TSX-V Symbol: BCU
TORONTO, April 11, 2012 /CNW Telbec/ - Bell Copper Corporation (the "Company") (TSXV: BCU) is pleased to announce that it has entered into a binding letter of intent with AKA Ventures Inc. ("AKA") whereby AKA can earn a 60% interest in Bell Copper's wholly-owned Kabba molybdenum-copper project in Mohave County, Arizona (the "Property").
Under the terms of the letter of intent, AKA can earn a 60% interest in the Property by expending a total of CDN$6 million on exploration and other work on the Property and by issuing to Bell Copper a total of 10,000,000 common shares of AKA over a three-year period. AKA will be acting as project operator for all work conducted on the Property during the option period with the first year exploration commitment being CDN$1 million. Upon AKA earning a 60% interest in the Property a joint venture will be formed with Bell Copper and AKA being responsible for their pro-rata share of all subsequent project expenditures. The letter of intent is subject to certain conditions including satisfactory due diligence by both parties, approval by the TSX Venture Exchange and completion by AKA of a private placement financing of at least CDN$2.5 million.
Dr. Timothy Marsh, President of Bell Copper, stated: "AKA will now fund exploratory drilling at Kabba allowing Bell Copper to focus its resources on transitioning from an explorer to a copper producer under the direction of Dr. Werner. Through the Company's substantial residual interest in Kabba under this transaction, Bell Copper will continue to offer its shareholders exposure to a potential large porphyry copper exploration success at Kabba while proceeds from equity offerings are directed towards achieving metal production from the Company's La Balsa and Van Dyke properties. The form of this transaction makes it strongly positive for both AKA and Bell."
The Company also announces the resignation of Mr. Don Dudek from the Board of Directors. The Company thanks Mr. Dudek for his service as a director.
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, the development potential of the Company's properties. 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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