Diamond drilling begins at Great Burnt Lake

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

    CALGARY, Jan. 24 /CNW/ - Celtic Minerals Ltd., (CME:TSX-VEN) is pleased
to announce the commencement of a 2000 m diamond drilling program on the Great
Burnt Lake (GBL) copper-gold property in central Newfoundland. The GBL
property contains numerous volcanogenic massive sulphide (VMS) and gold
prospects along the 10 km strike length of an under-explored volcanic belt.
Additionally, the property hosts two historic mineral resources, known as the
South Pond Deposit and the Great Burnt Lake Deposit. The South Pond Deposit
contains an estimated 323,000 tonnes at 1.3% copper and 1-2 g/t of gold. The
larger Great Burnt Lake Copper Deposit was delineated by ASARCO in the 1960's
and early 1970's and holds an estimated inferred resource of 900,000 tonnes
averaging 2.92% copper.

    Celtic's 2007 exploration on the GBL property included:

    1.  An 880.9 line-km deep penetrating airborne Electromagnetic
        (EM)/Magnetic survey over the entire property.
    2.  A remote sensing study of the area using ASTER satellite imagery.
        The imagery identified alteration minerals and gossans associated
        with mineral occurrences. Similar unexplored responses were then
        flagged for follow-up.
    3.  Ground based gravity surveys in several areas.

    The current drill program will concentrate in the following three main
areas of the property:

    GBL Deposit Gold-Copper Zone

    Two drill holes will explore along strike and down dip of a gold zone
discovered by Celtic Minerals in 2004. The drill hole had an intersection of
8.39 m grading 1.91 g/t gold and 0.90 % copper. The zone was found adjacent to
the GBL copper deposit and is the first significant gold mineralization
associated with the deposit. The above interval was part of a broader
intersection of 17.61 m grading 0.92 g/t gold and 0.56 % copper.

    End Zone

    Seven drill holes will explore an area located about 6 km north of the
GBL copper deposit. This region covers a 1.3 km strike length of the
prospective volcanic belt. Four drill holes will be collared in a copper
mineralized boulder train and will test coincident ground gravity, EM and
copper-gold till and soil anomalies. Three additional drill holes are planned
immediately to the north, within a large 1.4 mgal gravity anomaly exhibiting
coincident EM and copper-gold soil anomalies. Historical drilling has not
tested this gravity anomaly. Located between the two sets of proposed drill
holes is an historic copper stringer footwall prospect which was drilled by
ASARCO in the 1960's. Celtic notes that while identifying a disseminated zone
of mineralization, a massive sulphide target is associated with geological
modeling of the region and remains the object of drilling interest.

    South Pond Gold

    Two drill holes will explore for the northern extension of the South Pond
gold horizon discovered by BP Minerals in the 1980's. South Pond was drilled
over a 1.4 km long portion of the favourable volcanic belt and assayed at
1-5 g/t gold over several metres in drill core. Although strong gold soil
anomalies persisted beyond BP's drilling, the gold zone was not intersected.
The 2007 airborne EM/Magnetic survey detected a similar geophysical signature
offset from the trend of the gold horizon and interpreted to be located across
a fault. Regional drilling is anticipated to confirm this model.

    Regional Drilling

    Five drill holes will explore EM/magnetic anomalies throughout the claim
group where Celtic's technical team support has highlighted mineral potential.
    Barry Greene, VP Exploration notes, "Our 2007 exploration surveys, when
combined with archived data, have highlighted several high quality drill
targets. We look forward to the drill results from this prospective volcanic
    Historic estimated inferred resources were calculated by ASARCO and do
not meet the requirements of NI 43-101. Celtic has not independently verified
these numbers and recognizes that present information regarding potential
quantity and grade remains conceptual in nature. The company is well
positioned financially to fund further exploration with the intention of
quantifying mineral resources.
    Mark Graves, P.Geo., exploration manager for Celtic Minerals Ltd. is the
qualified person who has reviewed the content of this news release.
    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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