Cerillion Regulatory News (CER)

12 Oct 2006 15:08

Celtic Resources Holdings PLC12 October 2006 Celtic Resources Holdings Plc ("Celtic" or "the Company") Celtic wins Arduina Appeal Celtic is pleased to announce that on 10 October 2006 the High Court of Justicein London dismissed Arduina Holding BV's (Arduina) appeal against thearbitration award made in Celtic's favour. The Judge found that the Ardiunaappeal was misconceived and awarded Celtic its costs of the appeal on theindemnity basis. There is no leave to appeal this decision. Arduina was alsoordered to make a substantial interim payment on account of Celtic's costs. Celtic reported to its shareholders in December 2005 that an award had been madein the Company's favour in the London Court of International Arbitration as a result of being the respondent in proceedings brought by Arduina. The claims arose from an unsuccessful association between the companies in November 2002. It then followed that Celtic was awarded its costs of approximately £916,000. As the Company stated in its Interim results released in September 2006, Arduinaappealed these awards and it is this appeal that was heard this week and dismissed. Comment Commenting on the Award, Celtic's Chairman, Peter Hannen said "this judgementconfirms the Company's consistent belief that Arduina had no case and itsefforts were wasteful of Celtic's and the Courts time" For further information please contact: Kevin Foo / Kate Dexter Smith Leesa Peters / Laurence ReadCeltic Resources Holdings Plc Conduit PRTel: + 44 (0)20 7921 8800 Tel: +44 (0)7812 159 885 / Tel: +44(0)20 7429 6666Investors@celticresources.com leesa@conduitpr.com Frank Moxon / Simon EdwardsEvolution Securities LimitedTel: +44 (0) 20 7071 4300 www.celticresources.com This information is provided by RNS The company news service from the London Stock Exchange