Celtic Minerals Ltd. Applies for Stock Exchange Listing and Announces Corporate Updates

CALGARY, May 26, 2011 /CNW/ - Celtic Minerals Ltd. ("Celtic" or the "Corporation") is pleased to announce that an application has been filed with the Canadian National Stock Exchange ("CNSX" or "the Exchange") to list the common shares of the Corporation ("Common Shares") and would like to provide a general corporate update.


The Corporation has made application to list the Commons Shares on the CNSX. Listing will be subject to the Corporation meeting all of the listing conditions of the CNSX and obtaining all other regulatory approvals. There is no assurance that the Common Shares will be listed on the CNSX.


The Corporation completed a non-brokered private placement (the "Private Placement") on May 24, 2011 through the issuance of 2,500,000 Common Shares issued at a price of $ 0.02 per share for gross proceeds of $50,000. The Private Placement was placed to insiders of the Corporation to provide additional working capital as the Corporation prepares to obtain reinstatement to public company status.


Significant changes have been made to reorganize the board and management of the Corporation. Mr. David Grand of Toronto, Ontario has been appointed as a director of the Corporation. Mr. Grand was employed in the investment industry for over 25 years. During the past several years Mr. Grand has held executive positions including Vice President, Director and National Sales Manager at major Canadian tier 1 and tier 2 investment firms. Currently Mr. Grand is an independent director of CNSX listed St-Georges Platinum and Base Metals Ltd. and Intrinsic Minerals Ltd., a private Canadian resource company based in Toronto, Ontario with operations in Newfoundland and Labrador.

Mr. Ken Johnston has been appointed to the position of Chief Financial Officer of the Corporation. As previously announced, Mr. Johnston was elected as a director of the Corporation on Feb 2, 2011.

Mr. Barry Greene has tendered his resignation as a director and officer of the Corporation to focus on other business interests. The board would like to thank Mr. Greene for his contributions to the Corporation and especially over the last two years during the reorganization of the affairs of the Corporation. For continuity, Mr. Greene has agreed to assist the corporation and will remain as a part time consultant to the Corporation.

By mutual consent, all issued and outstanding stock option to purchase Common Shares have been cancelled.


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 50,000 Common Shares pursuant to settlements with certain subscribers for such flow-through shares. With this share issuance and including the recently completed private placement the total number of issued and outstanding shares of Celtic is 83,154,631 shares.


Paul Cullingham, Celtic's President and CEO stated: "Filing an application for a stock exchange listing is an important milestone and is a testament to the patience and determination of Celtic's management over the past two years. A review of Celtic's existing project portfolio in addition to reviewing new exploration projects will be initiated over the coming months."

Finally the Corporation is pleased to announce that as it has nearly completed its reorganization, Celtic intends to become an active mineral exploration company once again. Towards that end, the head office of the Corporation will be moved to Toronto, Ontario while retaining the Grand Falls-Windsor, Newfoundland office to oversee operations in Newfoundland and Labrador. Work is anticipated to resume on the most promising assets, including the Great Burnt Lake copper-gold project in Newfoundland, the West Margin nickel-platinum-palladium project near Voisey's Bay and the high grade Dawson gold project in Colorado. The Corporation intends to leverage the experience of its board of directors to seek new opportunities internationally, while maximizing the value of its existing inventory. Continuance of the Corporation's work program, including on the West Margin project in the Voisey's Bay district is subject to the Corporation raising sufficient funds. There can be no assurance that the Corporation will raise sufficient funds to commence its work program.

The Corporation would again like to reiterate its appreciation for the patience and goodwill of its shareholders as the board of directors continues its attempts to obtain a reinstatement to public company status.

Forward Looking Statements:

Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including the application to list the Common Shares on the CNSX, change in location of its head office and exploration work on its properties. 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:

Paul Cullingham, President and Chief Executive Officer
Celtic Minerals Ltd.
Phone: (416) 435-5282
Fax: (709) 489-7092
Email: pcullingham@celticminerals.nf.net

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

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Celtic Minerals Ltd.

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