Investments of Macquarie Group Limited in Bell Copper Corporation

    TORONTO, June 3 /CNW/ - Macquarie Group Limited ("Macquarie") today
announced it holds shares and warrants in Bell Copper Corporation ("Bell
Copper") and is also the beneficial holder of convertible debentures which are
convertible into shares of Bell Copper. These holdings in Bell Copper are held
through Macquarie Bank Limited, a wholly owned subsidiary of Macquarie.
    On or after June 1, 2009, Macquarie is beneficially entitled to receive
430,787 common shares of Bell Copper as a result of interest payable in the
form of shares under a pre-existing 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 June 1, 2009, which was
equivalent to a VWAP of CAD 0.0838 per common share.
    Macquarie is yet to be issued with these common shares. Assuming
Macquarie exercises its existing 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 10,432,223 common shares, representing, to the
knowledge of Macquarie, 12.27% of the issued and outstanding shares of Bell
Copper on a partially-diluted basis. This represents an increase of 2% or more
in Macquarie's beneficial share ownership, since its previous disclosure where
Macquarie was deemed to beneficially own 10.10% 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
4,046,987 common shares of Bell Copper and securities that are convertible
into 6,385,236 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: Stephen Yan at (212) 231-1310

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