Investments of Macquarie Group Limited in Bell Copper Corporation



    TORONTO, Jan. 28 /CNW/ - Macquarie Group Limited ("Macquarie") announces
that, through Macquarie Bank Limited, a wholly owned subsidiary of Macquarie,
it holds shares and warrants in Bell Copper Corporation ("Bell Copper"). It is
also the beneficial holder of convertible debentures which are convertible
into shares of Bell Copper.
    On or after 1 January 2009, Macquarie is beneficially entitled to receive
881,463 common shares of Bell Copper as a result of interest payable in the
form of shares under a Demand Debenture. The number of shares was calculated
using the Volume Weighted Average Price ("VWAP") of Bell Copper commons shares
over the five trading days before January 1, 2009, which was equivalent to a
VWAP of CAD 0.0371 per common share.
    Macquarie is yet to be issued with these common shares. Assuming
Macquarie exercises its warrants and converts all of the amounts owing under
all the other convertible debentures it holds into shares of Bell Copper, this
entitlement would increase Macquarie's deemed beneficial share ownership in
Bell Copper to 8,312,464 common shares, representing, to the knowledge of
Macquarie, 10.10% of the issued and outstanding shares of Bell Copper on a
partially-diluted basis. The common shares are being issued to Macquarie Bank
Limited, an accredited investor, in reliance on Section 2.3 of National
Instrument 45-106.
    Macquarie's deemed beneficial share ownership in Bell Copper consists of
1,925,963 common shares of Bell Copper and securities that are convertible
into 6,386,501 common shares. Macquarie has acquired the shares for investment
purposes only and may acquire/dispose of additional securities in Bell Copper
in the future.





For further information:

For further information: Alex Doughty at (212) 231-1710

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MACQUARIE GROUP

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