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Gold/Mining/Energy : Jilbey Exploration JLB-MSE -- Ignore unavailable to you. Want to Upgrade?

To: 1king who wrote (130)	9/9/1998 9:15:00 AM
From: 1king	Read Replies (1) \| Respond to of 229

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: JILBEY EXPLORATION LTD. ME SYMBOL: JLB SEPTEMBER 9, 1998 Jilbey and Celtic Joint Venture Buchans Junction to Billiton HALIFAX, NOVA SCOTIA--Jilbey Exploration Ltd. ("Jilbey") is pleased to announce that it has entered into a joint venture agreement with Billiton Exploration Canada Limited ("Billiton"), a subsidiary of Billiton PLC, a major international metals producer to explore the Buchans Junction property. The property is currently held 50-50 with Celtic Minerals Ltd. and consists of 118 claims (2,950 hectares) located in the Buchans area of central Newfoundland. Under the terms of the agreement, Billiton may earn a 51 percent interest in the property by incurring cumulative expenditures of $500,000 over a four year period and has an option to earn an additional 19 percent by making a $50,000 cash payment and expending a further $1,500,000. Upon Billiton vesting its 51 percent or 70 percent interest, all future expenditures will be funded on a pro-rata basis, unless either party elects to dilute. Billiton will be operator and may accelerate the expenditures. The agreement is subject to obtaining the necessary regulatory approvals.