Celtic Minerals Ltd. Announces Corporate Updates

CALGARY, April 14 /CNW/ - Celtic Minerals Ltd. (the "Corporation") is pleased to announce the results of its Annual General Meeting of Shareholders (the "Meeting") held on March 15, 2011 in Calgary, Alberta and to provide a general corporate update. At the Meeting, the shareholders of the Corporation approved all resolutions put before them by management, including the election of directors, and the appointment of the auditor.

At the Meeting, the Corporation's shareholders re-elected Barry Greene and Wayne Ewert as directors of the Corporation. In addition, the shareholders elected Ken Johnston to serve as a director of the Corporation until the Corporation's next annual general meeting.

The Corporation would also like to reiterate its appreciation for the patience of its shareholders as the board of directors continues its attempts to obtain a reinstatement to public company status. The Corporation intends to apply to list on a stock exchange, however, there is no certainty that the Corporation will be able to obtain listing on another stock exchange.

As previously disclosed, it has been determined that the Corporation was unable to incur by December 31,2009, qualifying expenditures for the benefit of subscribers of flow-through shares of the Corporation. The Corporation had agreed to indemnify those subscribers in their subscription agreements but the Corporation does not presently have sufficient funds to satisfy these indemnities. In its efforts to obtain a reinstatement to public company status, the Corporation is pleased to announce that it has issued 362,182 common shares pursuant to settlements with certain subscribers for such flow-through shares. With this share issuance the total number of issued and outstanding shares of Celtic is 80,554,858 shares.


The Corporation has negotiated and entered into two mineral property agreements for the arms length sale of non-core assets.

Messina Minerals Inc. (TSXV: MMI) has acquired by purchase a total of 2,950 hectares covering the north-eastern portion of the Tulks Volcanic belt located in central Newfoundland, Canada. Three contiguous properties are being acquired: the Sutherlands and Hungry Hill properties jointly from Merrex Gold Inc. ("Merrex") and the Corporation in one agreement, and the Victoria Mine property from the Corporation in a parallel agreement.

The Hungry Hill and Sutherlands properties are contiguous with the Victoria Mine property and each host zinc-copper mineralized zones regionally correlative with the historically prospective Victoria Mine mineralized horizon.

Victoria Mine Agreement
The Victoria Mine property is comprised of 850 hectares held under mineral licence 17410M plus three Fee Simple mining grants originating circa 1915. The Corporation has agreed to assign its 100% interest in the Victoria Mine property to Messina in consideration for the issue and delivery of 1,000,000 shares of Messina within 5 business days of receipt of regulatory approval. Noranda Inc. (now Xstrata) retains an underlying 2% net smelter return royalty interest.

Hungry Hill - Sutherlands Agreement
The Hungry Hill - Sutherlands property is comprised of 2,100 hectares held under mineral licences 6711M and 17104M. The Corporation and Merrex have each agreed to assign 100% of their respective joint interests in the property to Messina in consideration for the issue and delivery of 500,000 shares of Messina within 5 business days of receipt of regulatory approval to each of the Corporation and Merrex. The Corporation and Merrex shall each retain a 1% net smelter returns royalty interest on the property; Messina shall be entitled to purchase at any time one-half (1/2) of the royalty (i.e. a royalty equal to one half of one percent of net smelter returns) from each of the Corporation and Merrex in consideration of the payment of $500,000 for each one half of one percent purchased.

Each of the Victoria Mine and Hungry-Hill Agreements are subject to approval by the TSX Venture Exchange.

Additional information regarding Celtic Minerals Ltd. is available on the company's website at www.celticminerals.com.

Forward Looking Statements:

Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including the intention to apply to list the common shares on another stock exchange. Although the forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, the Corporation cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Corporation's actual results, event, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Corporation has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law. In particular, there is no assurance that the Corporation will be able to list the Corporation's common shares on a stock exchange.

SOURCE Celtic Minerals Ltd.

For further information:

Barry Greene, Vice President
Celtic Minerals Ltd.
Phone: (709) 489-6480
Fax: (709) 489-7092
Email: bgreene@celticminerals.nf.net

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Celtic Minerals Ltd.

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