Celtic Resources Holdings PLC
14 March 2000
CELTIC RESOURCES PLC
Celtic Resources Holdings Plc ('Celtic') announces the placement of 6,086,775
new shares to a group of investors at a price of Stg11.25pence per share. The
placing has raised approximately US$1 million for Celtic before expenses.
The proceeds will be used for:
* initial development work at the Nezhdaninskoye gold mine in Sakha
Republic( Yakutia);
* development of the Tamdykol on shore oil property in Kazakhstan,
and
* working capital purposes
Mr. Kevin Foo, Managing Director of Celtic said, 'This additional funding
allows us to progress two important projects, the Nezhdaninskoye gold project
in Yakutia and the Tamdykol on-shore oil project in Kazakhstan, subject to
completion of the Tamdykol acquisition previously announced.
Tamdykol is a shallow oil field in Kazakhstan that can be brought into
production quickly and at low cost and it complements our increased stake in
the high potential North Sea gas licences, held in conjunction with Mustang
Oil Ltd.'