Celtic completes $7,500,000 private placement

    Trading Symbol: CME:TSX-VEN
    Shares Outstanding: 66,202,626

    CALGARY, Oct. 4 /CNW/ - Celtic Minerals Ltd. (CME: TSX-VEN) is pleased to
announce that its previously announced private placement offering of
flow-through shares has been over subscribed and the agent has exercised its
right to increase the size of the private placement by an additional
$1,500,000. Pursuant to the private placement, Celtic issued 6,000,000
flow-through common shares at a price of $1.25 per share, for gross proceeds
of $7.5 million.
    Jennings Capital Inc. acted as agent for the offering. The agent was paid
a commission of 7 per cent of the total gross proceeds raised in the offering,
and received compensation warrants to acquire up to 420,000 common shares at a
price per share of $1.25 for a period of 24 months expiring on October 4,
    All of the shares issued pursuant to the offering and shares which may be
acquired upon the exercise of the agent's compensation warrants are subject to
a hold period of four months, expiring on February 5, 2008.
    The proceeds from the sale of the flow-through shares will be used for
general exploration expenditures, on Celtic's properties in Newfoundland and
Labrador, which will constitute Canadian exploration expenses (as defined in
the Income Tax Act) and will be renounced for the 2007 taxation year.

    Celtic encourages the public to visit its website at
www.celticminerals.com for updated information on its properties 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: Kevin Flaherty, Chairman & CEO, Celtic Minerals
Ltd., Phone: (403) 261-2890 ext: 226, Fax: (403) 265-2223; Paul Lipoth,
Corporate Relations, Celtic Minerals Ltd., Phone: (403) 261-2890 ext: 233,
Fax: (403) 265-2223

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