Celtic Minerals Ltd. completes second private placement

    Trading Symbol: CME:TSX-VEN
    Shares Outstanding: 75,825,676

    CALGARY, June 26 /CNW/ - Celtic Minerals Ltd. (CME: TSX-VEN) is pleased
to announce that it has completed its second closing of the previously
announced $4,000,000 private placement. The agent has exercised a portion of
its option allowing it to increase the size of the private placement by an
additional $660,699.45 and the offering has closed. Pursuant to the second
private placement, Celtic issued 2,034,545 flow-through common shares at a
price of $0.55 per share, for gross proceeds of $1,118,999.75, for a total
offering of 8,473,999 flow-through shares at a price of $0.55 per share, for
gross proceeds of $4,660,699.45.
    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 second
private placement, and received an option to acquire compensation warrants
equal to 142,418 common shares at a price per share of $0.55 for a period of
24 months expiring on June 26, 2010.
    All securities issued pursuant to the second closing and shares which may
be acquired upon the exercise of the agent's warrants are subject to a hold
period of four months expiring on October 27, 2008.
    Celtic intends to use the majority of the gross proceeds raised from the
offering for exploration expenditures on its properties in Newfoundland and
Labrador for drilling, geophysical and geological surveys.
    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 and CEO, Celtic
Minerals Ltd., Phone: (403) 261-2890, Fax: (403) 264-0793,
kevin@celticminerals.com; Barry Greene, Vice President, Exploration, Celtic
Minerals Ltd., Phone: (709) 489-6480, Fax: (709) 489-7092,

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