Interim Results - Six Months to 30th June 1999

CELTIC RESOURCES PLC
29 October 1999

CELTIC RESOURCES PLC ('Celtic')

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE, 1999

I am pleased to report that Redhaven Limited ('Redhaven'), a UK based
investment company which acts for a group of strategic mining investors, is
due to complete its subscription for 13 million new Ordinary Shares of Celtic
shortly.  The subscription is at par and is expected to raise IR£260,000
before expenses.  Redhaven has already paid IR£85,000 for 8,500,000 partly
paid new Ordinary Shares of Celtic.

In my report of 29 June, 1999, I outlined the difficulties experienced in
progressing the Company's gold mining project in Russia.  Celtic's subsidiary,
the South Verkoyansk Mining Company ('SVMC'), holds the Licence for the
Nezhdaninskoye Gold Mine Project in Yakutia in the Russian Far East. Given
Celtic's financial situation, it has been extremely difficult during 1999 to
fund any significant investment by SVMC and, as a consequence, the local
authorities in Yakutia have initiated actions which might result in the
withdrawal of the Licence.  Recently, using certain of the funds supplied by
Redhaven and with proposals and detailed development plans created by
Redhaven, we have been able to demonstrate a fundamental change in the
Company's position which, we believe, addresses certain of the key issues of
the local authorities and will be noted by the ultimate licensing authority,
the Russian Federal Government.  

As previously announced, Redhaven and its investors will, subject to
completion of the subscription and shareholder approval, be represented by two
new directors on Celtic's Board, Kevin Foo and Michael Kaufman.  Mr Foo, a
metallurgical engineer involved in a number of gold mine developments in the
Former Soviet Union, will serve as Managing Director.  He is currently engaged
in the commissioning of the new Suzdal gold mine in north east Kazakhstan
where first production is expected next month.  Mr Kaufman, with wide
experience in corporate finance, will serve as a non executive director.  They
will replace Sean Finlay and Kevin Kenny on Celtic's Board.  I wish to
acknowledge the substantial contribution made by both departing directors
during a very difficult period for Celtic and I am pleased to note that Sean
Finlay has agreed to continue to serve as Company Secretary.

The Information Circular sent to shareholders on 7 October outlines the
specific resolutions to be considered at the forthcoming Extraordinary General
Meeting called for 30 October, 1999 and which are required to give effect to
the proposed measures relating to finalising the position regarding Celtic's
largest creditor (Dragon Oil plc) and to the appointment of new directors.

Celtic's unaudited Profit and Loss Account for 1 January to 30 June, 1999 are
attached.


DR OLIVER C. WALDRON
Chairman
 
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30 JUNE, 1999

                                                   30/6/99          30/6/98
                                                       IR£              IR£

(Write off) of deferred exploration expenditure         0       (1,734,575)

Administration expenses                           (52,454)        (185,276)
                                             ------------------------------
Operating (Loss)                                  (52,454)      (1,919,851)

Dragon loan interest                                    0          (58,205)
                                             ------------------------------
                                                  (52,454)      (1,978,056)

Other income                                        8,805              946
                                             ------------------------------
(Loss) on ordinary activities before taxation     (43,649)      (1,977,110)

Taxation                                                0                0
                                             ------------------------------
(Loss) on ordinary activities after taxation      (43,649)      (1,977,110)

Minority interests in (loss)                            0           25,671
                                             ------------------------------
Retained (loss) of Group                          (43,649)      (1,951,439)

Retained (loss) brought forward                (6,904,604)      (1,689,785)
                                             ------------------------------
Retained (loss) carried forward             IR£(6,948,253)   IR£(3,641,224)
                                             ------------------------------


For further information please contact:

Sean Finlay (Celtic)                 + 353 1 6611245
Hugh McCutcheon (Davy Stockbrokers)  + 353 1 6796363
Nigel Heneghan (Heneghan PR)         + 353 1 6607395