Additional Kingurutik staking and option agreement
Thu Oct 25, 1:45 PM
ca.news.finance.yahoo.com
Trading Symbol: CME:TSX-VEN
Shares Outstanding: 66,245,626
CALGARY, Oct. 25 /CNW/ - Celtic Minerals Ltd., (CME:TSX-VEN) is pleased to announce that it has entered into an option agreement with Intrinsic Minerals Inc., to acquire a 75% interest in a total of 450 claims held in four separate exploration licenses. These claim blocks are contiguous to Celtic's Kingurutik Property. In addition, Celtic has staked an additional 1129 claims, or 282.25 sq km, in the area.
Terms of the deal
The Intrinsic claims cover 112.5 sq km and the agreement grants Celtic the right to earn a 75% interest over three years by incurring total expenditures of $1,000,000 on the property; and by making payments to Intrinsic totaling $500,000, Celtic has a firm commitment for exploration expenditures of $100,000 and an initial cash payment of $50,000. Should Intrinsic dilute down from their 25% interest they would convert to a 2% net smelter returns royalty (NSR), of which half can be purchased by Celtic for $1.5-million. Celtic also has a right of first refusal to purchase the Intrinsic interest.
Celtic's VP Exploration, Barry Greene, stated "With this option agreement and our recent staking, Celtic's land position has increased by 394.75 sq km to 1,233.50 sq km in the Greater Voisey's Bay Nickel District. We view the Kingurutik area as being highly prospective and it can be noted that most of our recent staking is centred there. Celtic is the most active junior exploration company in the Voisey's Bay nickel district and has the largest land position."
Celtic encourages the public to visit its website at www.celticminerals.com for additional information on the various projects or to email us at info@celticminerals.com to be added to the Company's e-mail list for press releases and updates.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts
Paul Lipoth
Corporate Relations
Celtic Minerals Ltd.
Phone: (403) 261-2890 x.233
Fax: (403) 265-2223
Kevin Flaherty
Chairman & CEO
Celtic Minerals Ltd.
Phone: (403) 261-2890
Fax: (403) 265-2223 |
