Irish Companies Act
1963, informing those holders of Celtic shares who have not yet validly accepted
the Offer of its intention compulsorily to acquire all outstanding Celtic shares
to which the Offer relates, on the same terms as the Offer.


Enquiries:

Celtic Resources Holdings Plc
Kevin Foo / Jonathan Scott-Barrett
Tel: + 44 (0)20 7921 8800

Cardew Group
Anthony Cardew / Shan Shan Willenbrock
Tel: [phone]
[e-mail]

Conduit PR
Leesa Peters / Jane Stacey
Tel: [phone]
[e-mail]

Strand Partners Limited
Simon Raggett / Stuart Faulkner
Tel: [phone]

Centroferve
Roman Deniskin / Nikolai Zelenski
Tel: [phone] ext.6633

Morgan Stanley & Co. Limited
Peter Bacchus / Arash Mahdaviani
Tel: [phone]

The Directors of Celtic accept responsibility for the information contained in
this announcement and to the best of their knowledge and belief (having taken
all reasonable care to ensure that such is the case), the information contained
in this announcement is in accordance with the facts and, where appropriate,
does not omit anything likely to affect the import of such information.



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