2008 exploration plans for Labrador nickel projects

    Trading Symbol: CME:TSX-VEN
    Shares Outstanding: 67,190,375

    CALGARY, March 27 /CNW/ - Celtic Minerals Ltd. (CME:TSX-VEN) is pleased
to outline its 2008 exploration opportunities on multiple Labrador nickel
    During 2007, exploration resulted in the identification of Ni-Cu-Co-PGE
rich massive sulphides on the Kingurutik River property and culminated in a
drilling program initiated in early fall. Celtic moved rapidly to expand its
land base and to commence diamond drilling, effectively achieving almost
10,000 meters and doubling its preliminary estimates. Drilling successfully
intercepted the mineralized zone up to 145m below surface at the Toll
Prospect, which remains open for drill testing in every direction. 2008
drilling will specifically target the remaining untested gravity anomaly at
Toll, which had been placed on hold in late 2007 due to deteriorating ground
conditions. Additionally, Celtic's technical review has identified numerous
untested airborne gravity anomalies, mapped troctolite dykes and charted
historic massive sulphide showings that exist throughout the property which
will require drill testing during the upcoming exploration season. While 2007
exploration covered significant territory, the contiguous 899.5 square
kilometer property remains open to additional prospecting, ground truthing and
geological mapping, with several area programs tabled for 2008.
    In the West Margin target area, drilling intercepted a low grade,
44.5m drill core intersection of heavily sulphide mineralized pyroxenite below
a high grade, Ni-Cu-PGE boulder train of mineralized pyroxenite-peridotite.
Tracing the glacially derived boulder train back to its bedrock source will be
a focus of the 2008 exploration program. Additional drilling is planned for
this area.
    Building upon Celtic's knowledge and experience in Labrador nickel
exploration, the Black Duck project was acquired by staking following the
early success at Kingurutik. Celtic has recently extended its claims in the
region, staking a total of 502 claims covering 125.5 square kilometres as of
March 2008. The Black Duck project, located 75 km north of Kingurutik River,
was explored by Noranda in 1995-1996 resulting in the identification of a
25m wide outcrop of mineralized metaperidotite which has never been drilled.
The outcrop is shown on a Noranda map extending for 600m along strike before
being covered by overburden. The mineralized metaperidotite dyke trends toward
a nearby lake, from which highly anomalous Ni-Cu-Co values were returned from
a government lake sediment survey. The mineralized dyke is located within a
13 km long magnetic anomaly, providing a sizeable target. Petrographic and
analytical work completed on behalf of Noranda showed the metaperidotite to
contain 7% interstitial magmatic sulphides including abundant granular
pentlandite. Very favourable indicators also show that the rock formed from a
primitive, magnesium (MgO) rich magma (Fo 77.5-81) and that the olivine had
been nickel depleted. These exploration criteria are considered as it
indicates that nickel was strongly removed from the parent magma and that a
nickel sulphide body may have formed somewhere within the dyke. In conjunction
with this model, it is also important to note that the high MgO content
indicates that nickel was probably abundant in the magma prior to being
removed as a sulphide liquid. The peridotite is in contact with sulphur rich
sedimentary rocks, which is modeled to have provided the crustal sulphur
source necessary for the precipitation of a deposit. Plans for 2008 include:

    -   Completion of a 2389 line km VTEM survey covering the Kingurutik
        River and Black Duck projects commencing in early April.
    -   Continuation of intensive prospecting activities including rock and
        soil sampling over potential geological/geophysical targets to
        identify additional nickel prospects.
    -   Initiate diamond drilling at Black Duck and continue diamond drilling
        at Kingurutik. A 3000m - 5000m diamond drilling program is
        anticipated during the 2008 field season.

    Mark Graves, P.Geo., exploration manager for Celtic Minerals Ltd. is the
qualified person who has reviewed the content of this news release.

    Celtic is the most active junior exploration company in the Voisey's Bay
nickel district and holds the region's largest land position.
    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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