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Gold/Mining/Energy : Jilbey Exploration JLB-MSE

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To: 1king who wrote (125)	6/26/1998 7:58:00 AM
From: Dan Gregoire	Read Replies (1) of 229

Celtic and Jilbey Receive Report on Gravity Data, Trout Pond Area, Labrador HALIFAX, NOVA SCOTIA--David Graham, President, Celtic Minerals Ltd. ("Celtic") and Dan Whittaker, President, Jilbey Exploration Ltd. ("Jilbey") have received a report titled "Interpretation of Aeromagnetic Data and Terrain Correction of Gravity Data" completed by Dr. Allan Spector and Associates for Leader Mining International Inc. ("Leader") dated May, 1998. The data was collected over the area covered under the Joint Venture Agreement entered into with Leader and more fully described in a press release dated April 2, 1998. This agreement is part of an assemblage of approximately 500 sq. km. of strategically located properties contiguous to the south and west boundaries of Inco Ltd.'s claim block which hosts the world class Voisey's Bay nickel/copper/cobalt deposit (containing proven reserves of 31.7 million tonnes @ 2.83 percent nickel, 1.68 percent copper and 0.12 percent cobalt within a geological resource of at least 150 million tonnes). Dr. Spector concludes that the high density zone (8 to 10 mgal in amplitude) is 13km in diameter and extends north of Trout Pond (covering approximately the south-eastern two-thirds of Celtic/Jilbey's Block 2). The anomaly is interpreted to be due to a troctolitic unit. Modelling of the gravity data indicates that the high density zone is about 500 meters thick and 1,000 meters below ground level. The Inco deposits are known to be associated with troctolitic rocks. Dr. Spencer also states that the principal result of the magnetic data analysis is that magnetization with an intensity of 200 to 500 gamma is coincident with the gravity anomaly and that they most probably share the same origin. Follow up work recommendations are being considered. Jilbey and Celtic are mineral exploration companies with interests in base metal prospects in Newfoundland and Labrador. Please contact the respective companies for further corporate information. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Jilbey Exploration Ltd. Mr. Daniel Whittaker President (902) 422-0028 (902) 422-4564 (FAX) or Celtic Minerals Ltd. Dave Graham President (403) 261-2890 (403) 264-4535 (FAX) The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. ÿ

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