Celtic Exploration Ltd CEXJF

congrats to longterm holders like me

[longbond]

long since 18 and own 10000 shares..!! recall my post no one was around back then longbond (ID#: 96918) 37$ TARGET BY SPROTT....get in NOW 10/2/00 18:33 2257094 « Previous Message Next Message » Boliden’s Los Frailes Very Likely to Close Boliden has decided to complete only the current phase of mining, phase 2, for its Los Frailes zinc mine, which may result in the mine’s closure in October 2001. We have previously questioned the wisdom of recommencing operations at this high-cost mine (with planned total costs of over $0.56 per pound) after the massive tailings dam failure in 1999. The next phase, phase 3, requires the push back for pit 3, which would require the expenditure of $26.3 million before any revenue is generated from mining pit 3. Boliden does not have the financial resources to undertake such an expenditure, nor does it have the ability to borrow the required funds. Los Frailes has been running at a substantial loss since operations recommenced in Q2/99, and incurred an operating loss of $19.2 million during the first half of 2000. Boliden’s Los Frailes mine is held through its Spanish subsidiary, Apirsa, and this Company has now filed court for the equivalent of the Canadian CCAA or United States Chapter 11 proceedings. The Company is seeking a buyer or other source of financing to keep the mine going; however, if this is unsuccessful, operations at Los Frailes will cease by October 2001. We would imagine that Boliden considered all its alternatives and actively sought a white knight prior to making today’s press release. If this is the case then the closure of Los Frailes would be much more likely than not. The Los Frailes plan was expected to increase production from around 90,000 tonnes of zinc this year to 100,000 tonnes of zinc in 2001 and 125,000 tonnes of zinc in 2002. This is a major zinc mine and news of its potential closure will positively impact metal prices. Its closure would represent 1.5% of the global supply of 6.5 million tonnes of zinc. We continue to recommend