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Bell Copper and Cordoba Minerals Amend Earn-In Terms at Bell's Perseverance Porphyry Copper Project, Arizona
Vancouver, British Columbia--(Newsfile Corp. - March 18, 2024) - Bell Copper Corporation (TSXV...
About this update from Bell Copper Corporation
[{"type":"text","content":"Bell Copper and Cordoba Minerals Amend Earn-In Terms at Bell's Perseverance Porphyry Copper Project, ArizonaVancouver, 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$1,200,000 for amending the Agreement. The timing for Cordoba to have the option to earn the 80% project interest in Perseverance remains the same, but it is now accomplished by earning straight into the 80% project interest by April 24, 2026 rather than via two earn-in phases contemplated under the original Joint Venture Agreement (refer to Table 1 below for comparison between the original and amended Agreements). Original Joint Venture AgreementAmended Joint Venture AgreementPhase 1Expenditures of C$ 1M by April 24, 2020 to earn 25% interest (completed)Phase 1Expenditures of C$ 1M by April 24, 2020 to earn 25% interest (completed)Phase 2Additional expenditures of C$ 3M by April 24, 2022 for 51% interest (completed)Phase 2Additional expenditures of C$ 3M by April 24, 2022 for 51% interest (completed)Phase 3Additional expenditures of C$ 3M by April 24, 2024 for 70% interestPhase 3Additional expenditures of C$ 14.2M by April 24, 2026 for 80% interest (in progress)Phase 4Additional expenditures of C$ 10M by April 24, 2026 for 80% interest Table 1: Comparison of Earn-in TermsBell 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-...