CELTIC MINERALS LTD A COMPANY TO WATCH SHORT AND LONG TERM Message Board

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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 EST

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To: Stan Kozak who wrote (706)	2/14/2000 11:12:00 PM
From: miner dude	Read Replies (1) of 744

Phelphs Dodge is a very large mining company and the current drilling in Newfoundland is not a material change to the company and as such does not need to be released to the public. If the joint venture on the property was with a junior mining company and not Noranda it would have been made public, since the information would have been material to the junior company. The reason Phelphs Dodge can drill almost all year is because the drill is located next to an all weather road. In most cases this drilling would not go on in winter if located in a remote area. I think Celtic got a great deal from Noranda, not only is there proven reserves on the property it is wide open for expanding the reserves. With regards to your the question why Noranda would give up such a promising property? This I think was a corporate descision and not based on the geology. Noranda publicly stated they were pulling out of exploration in Newfoundland and put all their properties up for sale or option. This included the Phelphs property with the rumored significant zinc discovery with may end up being a major mineral deposit. Even the big guys don't always get it right. What I find the most interesting about the Celtic/Noranda deal is that Noranda has the first right of refusal to fund the exploration on the property which they just sold. This seems strange to me in that Noranda sells a property then want to spend money on it by financing Celtic through a private placement of shares in Celtic. Who sells something and then puts money back into it? I think Noranda has done this to get a potential position in Celtic which offsets the Phelphs discovery (Noranda has all the Phelphs data since they are partners on the property) without having to give up any information or share the placement with Phelphs Dodge. If the Phelphs discovery is even half as good as rumored Celtic is extremely under valued and a share placement at these prices would be a great investment.

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