Additional assay results from Kingurutik



    Trading Symbol: CME:TSX-VEN
    Shares Outstanding: 60,092,626

    CALGARY, Sept. 4 /CNW/ - Celtic Minerals Ltd., (CME:TSX-VEN) is pleased
to announce the results of the next sample series from the newly identified
Toll Nickel Prospect on its 100% owned Kingurutik property.
    After the initial two discovery samples, continued sampling on the Toll
Prospect revealed an area measuring approximately 25m x 75m from which 21 grab
samples were taken. The samples are all from dislodged blocks of locally
derived float / subcrop or directly from outcrop. Results from those samples
are as follows:
    
    (*) indicates assay duplicate

    -------------------------------------------------------------------------
    Sample   Material  Nickel     Copper   Cobalt    Platinum     Palladium
                         (%)        (%)      (%)       (ppb)        (ppb)
    -------------------------------------------------------------------------
    274390     O/C      1.20       0.29     0.13           195           264
    -------------------------------------------------------------------------
    274391     O/C      0.72       0.35     0.11           261           203
    -------------------------------------------------------------------------
    274392     O/C      0.11       0.26     0.02           161  less than 10
    -------------------------------------------------------------------------
    274393     O/C      0.94       0.73     0.15           189           224
    -------------------------------------------------------------------------
    274394     O/C      0.41       0.41     0.06           199            88
    -------------------------------------------------------------------------
    274395     O/C      0.05       0.03     0.01            50            17
    -------------------------------------------------------------------------
    274396     Float    0.90       0.48     0.15           265           291
    -------------------------------------------------------------------------
    274397     Float    0.68       0.47     0.10  less than 15  less than 10
    -------------------------------------------------------------------------
    274398     O/C      0.06       0.23     0.01            53            13
    -------------------------------------------------------------------------
    274399     Float    0.86       0.57     0.16           166           352
    -------------------------------------------------------------------------
    274399(*)  Float    0.92       0.61     0.16           227           318
    -------------------------------------------------------------------------
    274400     Float    0.85       0.65     0.14           172           324
    -------------------------------------------------------------------------
    274751     Float    0.86       0.44     0.15           167           257
    -------------------------------------------------------------------------
    274752     Float    0.69       0.64     0.11           122           319
    -------------------------------------------------------------------------
    274753     Float    0.76       1.77     0.13           188           176
    -------------------------------------------------------------------------
    274754     Float    0.77       0.36     0.12           190           190
    -------------------------------------------------------------------------
    274755     Float    0.87       0.35     0.13           216           291
    -------------------------------------------------------------------------
    274756     Float    1.26       0.11     0.18           230           182
    -------------------------------------------------------------------------
    274757     O/C      0.30       0.24     0.05           207           238
    -------------------------------------------------------------------------
    274758     O/C      0.06       0.07     0.01           287           207
    -------------------------------------------------------------------------
    274759     O/C      0.38       0.18     0.05           324           122
    -------------------------------------------------------------------------
    274759(*)  O/C      0.39       0.19     0.05           622           145
    -------------------------------------------------------------------------
    274760     Float    0.89       0.15     0.14           568           207
    -------------------------------------------------------------------------
    

    Celtic is very encouraged by these follow-up results which expand the
initial discovery area and clearly indicate the presence of PGM's.
    A geological description of one hand trenched outcrop indicates the
presence of a sulphide breccia. The outcrop displays complex breccia textures,
open fractures and contains coarse paragneiss fragments typical of the
magmatic sulphide environments at Voisey's Bay. Celtic has also received the
results of a petrographic description from a massive sulphide float / subcrop
sample confirming the presence of pyrrhotite, chalcopyrite and pentlandite as
coarse individual grains and intergrown pentlandite and chalcopyrite.
    A UTEM ground geophysical survey is underway on a 120 line km exploration
grid. The exploration grid covers the large gravity anomaly associated with
the Toll Prospect. The grid has been extended to include additional strong
gravity (density) anomalies along trend to the south of the Toll Prospect with
associated airborne electromagnetic (EM) response.
    Preliminary data from the UTEM survey has detected a sharp UTEM response
associated with the Toll Prospect. The UTEM anomaly is continuous for 1000m,
beyond which survey data has not yet been collected. The sharpest response is
evident for 500m surrounding the Toll Prospect.
    Celtic's exploration team is working quickly to provide results from a
rapidly expanding exploration program and anticipates moving a drill onto the
Toll Prospect within the next two weeks. If typical weather conditions occur,
favourable drilling conditions should continue into mid November. This should
provide sufficient time to complete the minimum 5,000 metres drill program,
utilizing two drill rigs, which is planned for the initial phase of
exploration. A winterized camp has been constructed to enable a continuation
of phase two drilling operations if required. Results from ongoing diamond
drilling on peripheral targets will be reported as received.
    Celtic's VP Exploration, Barry Greene, stated "We are very encouraged by
the geophysical data in and around the Toll Prospect and are working towards a
quick commencement of drilling on this target."
    The Kingurutik property consists of 2,056 claims (514 sq km), located
approximately 85 kms NW of the Inco-CVRD Voisey's Bay mine. Celtic's land
position including the Kingurutik River, Tasisuak Lake, West Voisey's Bay and
Garland Lake blocks cover 3355 claims (838.75 sq km). Celtic is the most
active junior exploration company in the Voisey's Bay nickel district and has
the largest land positions.
    Paul Delaney, P.Geo., project geologist for Celtic Minerals Ltd. is the
qualified person who has reviewed the content of this news release.
    Celtic encourages the public to visit its website at
www.celticminerals.com for additional information on the various projects or
to email us at info@celticminerals.com to be added to the Company's e-mail
list for press releases and updates.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    %SEDAR: 00005786E




For further information:

For further information: Paul Lipoth, Corporate Relations, Celtic
Minerals Ltd., Phone: (403) 261-2890 x.233, Fax: (403) 265-2223; Barry Greene,
Vice President, Exploration, Celtic Minerals Ltd., Phone: (709) 489-6480, Fax:
(709) 489-7092

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CELTIC MINERALS LTD.

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