Business
Bell Copper Corporation - La Balsa Iron Ore Exploitation Agreement
Bell Copper Corporation - La Balsa Iron Ore Exploitation Agreement
About this update from Bell Copper Corporation
[{"type":"text","content":"\n\n\n\n May 6, 2010 (Canada NewsWire Group) -- TSX-V Symbol: BCU\n\nVANCOUVER, May 6 /CNW Telbec/ - Bell Copper Corporation ("Bell Copper" or the "Company") (TSX-V Symbol: BCU) announces that the Company's wholly owned Mexican Subsidiary Minera Montoro, S.A. de C.V. ("Montoro") has concluded an agreement with Veaje, S.A. de C.V. ("Veaje") whereby Veaje has been granted the exclusive right to the exploitation of iron ore from Mining Lots 12 and 13 of the Company's La Balsa project near Lazaro Cardenas, Michoacan, Mexico. Under the terms of the Agreement Veaje agrees to the following:\n\n\n >\n\n\nThe term of the Agreement will be for a minimum of one year or until the iron ore from Mining Lots 12 and 13 has been exhausted with each required annual renewal reflecting international pricing for iron ore.\n\nLa Balsa Project - Iron Ore\n\nLa Balsa lies in the middle of a 30-kilometer-long prolific belt of iron deposits extending from Arcelor-Mittal's mines on the west to the Company's Mining Lot 14 on the east. The western third of the La Balsa claim block, largely occupied by Balsa 13 contains numerous extremely high aeromagnetic anomalies believed to be magnetite bodies. These are generally coincident with low to moderately anomalous Cu, Mo, Pb, Zn, Ag and Au. A 1000 ppm Cu anomaly led the Company to the La Higueras iron prospect located in the southwestern portion of the claim block. Here massive magnetite is found in small rounded outcrops on the top and side of a hill. The prospect is marked by a strong magnetic anomaly.\nA second magnetite skarn was found following up a strong magnetic anomaly in the northwest corner of the claim block. This area contains considerable iron (locally (greater than)20%) as well as Cu, Pb, Zn, Ag and Au.\nFurther to the above and four kilometres east of the La Balsa copper deposits, Mining Lot 14 covers 2400 hectares centered on a very large aeromagnetic anomaly. Prospecting in this area has produced magnetite stream cobbles that are believed to be sourced from the area of the magnetic anomaly. A small third-party mining operation on the east side of Mining Lot 14 is currently shipping lump magnetite ore to the port at Lazaro Cardenas, 10 kilometers to the southwest.\nFor a map of the La Balsa area and the surrounding operations of Arcelor-Mittal:\nhttp://ww...