CALGARY, April 14 /CNW/ - Celtic Minerals Ltd. (the "Corporation") is
pleased to announce the results of its Annual General Meeting of
Shareholders (the "Meeting") held on March 15, 2011 in Calgary, Alberta
and to provide a general corporate update. At the Meeting, the
shareholders of the Corporation approved all resolutions put before
them by management, including the election of directors, and the
appointment of the auditor.
At the Meeting, the Corporation's shareholders re-elected Barry Greene
and Wayne Ewert as directors of the Corporation. In addition, the
shareholders elected Ken Johnston to serve as a director of the
Corporation until the Corporation's next annual general meeting.
The Corporation would also like to reiterate its appreciation for the
patience of its shareholders as the board of directors continues its
attempts to obtain a reinstatement to public company status. The
Corporation intends to apply to list on a stock exchange, however,
there is no certainty that the Corporation will be able to obtain
listing on another stock exchange.
As previously disclosed, it has been determined that the Corporation was
unable to incur by December 31,2009, qualifying expenditures for the
benefit of subscribers of flow-through shares of the Corporation. The
Corporation had agreed to indemnify those subscribers in their
subscription agreements but the Corporation does not presently have
sufficient funds to satisfy these indemnities. In its efforts to obtain
a reinstatement to public company status, the Corporation is pleased to
announce that it has issued 362,182 common shares pursuant to
settlements with certain subscribers for such flow-through shares. With
this share issuance the total number of issued and outstanding shares
of Celtic is 80,554,858 shares.
The Corporation has negotiated and entered into two mineral property
agreements for the arms length sale of non-core assets.
Messina Minerals Inc. (TSXV: MMI) has acquired by purchase a total of
2,950 hectares covering the north-eastern portion of the Tulks Volcanic
belt located in central Newfoundland, Canada. Three contiguous
properties are being acquired: the Sutherlands and Hungry Hill
properties jointly from Merrex Gold Inc. ("Merrex") and the Corporation
in one agreement, and the Victoria Mine property from the Corporation
in a parallel agreement.
The Hungry Hill and Sutherlands properties are contiguous with the
Victoria Mine property and each host zinc-copper mineralized zones
regionally correlative with the historically prospective Victoria Mine
Victoria Mine Agreement
The Victoria Mine property is comprised of 850 hectares held under
mineral licence 17410M plus three Fee Simple mining grants originating
circa 1915. The Corporation has agreed to assign its 100% interest in
the Victoria Mine property to Messina in consideration for the issue
and delivery of 1,000,000 shares of Messina within 5 business days of
receipt of regulatory approval. Noranda Inc. (now Xstrata) retains an
underlying 2% net smelter return royalty interest.
Hungry Hill - Sutherlands Agreement
The Hungry Hill - Sutherlands property is comprised of 2,100 hectares
held under mineral licences 6711M and 17104M. The Corporation and
Merrex have each agreed to assign 100% of their respective joint
interests in the property to Messina in consideration for the issue and
delivery of 500,000 shares of Messina within 5 business days of receipt
of regulatory approval to each of the Corporation and Merrex. The
Corporation and Merrex shall each retain a 1% net smelter returns
royalty interest on the property; Messina shall be entitled to purchase
at any time one-half (1/2) of the royalty (i.e. a royalty equal to one
half of one percent of net smelter returns) from each of the
Corporation and Merrex in consideration of the payment of $500,000 for
each one half of one percent purchased.
Each of the Victoria Mine and Hungry-Hill Agreements are subject to
approval by the TSX Venture Exchange.
Additional information regarding Celtic Minerals Ltd. is available on
the company's website at www.celticminerals.com.
Forward Looking Statements:
Certain information set forth in this news release contains
forward-looking statements or information ("forward-looking
statements"), including the intention to apply to list the common
shares on another stock exchange. 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. 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 by law. In particular, there is no assurance that
the Corporation will be able to list the Corporation's common shares on
a stock exchange.
SOURCE Celtic Minerals Ltd.
For further information:
Barry Greene, Vice President
Celtic Minerals Ltd.
Phone: (709) 489-6480
Fax: (709) 489-7092