Vancouver, British Columbia--(Newsfile Corp. - March 18, 2024) - Bell Copper Corporation (TSXV: BCU) (OTCQB: BCUFF) ("Bell Copper" or the "Company") reports that it has agreed to amend the terms of the Perseverance Joint Venture and Earn-in Agreement (the "Amended Joint Venture Agreement") with Cordoba Minerals Corp. ("Cordoba") (TSXV: CDB) (OTCQB: CDBMF). Up to the present, Cordoba has earned a 51% interest and Bell Copper retains a 49% interest in the Perseverance Porphyry Copper Project in Arizona, USA.
Under the Amended Joint Venture Agreement, the current earn-in phase for Cordoba has been adjusted to spend C$14,200,000 by April 24, 2026 for the option to earn an 80% interest in the Perseverance Project. This adjusted project expenditure of C$14,200,000 reflects the combination of the Phase 3 and Phase 4 earn-in spending requirements in the original Agreement. This adjusted earn-in phase includes additional project expenditures of C$1,200,000 for amending the Agreement. The timing for Cordoba to have the option to earn the 80% project interest in Perseverance remains the same, but it is now accomplished by earning straight into the 80% project interest by April 24, 2026 rather than via two earn-in phases contemplated under the original Joint Venture Agreement (refer to Table 1 below for comparison between the original and amended Agreements).
| Original Joint Venture Agreement | Amended Joint Venture Agreement | ||
| Phase 1 | Expenditures of C$ 1M by April 24, 2020 to earn 25% interest (completed) | Phase 1 | Expenditures of C$ 1M by April 24, 2020 to earn 25% interest (completed) |
| Phase 2 | Additional expenditures of C$ 3M by April 24, 2022 for 51% interest (completed) | Phase 2 | Additional expenditures of C$ 3M by April 24, 2022 for 51% interest (completed) |
| Phase 3 | Additional expenditures of C$ 3M by April 24, 2024 for 70% interest | Phase 3 | Additional expenditures of C$ 14.2M by April 24, 2026 for 80% interest (in progress) |
| Phase 4 | Additional expenditures of C$ 10M by April 24, 2026 for 80% interest | ||
Table 1: Comparison of Earn-in Terms
Bell Copper President & CEO Dr. Tim Marsh stated- "Bell Copper fundamentally believes that our Perseverance project is an outstanding target for discovering a globally significant copper deposit. Our earn-in optionee, Cordoba Minerals, continues to share that belief. Drill data to this point support the concept, and Bell's quick success pursuing the same concept at Big Sandy lends further credence to Perseverance's potential. As copper enters a new phase of ascendant market interest, it is in Bell's best interest to retain as much of Perseverance as possible for as long as possible, within the constraints of the Cordoba Earn-In/JV Agreement. This amendment requires $14.2 million of expenditures by Cordoba on Perseverance in the next 24 months, a strong commitment from a team with a strong track record of discovering and developing globally significant deposits.
Meanwhile, Bell Copper is keeping the drill turning at the BS-4 drillhole to further demonstrate the significance of our porphyry copper discovery at Big Sandy."
Qualified Person
The technical content of this release has been reviewed and approved by Timothy Marsh, PhD, PEng., the Company's CEO and President and a 'Qualified Person' as defined under Canadian National Instrument 43-101.
About Bell Copper
Bell Copper is a mineral exploration company focused on the identification, exploration and discovery of large copper deposits located in Arizona. Bell Copper is exploring its 100% owned Big Sandy Porphyry Copper Project and the Perseverance Porphyry Copper Project which is under a Joint Venture - Earn In.
On behalf of the Board of Directors of
Bell Copper Corporation
"Timothy Marsh"
Timothy Marsh, President, CEO & Director
For further information please contact the Company
Tel: 1 800 418 8250
Email: info@bellcopper.net
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation, including, but not limited to, the ability of Bell to identify a mineral resource at the Perseverance or Big Sandy Projects. There is no certainty that the present exploration effort will result in the identification of a mineral resource or that any mineral resource that might be discovered will prove to be economically recoverable. All statements included in this news release, other than statements of historical fact, are forward-looking statements. Forward-Looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-Looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Bell Copper operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. There can be no assurance that such statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/202059
SOURCE: Bell Copper Corporation
