To: Handshake™ who wrote (155 ) 7/3/2000 9:37:26 PM From: Buckey Respond to of 229 NEWS RELEASE FINANCING ANNOUNCED AND VICTORIA RIVER EXPLORATION UNDERWAY Symbol: JLB-M Date: July 4, 2000 Jilbey Enterprises Ltd. ("Jilbey" or the "Company") is pleased to announce it has agreed to a private placement of 750,000 units at $0.22 per unit to seven parties dealing at arm's length with the Company for total proceeds of $165,000. Each unit consists of 1 common share and 1 common share purchase warrant. Each warrant allows the holder to purchase 1 additional common share of Jilbey at a price of $.29 for eighteen months. The Company intends to utilize these funds for an ongoing exploration programme on its Victoria River and Hungry Hill property in Central Newfoundland. These properties adjoin one another and are owned 50-50 with Celtic Minerals Ltd. ("Celtic", CME-Y). The Company also wishes to announce that further to its press release of September 13, 1999, no economic base metal assays resulted from the drill programme at that time. Subsequently, a lithogeochemical analysis was performed on drill core samples, an additional ground geophysical survey was conducted and a second phase drill programme has just recently been completed. This property is also owned 50-50 with Celtic and is under option to Billiton Exploration Canada Ltd. ("Billiton"). Under the terms of the option agreement Billiton can earn a 51% interest by incurring exploration expenditures of $500,000, and can earn an additional 19% by incurring an additional $1.5 million in expenditures and by making a $50,000 cash payment. For further information, please contact Mr. Daniel Whittaker, President of Jilbey Enterprises Ltd. Telephone (902) 422-0028 Fax (902) 422-4564