Celtic Minerals Ltd. - Quebec Nickel Update



    Trading Symbol: CME:TSX-VEN
    Shares Outstanding: 66,965,375

    CALGARY, Dec. 11 /CNW/ - Celtic Minerals Ltd., (CME:TSX-VEN) is pleased
to report that assay results obtained from preliminary field work on the
Muscocho nickel project in Quebec have returned high grades of
copper-nickel-cobalt mineralization. Additionally, Celtic recently staked 83
new regional claims, bringing the company's total Quebec land position to
61.50 sq km. The Muscocho property is held 100% by Celtic, with a 4.50 sq km
portion subject to a 2% NSR. Celtic holds an option to purchase 1% of the NSR
for $1 million. The property consists of a north block with 27.50 sq km and a
south block with 34.00 sq km.
    During mid to late October, two Celtic prospectors spent a total of two
weeks on the Muscocho property locating mineralized outcrops, collecting grab
samples and ground truthing a number of geophysical anomalies identified by a
deep penetrating AeroTEM II Electromagnetic and Magnetic geophysical survey.
The geophysical survey was conducted by Aeroquest International on behalf of
Celtic during the summer of 2007.
    Highlights from prospecting include several high grade samples from the
historic Muscocho nickel outcrop on the north block. Sample 273534 assayed
1.63% Ni, 0.38% Cu, 0.15% Co, 0.19 g/T Pt, 0.56 g/T Pd. The sample is from a
heavily mineralized outcrop. Sample 273537, from a massive sulphide pod,
assayed 0.92% Ni, 4.47% Cu, 0.08% Co, 0.13 g/T Pt. An abandoned pile of drill
core was found near the Muscocho showing and a selected sample of mineralized
core was taken for analysis. Sample 273538, from the historical core, assayed
0.95% Ni, 1.08% Cu, 0.13% Co, 0.11 g/T Pt. Celtic's recent airborne
geophysical survey identifies an approximate 600 m coincident Magnetic/EM
trend centered over the historic Muscocho showing, oriented in a roughly
East-West direction. A ground UTEM survey will be carried out over the trend
to accurately locate drill sites.
    On the Muscocho south claim block, an unexplained 200 m long coincident
airborne Magnetic/EM anomaly lies adjacent to a mineralized trench from which
samples were collected. Sample 273528 from the trench assayed 0.47% Ni,
0.46% Cu, 0.06% Co. Sample 273532, collected 250 m northeast of sample 273528,
assayed 0.38% Ni, 1.00% Cu, 0.03% Co, 0.04 g/T Pt. These samples indicate
potential for multiple mineralized zones on the Muscocho north and south
blocks. A diamond drill program is planned for winter 2008 to test mineralized
zones and the numerous co-incident Magnetic/EM geophysical anomalies.
    The following table highlights samples collected from the mineralized
zones of the north block and the south block. A corresponding location map on
the Celtic website will identify sample locations.

    
    -------------------------------------------------------------------------
                     Sample                Ni    Cu    Co    Au    Pt    Pd
                         No.  Exposure     (%)   (%)   (%) (g/T) (g/T) (g/T)
    -------------------------------------------------------------------------
    MUSCOCHO SOUTH   273521  Old Trench  0.04  0.75  0.03  0.01  0.10  0.01
    -------------------------------------------------------------------------
                     273522  Old Trench  0.03  0.08  0.02  0.01  0.02  0.02
    -------------------------------------------------------------------------
                     273523  Old Trench  0.03  0.08  0.02  0.01  0.02  0.01
    -------------------------------------------------------------------------
                     273524  Old Trench  0.02  0.08  0.02  0.01  0.06  0.06
    -------------------------------------------------------------------------
                     273525  Old Trench  0.04  0.19  0.03  0.16  0.03  0.01
    -------------------------------------------------------------------------
                     273526     Outcrop  0.01  0.02  0.00  0.01  0.02  0.01
    -------------------------------------------------------------------------
                     273527  Old Trench  0.15  0.31  0.02  0.03  0.02  0.01
    -------------------------------------------------------------------------
                     273528  Old Trench  0.47  0.45  0.06  0.01  0.02  0.05
    -------------------------------------------------------------------------
                     273529  Old Trench  0.04  0.43  0.01  0.04  0.02  0.01
    -------------------------------------------------------------------------
                     273530  Old Trench  0.02  0.07  0.01  0.01  0.02  0.01
    -------------------------------------------------------------------------
                     273531  Old Trench  0.11  0.13  0.01  0.02  0.03  0.01
    -------------------------------------------------------------------------
                     273532     Outcrop  0.38  1.00  0.03  0.06  0.04  0.01
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    MUSCOCHO NORTH   273533     Outcrop  0.47  0.89  0.04  0.01  0.10  0.06
    -------------------------------------------------------------------------
                     273534     Outcrop  1.63  0.38  0.15  0.01  0.19  0.56
    -------------------------------------------------------------------------
                     273535     Outcrop  1.59  0.36  0.11  0.01  0.03  0.09
    -------------------------------------------------------------------------
                     273536     Outcrop  0.35  0.55  0.03  0.01  0.02  0.06
    -------------------------------------------------------------------------
                     273537     Outcrop  0.92  4.47  0.08  0.09  0.13  0.01
    -------------------------------------------------------------------------
                     273538    DDH Core  0.95  1.08  0.13  0.01  0.11  0.01
    -------------------------------------------------------------------------
                     273539    DDH Core  0.92  1.11  0.09  0.05  0.14  0.01
    -------------------------------------------------------------------------
                     273540    DDH Core  0.07  0.92  0.01  0.06  0.02  0.04
    -------------------------------------------------------------------------
    

    Diamond drilling will initially focus on the outcropping Muscocho nickel
prospect and its mineralized trends as outlined in Celtic's recent airborne
Magnetic/EM geophysical survey, recent prospecting and historic diamond
drilling. Historic work reports from the 1950s by Noranda Mines Limited note
that twelve small diameter diamond drill holes totaling 4391 feet (1338 m)
were completed, with several of the holes intersecting nickel-copper
mineralization. The following significant drill intersections were taken from
two drill holes:

    21.5 feet @ 1.20% Ni, 0.60% Cu
    22.5 feet @ 0.68% Ni, 1.49% Cu

    Barry Greene, Celtic's Vice President of Exploration, stated "The high
grades obtained from the prospecting provides great encouragement as we
transition our nickel focus to a winter drill program in Quebec. Noting that
drilling remains ongoing at Budgell's Harbour, Celtic continues to generate
high potential exploration targets and conduct comprehensive, systematic
exploration."
    Celtic recognizes that present information regarding potential quantity
and grade remains conceptual in nature with insufficient historical drilling
to define a mineral resource to date. The company is well positioned
financially to fund further exploration with the intention of identifying
targets that may be further delineated as a mineral resource.
    Mark Graves, P.Geo., exploration manager 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, Email:
paul@celticminerals.com; 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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