Apptmnt - non-exec director

Celtic Resources Holdings PLC 19 October 2004 Celtic Resources Holdings Plc Appointment of Non-executive Director Celtic Resources Holdings Plc ("Celtic" or "the Company") is pleased to announce the appointment on 18th October 2004 of Mr Boris Karlov as Non-executive Director. Mr Karlov, aged 38, is a Russian national and a graduate in International Relations and Journalism from Moscow University (Moscow State Institute of International Relationships (MGIMO). After graduating, he spent six years working in London for management consultants McKinsey & Company. Following this position he headed up a number of private equity funds and to date has overseen the investment of over US$300 million in Russian companies operating in various sectors including natural resources, media and brewing. Currently, he is Managing Director of TPG Aurora, a Russian branch of the international investment firm Texas Pacific Group with assets under management of approximately US$10 billion. Mr Karlov has been instrumental in the progress of the current negotiations with Investment Group Alrosa concerning the Nezhdaninskoye gold mine. It is through his working relationship over the past months with the board of directors of Celtic on this matter, together with the wealth of experience and knowledge Mr Karlov has of the Russian business community, that Celtic is pleased to appoint him to the board as a Non-executive Director. Commenting on the appointment, Celtic's Chairman, Peter Hannen, said, "We have been very impressed with Boris' breadth of knowledge and experience in the Russian business place. The importance of local expertise cannot be underestimated and since Celtic is very much looking to Russia and the FSU for its future growth and expansion, we are very pleased to have secured Boris' services as a Non-executive Director." There are no further disclosures that need to be made under Schedule Two, paragraph (f) (iii) to (viii) of the AIM Rules. For more information please contact: Kevin Foo / Kate Dexter-Smith Leesa Peters / Laurence Read Celtic Resources Holdings Plc Conduit PR Tel: + 44 (0)20 7593 0001 Tel: +44 (0) 781 215 9885 Tel: +44 (0)20 7936 9095 Investor.relations@celticresources.com ---------------------------------------- leesa@conduitpr.com --------------------- Joe Nally / Nick Morgan Williams de Broe Plc +44 (0)20 7588 7511 www.celticresources.com This information is provided by RNS The company news service from the London Stock Exchange FLFSUSLSEDS