Celtic Minerals Ltd. Announces Settlement and Mutual Release Agreements

CALGARY, June 24, 2011 /CNW/ - Celtic Minerals Ltd. ("Celtic" or the "Corporation") is pleased to announce that it has issued 865,000 common shares pursuant to settlement agreements with certain subscribers of flow-through shares. As previously disclosed, it has been determined that the Corporation was unable to incur by December 31,2009, qualifying expenditures for the benefit of subscribers of flow-through shares of the Corporation. The Corporation had agreed to indemnify those subscribers in their subscription agreements but the Corporation does not presently have sufficient funds to satisfy these indemnities. With this share issuance the total number of issued and outstanding shares of Celtic is 84,091,631 shares.


SOURCE Celtic Minerals Ltd.

For further information:

Paul Cullingham, President and Chief Executive Officer
Celtic Minerals Ltd.
Phone: (416) 435-5282
Fax: (709) 489-7092
Email: pcullingham@celticminerals.nf.net

Additional information regarding Celtic Minerals Ltd. is available on the company's website at www.celticminerals.com.

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Celtic Minerals Ltd.

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