TSX-V Symbol: BCU
TORONTO, Jan. 10, 2012 /CNW Telbec/ - Bell Copper Corporation ("Bell Copper" or the "Company") (TSXV: BCU) is providing the following update on its acquisition of the Van Dyke project in Miami, Arizona.
In April 2010, Bell Copper entered into an agreement which gave the Company the option to purchase the Van Dyke property through an intermediate party. Over the past year and a half, the vendor of the property has attempted to secure clear title to various surface and subsurface mineral rights both within and adjacent to the historical Van Dyke copper deposit, and to provide title insurance on such claims as required under the option to purchase agreement. This was not done within the timeframe provided for in the option agreement and its subsequent extensions, and the Company believes that a number of breaches of the agreement have now occurred.
Discussions with the vendor on entering into modified agreements that would attempt to solve the outstanding claim ownership and title breaches have broken down, and the Company has now engaged counsel to examine its legal options with respect to enforcing its prior agreements relating to the Van Dyke property and possibly seeking damages for breach of such agreements. While the Company will continue to attempt to reach an agreement with the vendor to resolve the remaining title issues and complete the originally contemplated transaction, there can be no assurances that such negotiations will be successfully completed. The Company will, however, aggressively pursue its legal rights and other options and will provide further updates on the status of its negotiations with the vendor as well as on potential legal remedies if required.
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 intentions to continue negotiations with the vendor of the Van Dyke property and aggressively pursue its legal rights and other options. 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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For further information:
| Bell Copper Corporation
Tel.: (416) 309-2895
| Renmark Financial Communications Inc.
Christine Stewart: email@example.com
Gareth Charles: firstname.lastname@example.org
Tel.: (514) 939-3989 or (416) 644-2020