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Gold/Mining/Energy : CELTIC MINERALS LTD A COMPANY TO WATCH SHORT AND LONG TERM
CME 265.49+1.0%Oct 31 9:30 AM EDT
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To: Solid Play who wrote (696)12/12/1999 11:43:00 PM
From: miner dude  Read Replies (1) of 744
 
An interesting deal that Norada has struck with Celtic. I have never
heard of Norada taking stock in a junior for an advanced
property before. Norada has sold a property for the equivalent of
about $100,000 of Celtic stock. This doesn't make sense unless
you consider that Norada is a partner with Phelps Dodge on the
rumored big zinc discovery which is next to Celtic's Buchans Juntion property. Perhaps Norada thinks the Celtic stock they received
is worth much more than $0.20 per share based on the drilling
results from Phelps Dodge. Also another interesting point is that
Norada has taken a first right of refusal for Celtic's next financing.
The press release said the financing was for the property involved
in the transaction and anything with 10 kilometers, but as we all
know almost all the other properties are option to Billition and
don't require funding.

I think what is happening is Norada's information probably indicates
that the Phelps Dodge discovery continues on to the Celtic
ground and they are positioning themselves to control as much
Celtic stock as they can at these ultra cheap prices.

Any other ideas?
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