Resource update

Celtic Resources Holdings PLC
30 May 2007


FOR IMMEDIATE RELEASE                                              30th May 2007




                          Celtic Resources Holdings Plc
                          ("Celtic" or "the Company")
                                        
                          Suzdal Mine Resource Update
                                        

The Company is pleased to announce that recent surface drilling at its 100% 
owned Suzdal gold mine in Kazakhstan has defined high grade extensions to the 
resource. In addition, underground development has increased the confidence in 
the high grade nature and continuity of the deposit. This information 
demonstrates the potential for the discovery of additional high grade resources 
in close proximity to the operation.

An updated independent resource estimate has also been completed for the Suzdal.
It utilised the new drilling and development data and has resulted in a net 
increase of over 50,000 oz compared to the January 2006 Resource Statement. 
This is in addition to gold produced during 2006 and the first quarter 2007.

Highlights

   •Recently completed surface drilling confirms extensions to mineralisation
    between Orebody 1/3 and Orebody 2. Results include 12m at 17.1g/t from 246m,
    5m at 14.7g/t from 182m

   •Underground development continues to confirm continuity of high grade
    lodes and a series of oblique, high grade lodes discovered by underground
    development are now part of the mine plan and Mineral Resource

   •The extension is within close proximity to existing underground
    development

   •Potential remains to define further extensions to the south west within
    an untested area in excess of 300m in length close to existing development

   •An updated Mineral Resource estimate demonstrates an increase of over
    50,000 oz so far, with a substantial portion of the deposit now upgraded to
    Measured Mineral Resource

   •Total 1.376m oz gold Resource is made up of approximately 314,000 oz
    Measured, 502,000 oz Indicated and 559,000 oz Inferred

Celtic Resources Managing Director Kevin Foo commented," These orebody 
extensions and discoveries are important developments which may lead to 
significant resource increases at Suzdal. Furthermore, the updated JORC resource
to 5.2 Mt at 8.2g/t Au containing more than 1.37 Moz is encouraging as we now 
have more than 388,000 tonnes at 25 g/t Au in the measured category."

For further information please contact:

Kevin Foo / Jonathan Scott-Barrett    Leesa Peters
Celtic Resources Holdings Plc         Conduit PR
Tel: + 44 (0)20 7921 8800             Tel: [phone]
[e-mail]         [e-mail]

Frank Moxon / Simon Edwards
Evolution Securities Limited
Tel: [phone]
www.celticresources.com




Extensions to Suzdal Resource

Results from surface drilling at Suzdal have defined high grade extensions to
mineralisation which have been included in a recent resource update. The holes
targeted a poorly drilled portion of the project area adjacent to existing
underground workings.


Summary

The gold resource at Suzdal has been defined primarily by surface drilling
completed by Kazakhstan government organisations prior to involvement by Celtic.
The mineralisation was interpreted to comprise a series of parallel, shear zone
hosted quartz-sulphide lodes carrying high grade gold. This interpretation was
confirmed by open pit mining of the deposit.

Subsequent underground development by Celtic has confirmed the initial
interpretation and has demonstrated that shoots of high grade gold in excess of
20g/t Au are present over strike lengths of up to 300m. Extensive level
development has demonstrated the amenability of the deposit to underground
mining, and the first panel of stoping was recently completed.

In addition to the expected mineralisation, a series of oblique lodes has also
been intersected in underground development. These lodes appear to be splays
from the main structure and host high grade gold mineralisation over substantial
strike lengths. They are also amenable to underground mining methods currently
used at Suzdal. The oblique (NNE trending) orientation of the lodes makes them
difficult to intersect from surface drilling.

After review of the encouraging results from the underground development, Suzdal
geologists commenced a surface drilling program to test the poorly drilled area
immediately north of the existing underground workings and lying between the
well defined Orebody 1/3 and Orebody 2 resources. Previous drilling had defined
several small pods of mineralisation; however this recent drilling has
demonstrated that these zones have much greater strike length than initially
thought. Importantly, they remain open to the south west where drilling is
continuing.

Underground development to Orebody 2 has now been completed on two levels and an
extension to this development has commenced to better define the intervening
mineralisation.


Results from the recent drilling are summarised in Table 1.

   Table 1: Results from Recent Surface Drilling - Suzdal Gold Mine
 Hole Number     From (m)        To (m)      Length (m)      Au g/t
     520            190           194             4           8.50
     522            246           262            16           17.13
     523            199           220            21           4.80
     524            182           187             5           14.74
     528            146           148             2           12.75


The intersections are from 5 holes on two cross sections with a spacing of 100m.
No previous drilling is present in the 300m interval along strike to the south
west of holes 522 and 523 and a rig is currently operating at the site to test
this interval.

In a developed and extensively drilled deposit such as Suzdal, the delineation
of a substantial lode extension close to existing workings is exciting.
Likewise, the recognition of high grade splays from the main structures provides
potential additional high grade mineralisation close to the existing workings.

A detailed review of all drilling at Suzdal is now being carried out to outline
other areas outside of the current resource with potential to host economic
mineralisation. Drilling is continuing utilising surface and underground
drilling rigs.


Suzdal Gold Mine Updated Resource Statement

An updated independent resource estimate has been completed for the Suzdal Mine 
and has resulted in an increase of over 50,000 oz compared to the 2006 estimate.
Importantly, the extensive underground development has confirmed the extent and 
continuity of the high grade mineralisation, allowing a substantial portion of 
the deposit to be classified as Measured Mineral Resource. The estimate is 
summarised in Table 2. Further details of the estimate are shown in Attachment 1.


            Table 2: Suzdal Mineral Resource Statement at 31 March 2007
                                 (2.0g/t Cutoff Grade)
  Classification             Tonnes          Au           Au          Au
                                 kt         g/t           kg         koz
     Measured                   388        25.2        9,800         314
     Indicated                2,340         6.7       15,600         502
     Inferred                 2,512         6.9       17,400         559
Measured + Indicated          2,729         9.3       25,400         817
       Total                  5,240         8.2       42,800       1,376


Previous Estimate
  January 2006                4,940         8.3       41,140       1,324


Note: Celtic Resources policy is not to report any Russian "P" category resources
as it believes that such classifications are open to very wide and often 
misleading interpretation.

The estimate was completed by independent consultants Resource Evaluations Pty 
Ltd (ResEval) from Perth, Western Australia. The estimate was based on all 
drilling and underground sampling data available at the end of March 2007.

Orebody interpretations were prepared by Celtic geologists and verified by 
ResEval during a number of site visits. Three dimensional wireframes were then 
prepared to represent the mineralised bodies. Grade estimation inside the 
wireframes was carried out using inverse distance squared (ID2) interpolation of
a Surpac block model. Open pit and underground survey information was used to 
exclude those portions of the deposit already extracted, therefore the resource 
statement represents the situation at the end of March 2007.


Attribution

The information in this report that relates to Exploration Results and Mineral
Resources is based on information compiled by Mr Paul Payne who is a member of
The Australasian Institute of Mining and Metallurgy. Mr Payne is the Principal
of Resource Evaluations Pty Ltd, and a consultant to Celtic and has sufficient
experience which is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Payne
consents to the inclusion in the report of the matters based on his information
in the form and context in which it appears.


Attachment 1: Suzdal Resource Summary

                 Mineral Resource Summary - Suzdal Gold Deposit
   Classification       Tonnes          Au          Au          Au
                          kt           g/t          kg         koz
      Measured            388          25.2       9,800        314
     Indicated           2,340         6.7        15,600       502
      Inferred           2,512         6.9        17,400       559
Measured + Indicated     2,729         9.3        25,400       817
       Total             5,240         8.2        42,800      1,376

The resource estimate was completed using the following parameters:

   • The Suzdal resource area extends over a strike length of approximately
     2,560m and includes the 455m vertical interval from 325mRL to -130mRL.

   • Drill holes used in the resource estimate included 182 surface diamond
     holes for a total of 43,267m of drilling, as well as 45 underground diamond
     holes for 3,372m. In addition, 78 pit trenches (1,353m) and 556 underground
     channels (5,593m) were included in the estimate.

   • Surface holes were generally drilled at 50m x 50m and 100m x 50m
     throughout the deposit with some infill drilling on 30m lines down dip of
     Orebody 1. Pit trenches were included for each orebody and underground
     drilling and sampling data was restricted to Orebody 1/3.

   • Diamond drilling was variably sampled using geological boundaries to
     approximately 1m intervals in the main mineralised zones, with sampling
     widths ranging from 5m to 0.2m. Large portions of the core were unsampled
     and these zones have been assumed to be unmineralised.

   • Samples were generally assayed on site using aqua regia digest. All
     samples returning >5g/t were then assayed using the Fire Assay technique.
     Check assaying was routinely carried out and the site laboratory was
     accredited by Kazakh authorities.

   • Drill hole collars were accurately surveyed by site surveyors however
     some very old holes could not be verified.

   • Surface drill holes appear to have been down hole surveyed by a
     single-shot downhole camera.

   • Wireframes were constructed using cross sectional and plan interpretations 
     based on a 2.0g/t Au cut-off grade with a minimum width of 2m.

   • Samples within the wireframes were composited to even 1.0m intervals. A
     high grade cut of 90g/t was applied to gold values based on statistical
     analysis.

   • A rotated (45degrees) Surpac block model was used for the estimate with
     a block size of 10m EW x 25m NS x 20m vertical with sub-cells of 1.25m x
     3.125m x 2.5m.

   • ID2 grade interpolation used an oriented search ellipse based on
     individual lode geometry, with a first pass radius of 20m where close spaced
     sampling data was present or 60m for wide spaced drilling. A second pass
     radius of 120m was used. Greater than 95% of the blocks were filled in the
     first two passes. The radius was subsequently increased to 250m until all
     blocks were filled. An 'ellipsoid' search method was used.

   • A bulk density value of 2.70t/m3 was applied to Orebody 1/3 and Orebody
     2. A density value of 2.78 was used for Orebody 4. Density data was based on
     extensive test work carried out on drill core.

   • The estimate was classified as Measured Mineral Resource for those
     portions of Orebody 1/3 defined by underground sampling data and was
     projected 5m from the level development. The Indicated Mineral Resource was
     those portions of the deposit defined by a substantial number of surface
     holes, where consistent geometry was interpreted. These were generally
     restricted to those lodes previously defined during open pit mining.
     Inferred Mineral Resource are either discontinuous zones, or those zones
     defined by wide spaced drilling where continuity of mineralisation could not
     be reasonably assumed.




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