Celtic Minerals Ltd. Announces New Director and Filing of Financial Statements

Shares Outstanding: 80,554,858

CALGARY, May 2 /CNW/ - Celtic Minerals Ltd. (the "Corporation") is pleased to announce the appointment of Mr. Paul Cullingham of Toronto, Ontario to the Corporation's Board of Directors and as President and Chief Executive Officer of the Corporation.

Mr Cullingham has been employed in the investment industry since 1986, specializing in the Resource and Financial Services sectors. He has worked for both large and medium-size Canadian companies as well as a large Wall Street firm. Mr Cullingham is the co-founder, president and CEO of Intrinsic Minerals Ltd., a private Canadian resource company based in Toronto, Ontario. Intrinsic holds mineral rights in Newfoundland and Labrador and has been involved in two joint ventures with publicly traded companies.

The Corporation also announces that the annual audited financial statements, annual management discussion and analysis, and certification of annual filings for the year ended December 31, 2010 were filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") on April 29, 2011.

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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