Update re. Arduina

20 Dec 2006 07:01

Celtic Resources Holdings PLC20 December 2006 20th December 2006 Celtic Resources Holdings Plc ("Celtic" or "the Company") Celtic receives Arduina costs Celtic is pleased to announce that Arduina Holding BV ("Arduina") has now paid the costs awarded to Celtic after the Company's successful defence of the London Court of International Arbitration ("LCIA") proceedings as reported to shareholders in December 2005. As previously announced the LCIA awards were unsuccessfully appealed by Arduina at a hearing on 10 October 2006 in the Commercial Court at the High Court of Justice. The costs of the LCIA arbitration together with the interim payment of the costs of the appeal totalled approximately £1.02m. Celtic reported to its shareholders in December 2005 that an award had been made in the Company's favour in the London Court of International Arbitration after a successful defence of the 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, Arduina appealed these awards and it is this appeal that was heard in October and dismissed. Comment Commenting on the Award, Celtic's Chairman, Peter Hannen said "We are delighted that this issue has been resolved in favour of the Company. The Board is now fully focused on developing Celtic into a significant FSU mining company, the first stage of which will be the completion of the proposed acquisition of Eureka Mining." 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 END