Labrador Nickel Exploration Update



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

    CALGARY, Aug. 11 /CNW/ - Celtic Minerals Ltd., (CME:TSX-VEN) confirms
that diamond drilling continues on the Kingurutik River claim block in the
Voisey's Bay nickel district, northern Labrador. Drilling will concentrate on
the Kingurutik River block before shifting to the Black Duck project later
this summer.
    Celtic's initial focus is to locate the source of fairly numerous, high
grade nickel, platinum, and palladium boulders in the West Margin area of the
Kingurutik property. The boulders were first discovered by Noranda in 1996 and
the samples were re-analyzed by Dr. Andy Kerr of the Newfoundland and Labrador
Department of Mines and published in 2002. The samples contain up to 1.4% Ni,
0.2% Cu, and 0.7 ppm Pt and 2.1 ppm Pd (Kerr, 2002).
    Angular boulders of pyroxenite and peridotite were recently analysed by
Celtic and the high nickel contents of the well mineralized boulders were
confirmed. During a recent eight day site visit by Dr. Reid Keays, a Platinum
Group Element (PGE) - nickel expert, it was noted that "the bulk of the high
grade boulders are restricted to a fairly narrow zone and have the appearance
of float not far from source". Celtic intends to complete a fence of five
diamond drill holes across the boulder train, which is co-incident with a 
900 m long, northwest trending, and sinuous magnetic anomaly. Additionally,
Celtic's in-house geophysicist has compiled all historic geophysical data from
the West Margin area and has recommended several additional drill holes on
previously untested geophysical anomalies in the vicinity of the boulder
train.
    In 2007, Celtic identified a new Ni-PGE enriched massive sulphide
occurrence at the Toll showing. Dr. Keays has examined the drill core and
noted "the sulphides carry numerous silicate fragments and exhibit strong
evidence of remobilization; they were most likely formed in one environment
and transported as a sulphide melt to their current environment". Geochemical
analysis on the core samples is being carried out by Dr. Keays to determine if
the sulphides are magmatic sulphides, in that they may be part of a larger
magmatic sulphide system. In conjunction with this, Celtic is reviewing the
detailed airborne gravity and VTEM data along strike to the south beyond the
limit of 2007 drilling at Toll. A VTEM anomaly identified in 2008 continues
from the most southerly drill hole for approximately 800 m south where gravity
highs of varying intensity are co-incident. Continuing south for 3 kilometres,
along the favourable geological contact between a mafic granulite and a
noritic rock, several VTEM anomalies have been selected for diamond drilling
where gravity highs occur.
    On the Black Duck project, a number of dunite and peridotite bodies were
visited by Dr. Keays. Samples have been collected by a hand held plugger drill
for geochemical analysis and petrographic-microprobe analysis. To summarize
Dr. Keays' observations, "the ultramafic body of perhaps the most interest is
a mineralized peridotite body that is approximately 700 m long. It is
associated with a 13 km long magnetic anomaly that is coincident with an EM
anomaly. Although the exposed peridotite is only 25 m wide, the magnetic
anomaly is ~ 400 m wide; this suggests that the peridotite may widen at
depth... Hence it is regarded as a viable drill target." Celtic's Black Duck
drilling will be further delineated after the completion of the Kingurutik
programs.
    The Kingurutik project area totals 3598 claims or 899.5 sq km, and the
Black Duck project area totals 1364 claims or 341 sq km. Celtic is the most
active junior exploration company in the Voisey's Bay nickel district and
holds the region's largest land position.
    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; 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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