Result of Equity Issue

Celtic Resources Holdings PLC
10 October 2002

           CELTIC RESOURCES HOLDINGS PLC ("Celtic" or "the Company")

     Celtic Resources to join AIM after successful £5.0million fundraising



                       Consolidation and Admission to AIM

                    Trading expected to commence 14 October

Celtic Resources Holdings plc (Ticker CER), is pleased to announce that it has
raised a total £5m before expenses through a placing and open offer of 3,734,235
consolidated shares (post 10:1 consolidation) at 135p per consolidated share.
This comprises £0.04m raised through the open offer and £5.0m through a placing
by Williams de Broe.

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 £36.3 million at the placing price. At the same time
Celtic Resources will withdraw the trading facility for its shares on the
Exploration Securities Market of the Irish Stock Exchange.

The open offer and placing are subject to shareholders' approval at the
Company's EGM to be held on 10 October. Upon passing of the resolution, trading
in the existing shares will be suspended from the ESM on Friday 11 October
pending cancellation when trading commences on AIM. It is expected that the
consolidated shares will be traded on AIM from Monday 14 October. CREST accounts
are expected to be credited with existing and new shares on Monday 14 October
and new share certificates to be sent to shareholders no later than Friday 18
October.

For further 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]





10 October, 2002

ENDS


                      This information is provided by RNS
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