Celtic Minerals grants options

    Trading Symbol: CME:TSX-VEN
    Shares Outstanding: 59,992,626

    CALGARY, Aug. 28 /CNW/ - Celtic Minerals Ltd (CME:TSX-VEN) is pleased to
announce that, subject to regulatory approval, it has granted a total of
1,000,000 options at an exercise price of $1.03. The issued options comprise:
a total grant of 750,000 options to Directors and Officers, a total grant of
200,000 options to employees, and a total grant of 50,000 options to its
Corporate Relations firm, Ardent Capital Inc. With this grant of options the
company has a total of 3,785,000 options granted, equating to 6.30% of the
issued and outstanding shares.

    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; Barry Greene,
Vice President, Exploration, Celtic Minerals Ltd., Phone: (709) 489-6480, Fax:
(709) 489-7092

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