Appointment of Director

Celtic Resources Holdings PLC 25 June 2002 Celtic Resources Holdings Plc CELTIC RESOURCES APPOINTS PETER HANNEN AS CHAIRMAN Celtic Resources Holdings Plc (Ticker: CER), announces the appointment of Peter Hannen as a director and Chairman of the company. Celtic's Managing Director, Kevin Foo, who previously acted as Chairman said, "As we move towards our AIM Listing, it is appropriate for my dual role of Chairman and Managing Director to cease. I am delighted to inform you that Peter Hannen who has been appointed to the board has been elected as Chairman of the company. Peter brings to Celtic significant experience in international trading and asset management, along with his boundless enthusiasm and strong support for the company. His family have been foundation investors in Celtic and Peter has a significant financial interest in the company". A British national, Mr. Hannen's background includes a 14-year career in all aspects of commodity trading, including shipping, finance, hedging, trading and options. He worked for M. Golodetz and Merrill Lynch in London before joining Phibro in their New York office. In 1990 he set up a partnership to advise overseas and family interests in asset allocation, with special emphasis on resources. Mr. Hannen holds 3,396,916 ordinary shares and warrants over 500,000 shares exercisable at Stg 15.63p, which expire on 21 September 2003. The announcement follows closely on the news that Celtic has received a commitment from Standard Bank London to provide a US$12 million finance package for the Nezhdaninskoye gold project in Yakutia. (This commitment is subject to completion of all documentation, necessary government approvals and final legal and technical due diligence.) The company also recently increased its interests to 100% in the Suzdal gold project and 65% in the Shorskoye molybdenum project in Kazakhstan. For more information please contact: Kevin Foo / Claire Bolton Celtic Resources Holdings Plc Tel: + 44 (0) 20 7593 0001 londonoffice@celticresources.com Leesa Peters / Cindy Dennis Capital PR, London Tel: + 44 (0) 20 7618 7887 leesa@capitalww.com Nigel Heneghan Heneghan PR, Dublin Tel: + 353 1 660 7395 info@hpr.ie Eugenee Mulhern Davy Corporate Finance Ltd Tel: + 353 1 679 6363 dcf@davy.ie www.celticresources.com www.celticresources.com 25 June, 2002 This information is provided by RNS The company news service from the London Stock Exchange