Statement re. Press Comment

Celtic Resources Holdings PLC
29 November 2002


The Directors have noted the recent movement in the Company's share price and
would like to announce that, in response to recent press articles in Russia,
Celtic confirms that no offer has been received from any third party, whether
Russian or foreign, for its stake in Yuzhno-Verkhoyanskaya Mining Company.  The
Directors would like to draw shareholders' attention to the recent statement
made by the Yakutian President, Vyacheslav Shtyrov that "no change in the
license holder for Nezhdaninskoye is planned".

The Directors would like to confirm that Celtic Resources Holdings plc owns 50% 
of South Verkhoyanskaya Mining Company ("SVMC").  This fact is confirmed by the 
share register of SVMC.


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