Kingurutik exploration update



    Trading Symbol: CME:TSX-VEN
    Shares Outstanding: 66,690,375

    CALGARY, Nov. 14 /CNW/ - Celtic Minerals Ltd., (CME:TSX-VEN) is pleased
to provide an update on its exploration activities on its Kingurutik Property.
Since the identification of nickel mineralized outcrop, in August, on the
property, Celtic has moved rapidly to expand its land base and to commence
exploration.
    With the addition of the recent joint venture with Intrinsic Minerals and
further staking by Celtic, the Kingurutik project now covers 899.5 sq km. In
August, the Company completed an airborne gravity gradiometry survey and had
two prospectors on the property, following up targets generated by the
airborne survey. After the discovery of nickel mineralization at the Toll
Prospect, Celtic conducted extensive ground geophysics, carried out geological
mapping and mobilized in three drill rigs. In total, there were 183 line kms
of UTEM ground geophysics conducted and 38 diamond drill holes completed,
totaling 6,769 metres. Of the 38 drill holes, 17 were short scout holes
drilled on previously identified airborne geophysical conductors, airborne
gravity targets or stratigraphic holes. Of the 17 scout holes drilled, 10 were
sent for assay and results are pending. The remaining 21 holes were focused on
two key areas: the Toll Prospect, 11 holes and the West Margin area, 10 holes.
A location map on the Celtic website will highlight drill locations.
    Additionally, compilation of historical work and new exploration
identified the presence of 33 outcropping massive sulphide showings on the
property. To date, 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, two 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. Massive sulphide and
troctolite locations are outlined on a location map post on the Celtic
website.
    The Toll nickel prospect is geologically located at the contact between a
fine grained gabbro and norite/leuconorite, which sits adjacent to a 12 km
long troctolite dyke/layer. Mineralization consists of both fault controlled
sulphides and coarse grained magmatic sulphides. The initial drilling, based
on surface geology and a UTEM conductor, traced the down dip extent of that
mineralized contact towards a gravity high located 800 metres to the west,
which is bisected by the troctolite dyke. A total of 11 holes were drilled in
the Toll Prospect, 9 were sampled and results are pending. One deep hole was
commenced on this gravity target, but failed to reach target depth due to poor
ground conditions. Celtic plans to re-enter this borehole and wedge off to
complete the hole. The UTEM conductor associated with the Toll Prospect
mineralization continues for several hundred metres along strike to the south
of the current drilling. The prominent gravity anomaly also persists, to the
south for approximately 2.7 kilometers where it has not yet been drilled.
    The West Margin area was identified by Noranda during the Voisey's Bay
rush. A 600m long northeast trending, boulder train of locally derived float
blocks of mineralized metapyroxenite, containing 10% sulphides were noted by
Noranda and Noranda's JV partner, North Atlantic Nickel Ltd. Petrographic
analysis showed abundant pentlandite and grab samples returned anomalous
nickel values from 0.2 % Ni to 1.5% Ni. In 2002, the Newfoundland and Labrador
Dept. of Mines and Energy released results from re-sampling of two blocks
which were also analyzed for platinum group elements (PGE's). The results
showed significant PGE enrichment with high grade assays: sample AK97-031-
0.93% Ni, 0.18% Cu, 0.66 g/T Pt, 1.79 g/T Pd and sample AK97-032-1.45% Ni,
0.17% Cu, 0.36 g/T Pt, 2.15 g/T Pd.
    Celtic completed a UTEM survey over the West Margin area, which
identified several strong conductors. A total of nine diamond drill holes were
completed on the conductors. The first borehole, KR-07-29 drilled vertically,
intersected 44.5m of heavily mineralized pyroxenite including disseminated and
net-textured sulphides from 123.00m to 167.50m depth. Follow-up holes also
intersected thick intervals of mineralized pyroxenite including borehole
KR-07-30 which intersected 36.2m of similar mineralization from 73.20m to
109.40m depth. The mineralized intersections are located adjacent to and
directly under the high grade surface mineralized boulder train. Assays from
borehole KR-07-29 returned only weakly anomalous Ni-Cu-Co values, indicating
that the direct source of the boulder train has not yet been intersected.
Assays are pending for the other boreholes.
    Currently, Celtic is conducting a downhole geophysical program and once
that is complete it will halt its Labrador exploration activities during the
winter.
    Celtic's VP Exploration, Barry Greene, stated "I am very pleased with how
quickly our exploration team has advanced this property. A tremendous amount
of data has been generated over a short period of time and the exploration
break will enable the results to be properly interpreted. In particular, it
will allow time for the backlog of assays to come in. Celtic has been
fortunate to have recruited additional geological staff, including a full-time
geophysicist. It is evident that Kingurutik is a property of tremendous
potential and Celtic has the resources to conduct a well thought out,
systematic exploration program."

    Paul Delaney, P.Geo., project geologist 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; Kevin
Flaherty, Chairman & CEO, Celtic Minerals Ltd., Phone: (403) 261-2890, Fax:
(403) 265-2223

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CELTIC MINERALS LTD.

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