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 279.17

-2.1%

3:59 PM EST

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To: Randy who wrote (589)	10/28/1997 11:54:00 AM
From: Gil Kempenich	Read Replies (1) of 744

Good news this morning: CELTIC MINERALS LTD. - PRIVATE PLACEMENT CLOSED- DRILLING COMMENCES CALGARY, October 28 /CNW/- David Graham, President, is pleased to report the company has completed a private placement of 1,362,919 units. Total proceeds of $320,463.00 in flow through funds were raised for drilling in Newfoundland. Each unit entitles the holder to one common share and one warrant. A finders fee is payable to Woodstone Capital Inc. of Vancouver. A first phase drill program has been initiated at Celtic's 100% owned Pipestone Pond project in Central Newfoundland. The 1000 metre, 8 hole drill program will test a gold-copper soil anomaly delineated over an 800 by 400 metre area. Gold and copper values are strongly anomalous ranging up to 2260 parts per billion and 1668 parts per million, respectively. Induced polarization geophysical surveys performed in June identified two subparallel zones of high chargeability and low to high resistivity underlying the anomalous gold-copper area. The targets represent high potential for economic gold-copper mineralization in a geological environment similar to large gold producing districts found at the Caribou/Atlin Camp in B.C., Mother Lode in California, and deposits of the Abitibi Greenstone Belt in Ontario. CELTIC MINERALS LTD. David R. Graham, President The Alberta Stock Exchange neither approves nor disapproves of the information contained herein. -0- 10/28/97 For further information: Canadian Corporate Communications Inc. (604) 683-1991 or Fax: (604) 683-8544 I talked to Dave recently and he was more positive than he has been in a long time. I think we will see some nice appreciation for CME. Considering that it has been below .20 recently and is now at .30 - a 50% gain already! Regards, Gil

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