Celtic Minerals - Kingurutik scout drilling assays complete



    Trading Symbol: CME:TSX-VEN
    Shares Outstanding: 66,815,375

    CALGARY, Nov. 28 /CNW/ - Celtic Minerals Ltd., (CME:TSX-VEN) is pleased
to provide a further update on its exploration activities on its 100% owned
Kingurutik River property in northern Labrador. This is the first of three
sets of data on the Kingurutik property that Celtic expects to distribute by
year end. Additional information on our recently announced West Margin
activities will follow a synopsis of drill results from the Toll Prospect
region.
    During the first phase of drilling, Celtic completed 17 short scout
diamond drill holes on previously identified airborne geophysical conductors
and airborne gravity targets, in order to obtain stratigraphic information. Of
the 17 scout holes, 10 were sent for geochemical analysis. The most
significant results were from two scout holes near the West Margin area. Drill
hole KR-07-24 returned 0.06% Ni, 0.09% Cu, 0.01% Co, 0.03 g/T Au, 0.03g/T Pt
and 0.07% Pd over 8.1 m and drill hole KR-07-25 returned 0.15% Ni, 0.07% Cu,
0.01% Co, 0.01 g/T Au, and 0.01g/T Pt over 2.6 m and 0.48% Ni, 1.30% Cu, 0.07%
Co, 0.10 g/T Au, 0.07 g/T Pt and 0.01 g/T Pd over 0.25 metres. No significant
results were received from the other scout drill holes. The results are
summarized in the following table:

    
    -------------------------------------------------------------------------
                              WEIGHTED AVERAGES
    -------------------------------------------------------------------------
    HOLE         Sample       Actual               Assays
     No.        Metreage      Sample   --------------------------------------
                              Length    Ni    Cu     Co     Au    Pt    Pd
               From     To      (m)     %      %      %     g/T   g/T   g/T
    -------------------------------------------------------------------------
    KR-07-24  197.90   206.00   8.10   0.06   0.09   0.01   0.03  0.03  0.07
    -------------------------------------------------------------------------
    KR-07-25  180.10   182.70   2.60   0.15   0.07   0.01   0.01  0.01  0.00
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                         SCOUT HOLE DIAMOND DRILLING
    -------------------------------------------------------------------------
    HOLE         Sample                            Assays
     No.        Metreage      Sample   --------------------------------------
                              Length    Ni    Cu     Co     Au    Pt    Pd
               From     To      (m)     %      %      %     g/T   g/T   g/T
    -------------------------------------------------------------------------
    KR-07-24  197.90  198.70   0.80    0.05   0.07   0.01   0.02  0.02  0.01
    -------------------------------------------------------------------------
    KR-07-24  198.70  200.20   1.50    0.01   0.02   0.00   0.00  0.00  0.00
    -------------------------------------------------------------------------
    KR-07-24  200.20  201.70   1.50    0.08   0.13   0.02   0.02  0.04  0.01
    -------------------------------------------------------------------------
    KR-07-24  201.70  203.40   1.70    0.06   0.10   0.01   0.08  0.03  0.01
    -------------------------------------------------------------------------
    KR-07-24  203.40  204.10   0.70    0.02   0.02   0.00   0.00  0.01  0.01
    -------------------------------------------------------------------------
    KR-07-24  204.10  205.10   1.00    0.10   0.19   0.02   0.05  0.06  0.09
    -------------------------------------------------------------------------
    KR-07-24  205.10  206.00   0.90    0.06   0.07   0.01   0.01  0.03  0.42
    -------------------------------------------------------------------------
    KR-07-25   68.90   69.15   0.25    0.48   1.30   0.07   0.10  0.07  0.01
    -------------------------------------------------------------------------
    KR-07-25  180.10  180.60   0.50    0.08   0.03   0.01   0.01  0.00  0.00
    -------------------------------------------------------------------------
    KR-07-25  180.60  181.10   0.50    0.10   0.03   0.01   0.00  0.00  0.00
    -------------------------------------------------------------------------
    KR-07-25  181.10  181.60   0.50    0.16   0.06   0.01   0.01  0.01  0.01
    -------------------------------------------------------------------------
    KR-07-25  181.60  182.10   0.50    0.22   0.13   0.02   0.01  0.02  0.01
    -------------------------------------------------------------------------
    KR-07-25  182.10  182.60   0.50    0.12   0.06   0.01   0.00  0.01  0.00
    -------------------------------------------------------------------------
    KR-07-25  182.60  182.70   0.10    0.80   0.34   0.06   0.04  0.11  0.01
    -------------------------------------------------------------------------
    

    Regional exploration will now focus on the 33 outcropping massive
sulphide showings on the property. As previously mentioned, Celtic has
conducted sampling on three of the historic massive sulphide showings within
two kilometers west and southwest of Celtic's Kingurutik base camp. A total of
31 grab sample assays from the three massive sulphide showings have returned
anomalous nickel-copper-cobalt results ranging from 16 ppm Ni, 346 ppm Cu,
9 ppm Co to 0.65% Ni, 1.33% Cu, 0.14% Co. In addition, historical work also
indicates that 3 kilometres and 5 kilometres NW of the base camp, 2 massive
sulphide showings lie in close proximity to troctolite dykes. Celtic's
airborne gravity survey detected strong gravity anomalies associated with both
showings. These areas have yet to be followed up and additional exploration is
planned for these areas.
    Mark Graves, P.Geo., exploration manager for Celtic Minerals Ltd. is the
qualified person who has reviewed the content of this news release.
    Assays are being done at Accurassay Laboratories in Thunder Bay, Ontario
and Activation Laboratories in Ancaster, Ontario. Precious metals are analyzed
using a 30g lead collection fire assay procedure with AA finish. A standard
multi element ICP package is used on all samples. Ore grade assays are
determined by Aqua Regia digest with AA finish. In addition to the
laboratories quality control, Celtic also has a QA-QC program using standards
and blanks.

    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, Email:
paul@celticminerals.com; Kevin Flaherty, Chairman & CEO, Celtic Minerals Ltd.,
Phone: (403) 261-2890, Fax: (403) 265-2223

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