$0.50 and Under *** CONTEST*** (APRIL) Message Board

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Gold/Mining/Energy : $0.50 and Under *** CONTEST*** (APRIL)

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To: Sapper who wrote (160)	4/3/1998 10:49:00 AM
From: Ed Pakstas	of 291

Maybe it's a reaction to this NR... Jilbey enters into Voisey's Bay earn-in agreement with Leader and Celtic Celtic Minerals Ltd CME Shares issued 14645135 1998-04-02 close $0.2 Thursday Apr 2 1998 See Jilbey Exploration Ltd (JLB) News Release Mr Daniel Whittaker reports Jilbey Exploration and Celtic Minerals have entered into a joint venture agreement with Leader Mining on the block 2 and 3 properties in the Voisey's Bay area. The agreement provides for Leader to earn a 50% interest in the property after expending $1,100,000 over three years. The expenditures can be accelerated at Leader's option. If all terms of the agreement are completed, Jilbey will retain a 25% interest in the property. Under the terms of the agreement, Celtic and Jilbey have the right to purchase 50% of any underlying nsr payable on Leader's optioned claims from Ivory Oils & Minerals, NDT Ventures, Lucero Resources and Layfield Resources at a price equal to Leader's purchase price. The agreement is also subject to board and regulatory approval. This agreement is part of an assemblage of approximately 500 sq km of properties contiguous to the south and west boundaries of Inco's claim block which hosts the world class Voisey's Bay nickel/copper/cobalt deposit (containing proven reserves of 31.7 million tonnes at 2.83% nickel, 1.68% copper and 0.12% cobalt within a geologic resource of at least 150 million tonnes). These properties lie over the western extension of the Makhavinekh trend (formerly Ashley area) which is currently being explored by Inco. Aeromagnetic surveys as well as regional gravity surveys, corroborate this 16km western extension of the Voisey's Bay trend. Magnetic anomalies, geochemical anomalies and EM conductors are known to exist on the assembled land package. To date, these anomalies have not yet been drill tested. Leader is currently compiling the technical data and is commencing a gravity and ground geophysics field program by April 20 1998. This program is designed to delineate ultramafic trends and identify high priority drill targets. Diamond drilling is to commence in the summer of 1998. Other companies forming part of the land package are Ivory Oils & Minerals, NDT Ventures, Lucero Resources and Layfield Resources. Leader will earn 50% to 60% by investing a total of approximately $3 million over three years. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)

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