board of directors continues its attempts to obtain a reinstatement to public company status. The

Corporation intends to apply to list on a stock exchange, however, there is no certainty that the

Corporation will be able to obtain listing on another stock exchange.

As previously disclosed, it has been determined that the Corporation was unable to incur by December

31,2009, qualifying expenditures for the benefit of subscribers of flow-through shares of the Corporation.

The Corporation had agreed to indemnify those subscribers in their subscription agreements but the

Corporation does not presently have sufficient funds to satisfy these indemnities. In its efforts to obtain a

reinstatement to public company status, the Corporation is pleased to announce that it has issued 362,182

common shares pursuant to settlements with certain subscribers for such flow-through shares. With this

share issuance the total number of issued and outstanding shares of Celtic is 80,554,858 shares.