Business
Bell Copper Options 60% Interest in Kabba Project to AKA Ventures
TSX-V Symbol: BCU TORONTO, April 11, 2012 /CNW Telbec/ - Bell Copper Corporation (t...
About this update from Bell Copper Corporation
[{"type":"text","content":"\n\n\n\n\n\nTSX-V Symbol: BCU\n\n\nTORONTO, April 11, 2012 /CNW Telbec/ - Bell Copper Corporation (the \"Company\") (TSXV: BCU) is pleased to announce that it has entered\n into a binding letter of intent with AKA Ventures Inc. (\"AKA\") whereby\n AKA can earn a 60% interest in Bell Copper's wholly-owned Kabba\n molybdenum-copper project in Mohave County, Arizona (the \"Property\").\n\n\nUnder the terms of the letter of intent, AKA can earn a 60% interest in\n the Property by expending a total of CDN$6 million on exploration and\n other work on the Property and by issuing to Bell Copper a total of\n 10,000,000 common shares of AKA over a three-year period. AKA will be\n acting as project operator for all work conducted on the Property\n during the option period with the first year exploration commitment\n being CDN$1 million. Upon AKA earning a 60% interest in the Property a\n joint venture will be formed with Bell Copper and AKA being responsible\n for their pro-rata share of all subsequent project expenditures. The\n letter of intent is subject to certain conditions including\n satisfactory due diligence by both parties, approval by the TSX Venture\n Exchange and completion by AKA of a private placement financing of at\n least CDN$2.5 million.\n\n\nDr. Timothy Marsh, President of Bell Copper, stated: \"AKA will now fund\n exploratory drilling at Kabba allowing Bell Copper to focus its\n resources on transitioning from an explorer to a copper producer under\n the direction of Dr. Werner.  Through the Company's substantial\n residual interest in Kabba under this transaction, Bell Copper will\n continue to offer its shareholders exposure to a potential large\n porphyry copper exploration success at Kabba while proceeds from equity\n offerings are directed towards achieving metal production from the\n Company's La Balsa and Van Dyke properties.  The form of this\n transaction makes it strongly positive for both AKA and Bell.\"\n\n\nThe Company also announces the resignation of Mr. Don Dudek from the\n Board of Directors. The Company thanks Mr. Dudek for his service as a\n director.\n\n\nAbout Bell Copper\n\n\nBell Copper is a public company with a focus on copper exploration,\n development and production in North America. The Company has an\n extensive portfolio of exploration and development projects located in\n two of...