Celtic Minerals Ltd. Announces Revocation of Compliance-related Cease Trade
Orders

Shares Outstanding: 80,192,676

CALGARY, Dec. 21 /CNW/ - Celtic Minerals Ltd. ("Celtic") announces that the Alberta Securities Commission (the "ASC") and the British Columbia Securities Commission (the "BCSC") have issued revocation orders dated December 20, 2010 and December 21, 2010, respectively (the "Revocation Orders") granting full revocation of compliance-related cease trade orders issued by the ASC and the BCSC in respect of Celtic.

The Alberta cease trade order was issued on May 7, 2009 against Celtic by the ASC and the British Columbia cease trade order was issued on May 21, 2009 by the BCSC (the "Orders") for the failure of Celtic to file its annual audited financial statements, annual management discussion and analysis, and certification of annual filings for the year ended December 31, 2008 (the "Financial Statements") by the required filing deadline. As a result of the Order issued by the ASC, the TSX Venture Exchange suspended trading in Celtic's shares on May 7, 2009.

Pursuant to the terms of the Revocations Orders, Celtic will hold an annual general meeting of the holders of common shares of Celtic on or before the date which is three months from the date of the granting of the Revocation Orders.

The Financial Statements were filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") on January 19, 2010. In addition, Celtic also subsequently filed: (i) the annual audited financial statements, annual management discussion and analysis, and certification of annual filings for the year ended December 31, 2009; (ii) the interim unaudited financial statements, interim management discussion and analysis, and certification of interim filings for the period ended September 30, 2009; (iii) the interim unaudited financial statements, interim management discussion and analysis, and certification of interim filings for the period ended June 30, 2009; and (iv) the interim unaudited financial statements, interim management discussion and analysis, and certification of interim filings for the period ended March 31, 2009 on SEDAR on April 30, 2010.

Forward Looking Statements:

Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including the holding of an annual general meeting of shareholders. Although the forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, the Corporation cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements.

Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Corporation's actual results, event, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Corporation has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law. In particular, there is no assurance that the Corporation will be able to hold the annual general meeting of the shareholders within the time frames set forth above or at all.

For further information:

Barry Greene, Vice President
Celtic Minerals Ltd.
Phone: [phone]
Fax: [phone]
Email: [email protected]