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Gold/Mining/Energy : CELTIC MINERALS LTD A COMPANY TO WATCH SHORT AND LONG TERM -- Ignore unavailable to you. Want to Upgrade?

To: Jimsy who wrote (731)	7/14/2000 8:39:22 AM
From: Gil Kempenich	Respond to of 744

In the absence of any other activity by the company or its partners in drilling, perhaps this is about the best we can hope for at this point. I am concerned that the company is not doing anything in the field, but apparently just waiting for neighbors to get a good hit. After all, Celtic prides itself on the quality of its holdings but will likely not derive nearly the benefits if more and more "partners" become involved. I realize there is a question of funding.. but is this really the best route at this point?

To: Jimsy who wrote (731)	7/14/2000 10:44:32 AM
From: Stan Kozak	Read Replies (1) \| Respond to of 744

Sounds like some preliminary "due diligence" on the part of Phelps Dodge. Celtic must be "shopping" the preliminary results from this property and Phelps is willing to take a bite. I can't see Phelps drilling on somebody else's property unless a preliminary agreement of some kind is in place. I don't believe big companies like Phelps operate on verbals and handshakes. I also think Phelps would not stick out its neck unless they thought they had something on thier own property, and are trying to keep out the competition by J.V.ing adjoining properties.