Celtic financial filing update



    
    Trading Symbol: CME:TSX-VEN
    Shares Outstanding: 80,192,676
    

    CALGARY, May 1 /CNW/ - Celtic Minerals Ltd. announced today that its
audited financial statements, CEO and CFO certifications, and management
discussion & analysis ("MD&A") for the year ended December 31, 2008 were not
released as required on April 30, 2009. It is now anticipated that the release
will occur no later than May 29, 2009.
    In announcing the delay, the corporation noted that due to the late
commencement of the year end audit, Celtic was unable to meet the filing date
of April 30th. It is also anticipated that the financial statements and MD&A
for the second and third quarter of fiscal 2008 will require restatement to
reflect related party transactions and unrecorded Quebec Exploration Tax
credits receivable. To assist in the process, Celtic has engaged the
accounting firm Myers Norris Penny to coordinate the final preparation of the
year end working papers for Celtic's auditors.
    As a result of the delay, the corporation has voluntarily requested that
the Alberta Securities Commission and other Canadian securities regulatory
authorities issue a cease trade order of Celtic for so long as the annual
financial statements, certifications and related MD&A are not filed.
    During the pre-audit preparation and review process, the corporation
became aware of a previously unreported related party transaction between the
company's CEO and the corporation in the second quarter of 2008. As a result,
there may be inaccuracies in the two unaudited quarterly financial statements
and MD&A for June 30, 2008 and September 30, 2008. The corporation cautions
readers and shareholders that the previously filed financial statements for
those quarters are not to be relied upon.
    In an effort to expeditiously resolve this matter and enable the
corporation's audit to proceed, the board of Celtic has struck a special
committee, comprised of board members Barry Greene, Dr. Wayne Ewert and Dr.
Teunis Kwak. The special committee will, among other matters, work to address
and ensure that the independently audited financial statements for 2008 and
MD&A accurately and completely reflect the financial status of the
corporation.
    The CEO of Celtic has pledged to make the resources of the corporation
available to the special committee and to co-operate as it works to gather
information on the related party transaction, and to ensure sufficient
controls are in place to prevent a similar occurrence going forward.

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

    Forward Looking Statement

    This release and subsequent oral statements made by and on behalf of the
Company may contain forward-looking statements. Wherever possible, words such
as "intends", "expects", "scheduled", "estimates", "anticipates", "believes",
and similar expressions or statements that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be achieved,
have been used to identify these forward-looking statements. Although the
forward-looking statements contained in this release reflect management's
current beliefs based upon information currently available to management and
based upon what management believes to be reasonable assumptions, the Company
cannot be certain that actual results will be consistent with these
forward-looking statements. A number of factors could cause events and
achievements to differ materially from the results expressed or implied in the
forward-looking statements. These factors should be considered carefully and
prospective investors should not place undue reliance on the forward-looking
statements. Forward-looking statements necessarily involve significant known
and unknown risks, assumptions and uncertainties that may cause the Company's
actual results, event, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking statements. Although the
Company has attempted to identify important risks and factors that could cause
actual actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors and risks that cause
actions, events or results not to be anticipated, estimated or intended. There
can be no assurance that the forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, prospective investors
should not place undue reliance on forward-looking statements. Any
forward-looking statements are made as of the date of this release, and the
Company assumes no obligation to update or revise them to reflect new events
or circumstances, unless otherwise required by law.

    %SEDAR: 00005786E




For further information:

For further information: Kevin Flaherty, Chairman & CEO, Celtic Minerals
Ltd., Phone: (403) 261-2890, Fax: (403) 261-2897, Email:
kevin@celticminerals.com; Barry Greene, VP, Exploration, Celtic Minerals Ltd.,
Phone: (709) 489-6480, Fax: (709) 489-7092, Email:
bgreene@celticminerals.nf.net

Organization Profile

CELTIC MINERALS LTD.

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