TORONTO, Feb. 17, 2012 /CNW/ - Celtic Minerals Ltd. (CNSX:CWE) ("Celtic" or the "Corporation") is pleased to announce that it has engaged Mercator Geological
Services Ltd. of Halifax, Nova Scotia to undertake a National
Instrument 43-101 compliant resource estimate on its Dawson gold
deposit in Colorado, U.S.A. The Dawson deposit was the subject of a
number of historical resource estimates between 1986 and 1992. A
historical estimate in 1986 by U.S. Borax and Chemical Corporation Ltd.
reported a resource of 155,000 ounces of gold (937,000 t grading 5.1
g/t gold) based on a cut-off of 1.4 g/t over a minimum true width of
3.0 metres. The average true width was reported to be 14.6 metre.
These resources are not NI 43-101 compliant and as such cannot be
Celtic acquired a 70% interest in the Dawson gold property in 1995 and
the balance of 30% in 2011, such that it now owns a 100% interest
subject to a third party royalty. No work has been conducted on this
property since 1992.
In addition to initiating an updated resource estimate, Celtic has
commenced the necessary permitting process to enable it to undertake an
underground development program that will include drilling and bulk
sampling. The permits for this underground program are anticipated to
be in hand by September 30, 2012.
Celtic controls approximately 2.6 km of the favourable stratigraphy
hosting the Dawson deposit and the nearby, gold mineralized Windy Gulch
and Windy Point segments, thus providing excellent potential for
growing the gold resource.
Closing of Private Placement
Celtic is pleased to announce the closing of its previously announced
private placement (the "Private Placement") of 102,000 common shares of the Corporation ("Common Shares") at a purchase price of $0.07 per Common Shares for gross proceeds of
$7,140. The net proceeds of the Private Placement were used by the
Corporation to effect payment for previously provided geological
services on Celtic's Dawson gold property. The Common Shares are
subject to a hold period of four months plus one day from the date of
The estimates provided are not necessarily in compliance with National
Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Corporation provides no assurance that such estimates should
be relied upon. Moreover, work required to verify and classify the
resource and reserve estimates as current mineral resources or minerals
reserves in accordance with NI 43-101 has not been carried out by the
Corporation and the Corporation is not treating these estimates as
current mineral resources or mineral reserves as defined in sections
1.2 and 1.3 of NI 43-101. Finally, the Corporation does not make any
representation or warranties as to the accuracy of such estimates. Dr.
Wayne Ewert, Ph.D., P.Geo is the qualified person who has reviewed the
technical contents of this news release. Dr. Ewert has not verified the
data disclosed, including sampling, analytical and test data underlying
the information or opinions contained in the written disclosure. Dr.
Wayne Ewert is a qualified person who is not independent as Dr. Ewert
is a director of the Company.
Forward Looking Statements:
Certain information set forth in this news release contains
forward-looking statements or information ("forward-looking
statements"). Although the forward-looking statements contained in this
press release reflect management's current beliefs based upon
information currently available to management and based upon what
management believes to be reasonable assumptions, the Corporation
cannot be certain that actual results will be consistent with these
forward-looking statements. In particular, this release contains
forward looking information relating to the initiation of the National
Instrument 43-101 report, the commencement of the underground
development program and timing of the related permit application. A
number of factors could cause events and achievements to differ
materially from the results expressed or implied in the forward-looking
statements. Forward-looking statements necessarily involve significant
known and unknown risks, assumptions and uncertainties that may cause
the Corporation's actual results, event, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking statements. Although the Corporation has attempted to
identify important risks and factors that could cause actual actions,
events or results to differ materially from those described in
forward-looking statements, there may be other factors and risks that
cause actions, events or results not to be anticipated, estimated or
intended. There can be no assurance that the forward-looking statements
will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Any
forward-looking statements are made as of the date of this press
release, and the Corporation assumes no obligation to update or revise
them to reflect new events or circumstances, unless otherwise required
Additional information regarding Celtic Minerals Ltd. is available on
the company's website at www.celticminerals.com.
SOURCE Celtic Minerals Ltd.
For further information:
Paul Cullingham, President and Chief Executive Officer
Celtic Minerals Ltd.
Phone: (416) 435-5282
Fax: 1(888) 678-7396
Garth Douglas, Investor Relations
Phone: (416) 785-0176
Fax: 1(888) 678-7396
Additional information regarding Celtic Minerals Ltd. is available on the company's website at www.celticminerals.com.