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Celtic Resources (CER)

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Tuesday 25 September, 2007

Celtic Resources

Severstal share acquisition

Celtic Resources Holdings PLC
25 September 2007

                         Celtic Resources Holdings Plc
                          ("Celtic" or "the Company")

                       Acquisition of shares by Severstal

On 18 September 2007, Celtic announced that it had received a preliminary
approach which may or may not lead to an offer for the Company. The board of
Celtic now confirms, following recent press speculation, that this approach,
which was subject to a number of material conditions, was made by Severstal
Resurs ZAO ("Severstal") at a price of 220p per share. The board unanimously
rejected this approach as it considered this price very significantly
undervalued the Company and its prospects.

The board of Celtic notes the Rule 8.1 announcement made by Severstal yesterday
that it has acquired a further 2,586,556 shares in the Company at 232p per
share, via its subsidiary, Bluecone Limited to bring their holding to 26.6%.

Shareholders should note that the board believes that, were an offer to be made
for Celtic at this level, it would again significantly undervalue the Company
and its prospects. Therefore Celtic shareholders are strongly urged to take no
action in respect of their shareholdings.

Contact information:

Kevin Foo / Jonathan Scott-Barrett
Celtic Resources Holdings Plc
Tel: + 44 (0)20 7921 8800

Leesa Peters
Conduit PR
Tel: +44 (0)20 7429 6606 / (0)792 292 3306

Any person who is the holder of 1 per cent. or more of any class of shares in
Celtic may be required to make disclosures pursuant to Rule 8.3 of the Irish
Takeover Panel Act, 1997, Takeover Rules 2001 to 2006.

The Directors of Celtic accept responsibility for the information contained in
this announcement and to the best of their knowledge and belief (having taken
all reasonable care to ensure that such is the case), the information contained
in this announcement is in accordance with the facts and, where appropriate,
does not omit anything likely to affect the import of such information.

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