Celtic Minerals Ltd. - West Margin Drilling Assays Complete

    Trading Symbol: CME:TSX-VEN
    Shares Outstanding: 67,140,375

    CALGARY, Jan. 9 /CNW/ - Celtic Minerals Ltd., (CME:TSX-VEN) is pleased to
provide an update on its exploration activities on its 100% owned Kingurutik
River property in northern Labrador.
    Geochemical analyses from the remaining seven holes at West Margin have
been received. Drilling at the West Margin area tested ground UTEM conductors
identified by a 2007 UTEM survey. The survey was completed on a grid covering
a 600 m long boulder train containing high grades of nickel and platinum group
metals. The West Margin boulder train was first identified by Noranda during
the mid 1990's Voisey's Bay rush and contains large, locally derived
mineralized blocks of metaperidotite and metapyroxenite containing 10%
sulphides. Two samples were re-assayed by the Newfoundland Department of Mines
and Energy returning 0.93% Ni, 0.18% Cu, 0.66 g/T Pt, 1.79 g/T Pd and 1.45%
Ni, 0.17% Cu, 0.36 g/T Pt, 2.15 g/T Pd.
    Drill holes KR-07-35 and KR-07-38 intersected mineralization hosted by a
pyroxenite dyke and sulphide flooding in the adjacent paragneiss wallrock. The
mineralization, consisting of semi-massive, net textured, interstitial
pyrrhotite and minor chalcopyrite, was intersected over 29.5m and 6.6m
respectively. The holes were located 60 and 100 meters southeast of the
mineralized bore hole KR-07-29 where 44.5 meters of similarly mineralized
pyroxenite and paragneiss, including disseminated and net textured sulphides,
were encountered. Additionally, drill hole KR-07-38 was targeting the
mineralized zone 100m northwest of KR-07-29. The hole, located directly under
the high grade boulder train, unfortunately terminated in a structural fault
prior to reaching the target. The other holes encountered nominal grades
according to assays received. While mineralization was indicative of an
environment conducive to nickel-copper-cobalt, no economic results were
assayed from the remaining holes. It should be noted that the West Margin
boulder train remains a focal point of interest for 2008 exploration, with the
intention of sourcing the boulder train to bedrock. Currently, Celtic's
in-house geophysicist is reviewing the geophysical and drill data from the
area to recommend follow-up activities for spring 2008. A combination of IP
geophysical surveying, geological mapping and diamond drilling are planned for
the forthcoming 2008 season.
    Barry Greene, VP Exploration notes, "Building upon the 2007 exploration
programs, Celtic will be reviewing the data through the eyes of our expanded
and experienced technical staff. Exploration work conducted last year confirms
the highly prospective nature of our overall properties, with 33 massive
sulphide showings identified to date."
    Mark Graves, P.Geo., exploration manager for Celtic Minerals Ltd. is the
qualified person who has reviewed the content of this news release.
    Assays are being done at Accurassay Laboratories in Thunder Bay, Ontario
and Activation Laboratories in Ancaster, Ontario. Precious metals are analyzed
using a 30g lead collection fire assay procedure with AA finish. A standard
multi element ICP package is used on all samples. Ore grade assays are
determined by Aqua Regia digest with AA finish. In addition to the
laboratories quality control, Celtic also has a QA-QC program using standards
and blanks.
    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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