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Celtic Minerals Ltd. Crater Mountain Update

Press Release: Celtic Minerals Ltd. – Wed, Dec 28, 2011 10:06 AM EST
TORONTO , Dec. 28, 2011 /CNW/ - Celtic Minerals Ltd. (CWE:CNSX) wishes to announce that arbitration has commenced with Triple Plate Junction PLC (TPJ:LSE) regarding the respective ownership interests in the Crater Mountain project currently being operated by Gold Anomaly Limited (GOA:ASX).  Located in PNG, the Crater Mountain project comprises 307 sq km divided between three exploration licenses.  Gold Anomaly has been drilling actively for the past 12 months and has recently announced the completion of a maiden inferred resource estimate of 24Mt at 1.0 g/t gold, using a 0.5 g/t cut-off grade for 790,000 ounces.   The reader should note that this resource estimate is not 43-101 compliant, as it is calculated in accordance with the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves guidelines utilized by the Australian Stock Exchange.  The full body of Gold Anomaly's release can be accessed at: (use Ctrl Click)
http://www.goldanomaly.com.au/IRM/Company/ShowPage.aspx/PDFs/1793-94007967/CraterMountainInitialResourceEstimate
Celtic's involvement in Crater Mountain dates back to January 2004 , when it signed a Joint Venture Agreement with New Guinea Gold Corporation (NGG:TSXV) and Macmin (PNG) Limited, under which it could earn up to a 75% interest in the project. Subsequently, in July 2004 Celtic entered into a Joint Venture Agreement with TPJ in which TPJ could earn a 68% interest of Celtic's interest in the project, which would equate to a 51% interest in the project.  TPJ was recognized as earning in on August 31, 2007 , by virtue of letters to the Mineral Resources Authority of PNG from Celtic, Macmin and New Guinea Gold.  At that point, Macmin and New Guinea Gold had been diluted to a 13.75% interest in the project.  Subsequent to its earn-in TPJ entered into a Joint Venture Agreement with Anomaly Resources Ltd., the predecessor to Gold Anomaly.  In order to enter into this Agreement TPJ requested and received a waiver from both Celtic and New Guinea Gold on their right to match Anomaly Resources offer to TPJ.  Celtic provided this waiver of their right of first refusal on September 1, 2007 .
It should be emphasized that Celtic was not a party to this agreement between Gold Anomaly and TPJ, and did not consent to vend any of its interest, nor did it ever receive any portion of the Gold Anomaly equity received by TPJ.   TPJ has taken the position that Celtic's interest has been diluted through additional exploration expenditures, despite the fact that Celtic has not been cash called for these prior expenditures in accordance with the joint venture operating procedures within the original Agreements.  Given TPJ's stance and their statement that they were going to re-register the respective property interests in Crater Mountain, Celtic placed a caveat on the three exploration licenses that comprise the Crater Mountain property to ensure that its interest was protected.  Celtic management is confident that the arbitration process will clarify the fact that Celtic holds an undiluted interest in Crater Mountain.
Additional information regarding Celtic Minerals Ltd. is available on the company's website at www.celticminerals.com.