Celtic Minerals grants options



    Trading Symbol: CME:TSX-VEN
    Shares Outstanding: 75,875,676

    CALGARY, July 31 /CNW/ - Celtic Minerals Ltd (CME:TSX-VEN) is pleased to
announce that, subject to regulatory approval, it has granted a total of
2,025,000 options at an exercise price of $0.55. The issued options comprise:
a total grant of 1,300,000 options to Directors and Officers, a total grant of
625,000 options to employees and consultants, and a total grant of 100,000
options to its Corporate Relations firm, Ardent Capital Inc. With this grant
of options the company has a total of 5,150,000 options granted, equating to
7% of the issued and outstanding shares.

    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.





For further information:

For further information: Kevin Flaherty, Chairman and CEO, Celtic
Minerals Ltd., Phone: (403) 261-2890, Fax: (403) 264-0793,
kevin@celticminerals.com; Barry Greene, Vice President, Exploration, Celtic
Minerals Ltd., Phone: (709) 489-6480, Fax: (709) 489-7092,
bgreene@celticminerals.nf.net

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CELTIC MINERALS LTD.

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