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Gold/Mining/Energy : CELTIC MINERALS LTD A COMPANY TO WATCH SHORT AND LONG TERM
CME 279.37+0.1%3:59 PM EST
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To: barry doment who wrote (586)9/24/1997 5:53:00 AM
From: Randy   of 744
 
Here is the CNW Update.

CALGARY, Sept. 23 /CNW/ - Trading Symbol: CME.ASE
Shares Outstanding: 11,756,722

Management is pleased to inform its shareholders that it has renewed its
mineral claim licences for the 1997 - 1998 year at Dawson in Colorado. The
company owns a 70% interest in an iron formation gold deposit that contains a
drill indicated gold inventory of 134,298 ounces at a grade of 12.3 g/t (0.36
ounces per ton).
Meanwhile, prospecting activities at the Hungry Hill project in Central
Newfoundland have resulted in the discovery of a potential new base metal
zone. Float (boulder) samples in an area of well-altered volcanic rocks have
returned strongly anomalous Copper and Zinc values. A soil grid over the area
has been recently completed and results are expected shortly.
A second geophysical interpretation of I.P. (Induced Polarization) data
from Celtic's 100% owned Pipestone Pond project has been received from Delta
Geosciences of Vancouver, B.C. Delta's interpretation has confirmed the
presence of high chargeability and resistivity anomalies in close proximity to
a 400 x 800 metre gold-copper soil anomaly. Drill targets are identified and
a 1000 metre, 8 hole drill program has been recommended. Management is
presently arranging financing to drill this high priority target.
In another matter, the company is presently reviewing the technical data
from its West Claim block (block no. 2) at Voisey's Bay, Labrador. A large
magnetic anomaly shows a strong correlation with an east - west structural
trend and is only nine kilometres west of Voisey's Bay Nickel Ltd.'s (Inco's)
Ashley area target (see map provided). Geological mapping did not explain the
source for the anomaly. The technical review will enable management to
determine the number of drill holes, location, and depth required to test the
magnetic anomaly for nickel-copper-cobalt mineralization.

CELTIC MINERALS LTD.

David R. Graham, President

The Alberta Stock Exchange Neither Approves Nor Disapproves of the
Information contained Herein.
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