Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: DaveTel who wrote (639)	4/2/1998 5:38:00 PM
From: Sapper	Read Replies (1) \| Respond to of 744

News Release: Celtic Minerals Ltd CME Shares issued 14,645,135 Apr 1 close $0.23 Thu 2 Apr 98 News Release 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