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BCU Bell Copper Corporation

0.06
0.00 (0.00%)
31 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Bell Copper Corporation TSXV:BCU TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.06 0.05 0.065 0.06 0.05 0.06 511,442 21:31:54

Bell Copper to Complete Van Dyke Acquisition

12/03/2012 12:30pm

Marketwired Canada


Bell Copper Corporation ("Bell Copper" or the "Company") (TSX VENTURE:BCU) is
pleased to announce that its wholly-owned subsidiary, Bell Resources (Nevada)
Corporation ("Bell Resources"), has entered into a purchase and sale agreement
(the "Purchase Agreement") with Bennu Properties, LLC, Albert W. Fritz Jr. and
Edith Spencer Fritz (collectively, the "Vendors") to acquire certain surface and
subsurface mineral rights covering the Van Dyke property in Miami, Arizona (the
"Property").


Under the terms of the Purchase Agreement, Bell Resources will acquire clear
title to surface and subsurface mineral rights comprising approximately 60% of
the estimated extent of the Property, which rights the Vendors acquired through
a tax lien foreclosure process, together with certain other surface and
subsurface mineral rights owned by the Vendors in the Miami, Arizona area.
Management believes that the rights to be transferred to Bell Resources under
the Purchase Agreement comprise in total 90 to 95 percent of the estimated
extent of the Van Dyke deposit, and that Bell Resources can secure clear title
to the surface and subsurface mineral rights that were not subject to the tax
lien foreclosure process through a quiet title process to be conducted by Bell
Copper. 


In consideration for the foregoing, Bell Resources has agreed to pay to the
Vendors US$2,500,000 in cash (the "Purchase Price"), of which US$500,000 will be
paid upon closing and the remaining US$2,000,000 will be paid in eight annual
installments of US$250,000. In addition to the Purchase Price, Bell Resources
has granted to the Vendors a royalty equal to 2.5% of the gross smelter return
in connection with mineral production from the Property (the "Royalty"), up to
2% of which can repurchased by Bell Resources at any time prior to the second
anniversary of the closing date for US$1,500,000 for each 1% of the Royalty so
repurchased. The eight annual installments of US$250,000 are considered
pre-payments on amounts owing under the Royalty upon production from the
Property. Bell Copper will guarantee the payment and performance of Bell
Resources' obligations under the Purchase Agreement and will also issue to RAM
Opportunities LLC ("RAM") 5,600,000 common shares of Bell Copper pursuant to the
terms of an agreement whereby Bell Copper acquired from RAM the option to
purchase the Property from the Vendors (see the news release issued by the
Company on April 8, 2010).


Michael Werner, Chief Executive Officer of Bell Copper, stated: "We are very
pleased to be finalizing this acquisition and taking control over the process
for consolidating the ownership of mineral rights relating to the Van Dyke
property. We intend to continue to build Bell Copper's property position in the
Miami Mining District in order to take advantage of additional opportunities to
mine the Van Dyke deposit." 


The Property covers approximately 1100 acres of patented ground and was
developed in the early 1900s when a mineshaft was sunk to a depth of 1692 feet.
The mine produced 11,800,000 pounds of copper between 1929 and 1945 from
azurite, malachite, chrysocolla and tenorite ores grading just over 5.0% copper.
Between 1968 and 1980 Occidental Minerals Corporation drilled 70 exploration
holes on the Property, 62 of which encountered copper mineralization. 46 of
these holes were used to estimate a historical mineral resource of 112,000,000
tons at a grade of 0.52% copper. This historical estimate is derived from an
internal report prepared by Occidental Minerals Corporation in 1973. This report
was not prepared in accordance with currently accepted guidelines for the
preparation of mineral resources and mineral reserves and does not comply with
National Instrument 43-101 ("NI 43-101"). A qualified person, as such term is
defined under NI 43-101, has not done sufficient work to classify the historical
estimate as current mineral resources or mineral reserves. Bell Copper does not
consider the historical estimate to be a current mineral resource or mineral
reserve estimate and the historical estimate should not be relied upon.
Metallurgical test work by Occidental Minerals Corporation indicated that
between 70% and 80% of this copper could be recovered by means of in situ
sulfuric acid leaching, with 3.8 pounds of acid being consumed per pound of
copper produced. In 2010, Bell Copper acquired 35 federal mining claims covering
approximately 600 acres contiguous with the southern edge of the Property, where
additional mineralization may be encountered.


Bell Copper expects to close the transactions contemplated in the Purchase
Agreement on or around April 9, 2012. Closing shall be subject to receipt of all
required regulatory approvals, including approval of the TSX Venture Exchange. 


Shortly after the closing, Bell Copper intends to begin an aggressive drilling
program under the direction of Dr. Timothy Marsh, President of Bell Copper,
which will be designed to lead to a NI 43-101 mineral resource estimate for the
Property. Management anticipates that the Van Dyke project can provide for
continuity of low cost copper cathode production.


Bell Copper also announces that Mr. Steve Manz has resigned as Vice President,
Business Development. The Company thanks Mr. Manz for his valuable contributions
to the Company and wishes him well in his future endeavors.


Qualified Person

Dr. Timothy Marsh, Ph.D., P.Eng., President of Bell Copper and a qualified
person as such term is defined in NI 43-101, has reviewed and approved the
scientific and technical information included in this news release. 


About Bell Copper

Bell Copper is a public company with a focus on copper exploration, development
and production in North America. The Company has an extensive portfolio of
exploration and development projects located in two of North America's premier
copper producing regions: Mexico and Arizona.


More information on Bell Copper: www.bellcopper.net.

On behalf of the Board of Directors of Bell Copper Corporation

Michael Werner, CEO & Director

This press release contains "forward-looking information" within the meaning of
applicable Canadian securities legislation. Forward-looking information
includes, but is not limited to, statements regarding the Company's ability to
secure clear title to certain mineral rights comprising the Property through
quiet title actions and the anticipated timing for closing the transactions
contemplated in the Purchase Agreement and conducting a drilling program on the
Property. Generally, forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially different from those
expressed or implied by such forward-looking information, including but not
limited to: general business, economic, competitive, political and social
uncertainties; acquisition risks, the actual results of current exploration
activities; delay or failure to receive board or regulatory approvals; timing
and availability of external financing on acceptable terms; the Property not
being integrated successfully or such integration proving more difficult, time
consuming or costly than expected, not realizing on the potential benefits of
the proposed transaction; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; future prices of mineral
prices; failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes and shortages and other risks of the mining industry;
and, delays in obtaining governmental approvals or required financing or in the
completion of activities. Although the Company has attempted to identify
important factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other factors that
cause results not to be as anticipated, estimated or intended. There can be no
assurance that such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
information. The Company does not undertake to update any forward-looking
information, except in accordance with applicable securities laws.


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