Open Offer Closing Date

Celtic Resources Holdings PLC
30 September 2002

                                                               30 September 2002


                         Celtic Resources Holdings Plc

   Celtic Resources reminds shareholders that £3m open offer closes Tuesday 8
                                    October

Celtic Resources Holdings plc (Ticker CER), which aims to become one of the
largest gold producers in Russia and Kazakhstan by 2007, has today reminded
shareholders that the £3m Open Offer of 2,222,222 new shares following a 10:1
share consolidation closes at 3pm 8 October 2002.

The offer is part of a placing to raise up to £8 million (£6.86 million net of
expenses) through a £5m institutional raising by brokers Williams de Broe Plc
and the £3m open offer to all shareholders.

The shares are expected to be admitted to trading on the Alternative Investment
Market of the London Stock Exchange on 14 October 2002, giving a post float
market capitalisation of up to £39 million at the issue price. At the same time
Celtic Resources will withdraw the trading facility for its shares on the ESM of
the Irish Stock Exchange.

Managing Director, Mr Kevin Foo, said today that the company, which is currently
listed on the ESM (Code CER), "has been encouraged by the level of support shown
to date by shareholders in sending in their Application Forms and Payment. "

The Company manages gold resources of more than 30 million ounces and operates
two mines, Nezhdaninskoye in Russia and Suzdal in Kazakhstan. The funds raised
will be used to accelerate gold production at the 50% owned Nezhdaninskoye gold
and silver mine in Yakutia. The mine has Measured, Indicated and Inferred
Resources (Western JORC standards) of 13.9 million ounces of gold from only 37
of the 119 ore bodies and 100 million ounces silver (Russian Classified). "These
ore bodies fall within a 13 km strike length, open at both ends and are limited
to the top 600m depth of the Nezhdaninskoye ore body. As two thirds of the
structure remains to be properly explored, we see the project economics further
improving as we prove up additional resources" added Mr Foo.

As Nezhdaninskoye is a very large mine, staged development is deemed
appropriate. In broad terms a three-stage plan is envisaged with Stage 1 leading
to production of 150,000 oz/yr of gold in the third year following the first
draw down from the proposed Standard Bank Facility. Stages 2 and 3, which would
require further financing, should increase production to a rate of 300,000 oz/yr
by 2006 and result in an ultimate production rate of 500,000 oz/yr.

Celtic also owns 100% of the Suzdal gold mine in Kazakhstan, where Measured,
Indicated and Inferred Resources (Russian standards) amount to 1.5 million
ounces of gold. The company has a 65% interest in the large Shorskoye molybdenum
deposit in Kazakhstan, interests in other base and precious metal projects in
Kazakhstan and a 90% interest in the Tamdykol oil project in Kazakhstan as well
as minor interests in UK offshore and onshore oil and gas exploration prospects.

An EGM to obtain shareholder approval for the consolidation and share capital
changes, the issuance of Ordinary Shares pursuant to the Open Offer and Placing
and authority to issue further Ordinary Shares for other purposes will be held
on 10 October.


Expected timetable of principal events

Latest time and date for splitting Application Forms in respect of            3.00 pm Thursday, 4 October 2002
the Open Offer

Latest time and date for receipt of completed Forms of Proxy for the          10.00 am Tuesday, 8 October 2002
Annual General Meeting

Latest time and date for receipt of completed Forms of Proxy for the          10.15 am Tuesday, 8 October 2002
Extraordinary General Meeting

Latest time and date for receipt of Application Forms and Payment in           3.00 pm Tuesday, 8 October 2002
full under the Open Offer

Time and date of Annual General Meeting                                     10.00 am Thursday, 10 October 2002

Time and date of Extraordinary General Meeting                              10.15 am Thursday, 10 October 2002

Date of Admission to AIM and cessation of dealing on ESM                               Monday, 14 October 2002

CREST Stock Accounts credited for Open Offer Shares in uncertificated                  Monday, 14 October 2002
form

Definitive share certificates in respect of Open Offer Shares                          Friday, 18 October 2002
dispatched by


For more information please contact
Kevin Foo / Claire Bolton
Celtic Resources Holdings Plc
Tel: + 44 (0) 20 7593 0001
[e-mail] *

Joe Nally                                               Eugenee Mulhern,
Williams de Broe Plc                                    Davy Corporate Finance Ltd
Tel: + 44 (0) 20 7972 9280                              Tel: + 353 1 679 6363
[e-mail]                                   [e-mail]

Leesa Peters / Cindy Dennis                             Nigel Heneghan
Capital PR                                              Heneghan PR, Dublin
Tel: [phone]               Tel: + 353 1 660 7395
[e-mail]                                     [e-mail]



* Copies of the prospectus can be obtained by emailing the above email address.



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