Open Offer Closing Date

Celtic Resources Holdings PLC 30 September 2002 30 September 2002 Celtic Resources Holdings Plc Celtic Resources reminds shareholders that £3m open offer closes Tuesday 8 October Celtic Resources Holdings plc (Ticker CER), which aims to become one of the largest gold producers in Russia and Kazakhstan by 2007, has today reminded shareholders that the £3m Open Offer of 2,222,222 new shares following a 10:1 share consolidation closes at 3pm 8 October 2002. The offer is part of a placing to raise up to £8 million (£6.86 million net of expenses) through a £5m institutional raising by brokers Williams de Broe Plc and the £3m open offer to all shareholders. The shares are expected to be admitted to trading on the Alternative Investment Market of the London Stock Exchange on 14 October 2002, giving a post float market capitalisation of up to £39 million at the issue price. At the same time Celtic Resources will withdraw the trading facility for its shares on the ESM of the Irish Stock Exchange. Managing Director, Mr Kevin Foo, said today that the company, which is currently listed on the ESM (Code CER), "has been encouraged by the level of support shown to date by shareholders in sending in their Application Forms and Payment. " The Company manages gold resources of more than 30 million ounces and operates two mines, Nezhdaninskoye in Russia and Suzdal in Kazakhstan. The funds raised will be used to accelerate gold production at the 50% owned Nezhdaninskoye gold and silver mine in Yakutia. The mine has Measured, Indicated and Inferred Resources (Western JORC standards) of 13.9 million ounces of gold from only 37 of the 119 ore bodies and 100 million ounces silver (Russian Classified). "These ore bodies fall within a 13 km strike length, open at both ends and are limited to the top 600m depth of the Nezhdaninskoye ore body. As two thirds of the structure remains to be properly explored, we see the project economics further improving as we prove up additional resources" added Mr Foo. As Nezhdaninskoye is a very large mine, staged development is deemed appropriate. In broad terms a three-stage plan is envisaged with Stage 1 leading to production of 150,000 oz/yr of gold in the third year following the first draw down from the proposed Standard Bank Facility. Stages 2 and 3, which would require further financing, should increase production to a rate of 300,000 oz/yr by 2006 and result in an ultimate production rate of 500,000 oz/yr. Celtic also owns 100% of the Suzdal gold mine in Kazakhstan, where Measured, Indicated and Inferred Resources (Russian standards) amount to 1.5 million ounces of gold. The company has a 65% interest in the large Shorskoye molybdenum deposit in Kazakhstan, interests in other base and precious metal projects in Kazakhstan and a 90% interest in the Tamdykol oil project in Kazakhstan as well as minor interests in UK offshore and onshore oil and gas exploration prospects. An EGM to obtain shareholder approval for the consolidation and share capital changes, the issuance of Ordinary Shares pursuant to the Open Offer and Placing and authority to issue further Ordinary Shares for other purposes will be held on 10 October. Expected timetable of principal events Latest time and date for splitting Application Forms in respect of 3.00 pm Thursday, 4 October 2002 the Open Offer Latest time and date for receipt of completed Forms of Proxy for the 10.00 am Tuesday, 8 October 2002 Annual General Meeting Latest time and date for receipt of completed Forms of Proxy for the 10.15 am Tuesday, 8 October 2002 Extraordinary General Meeting Latest time and date for receipt of Application Forms and Payment in 3.00 pm Tuesday, 8 October 2002 full under the Open Offer Time and date of Annual General Meeting 10.00 am Thursday, 10 October 2002 Time and date of Extraordinary General Meeting 10.15 am Thursday, 10 October 2002 Date of Admission to AIM and cessation of dealing on ESM Monday, 14 October 2002 CREST Stock Accounts credited for Open Offer Shares in uncertificated Monday, 14 October 2002 form Definitive share certificates in respect of Open Offer Shares Friday, 18 October 2002 dispatched by For more information please contact Kevin Foo / Claire Bolton Celtic Resources Holdings Plc Tel: + 44 (0) 20 7593 0001 londonoffice@celticresources.com * Joe Nally Eugenee Mulhern, Williams de Broe Plc Davy Corporate Finance Ltd Tel: + 44 (0) 20 7972 9280 Tel: + 353 1 679 6363 joe.nally@wdebroe.com dcf@davy.ie Leesa Peters / Cindy Dennis Nigel Heneghan Capital PR Heneghan PR, Dublin Tel: +44 (0) 20 7618 7889 / 0781 215 9885 Tel: + 353 1 660 7395 leesa@capitalww.com info@hpr.ie * Copies of the prospectus can be obtained by emailing the above email address. This information is provided by RNS The company news service from the London Stock Exchange