Substantial shareholding

Celtic Resources Holdings PLC
22 April 2004



                 Celtic Resources Holdings Plc (the "Company")

                         Substantial shareholding


The Company was notified on 21 April 2004 by Deutsche Bank AG that it now holds
2,257,500 ordinary shares which represents 6.13 per cent. of the total issued
ordinary share capital of the Company.

Deutsche Bank AG, London Branch, holds 300,000 shares as principal and 1,600,000
shares and 357,500 shares are now held by other Deutsche Bank group companies in
customer portfolios.



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