CELTIC MINERALS LTD - Elects Not To Proceed With Philippine Acquisition
Market News Publishing, Thursday, July 03, 1997 at 14:37
David Graham, President of Celtic Minerals Ltd. ("Celtic") announces
that the company will not proceed with its planned acquisition of the Sulu
Gold Property. Celtic had signed a Memorandum of Understanding with Sulu
Resources Development Corporation ("Sulu") of Manila, whereby Celtic would
acquire a 70% interest in 2,349 hectares of prospective gold concessions on
the Calumpan Peninsula, Batangas Philippines.
Due diligence performed by two Celtic geologists successfully confirmed
gold results reported by Sulu, with results from twelve of twenty-two cores
and rock grab samples returning gold values between 1.00 and 13.02 grammes
per tonne. Land tenure however, was found to be complex, with conflicting
interests held by local farmers, tourism developers and environmental
groups. Celtic management has therefore determined that despite the
encouraging gold values and indicated potential of the area, it would be
unlikely that advanced exploration and mining development would proceed
without strong resistance from the local interest groups.
In Canada, Celtic geologists have initiated a geophysical survey on the
100% owned Pipestone Pond Central Newfoundland project. Prospecting
activities are underway at the Joe Glodes Brook and Rocky Brook properties,
also located in Newfoundland.
TEL: 1-800-621-1583 David Graham, President
TEL: (403) 264-4535 Kevin Flaherty, Vice President
E-mail: celtic@nucleus.com
Web Site: celticm.com |
