Company News
| September 17, 2007 Assignment Of Zomelahuacan Property To Chesapeake Gold Corp | |
| Vancouver, British Columbia: Bell Resources Corporation (the "Company") (TSX-V Symbol: BL) announces that it has entered into a letter agreement (the "Agreement") with Chesapeake Gold Corp. ("Chesapeake") wherein the Company will assign up to 90% (the "Option") of its right, title and interest in and to the Zomelahuacan property located in Veracruz, Mexico (the "Property"). Under the terms of the Option Agreement, in order to earn a 70% interest in and to the Property, Chesapeake must: (i) make cash payments to the underlying owner of the Property totalling US$210,000 over a three year period; (ii) incur exploration expenditures totalling US$900,000 over a three year period; and (iii) assume payment of underlying property taxes on the Property. Chesapeake may increase its interest in the Property to a 90% interest (the "Additional Option") by: (i) making a cash payment to the underlying owner of the Property of US$1,200,000 by December 19, 2011; and (ii) incurring US$500,000 in exploration expenditures in 2011. Upon Chesapeake exercising the Additional Option, it will have a 90% interest in the Property and the Company will have a 10% interest in the Property subject to a 1% NSR in favour of the Company and a 3% NSR in favour of the underlying owner of the Property. Bell Resources is focused on the exploration and development of a diversified portfolio of North American base metal projects, with the most advanced being the past-producing Granduc Mine. The Company's strategic plan is focused on moving assets toward potential production, while continuing to target new acquisitions based on geological potential and economic viability. For further information on Bell Resources visit www.bellresources.com. On Behalf of the Board of Directors of Bell Resources Corporation Brian Leeners Brian Leeners, CFO & Director THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Forward-looking statements in this release are made pursuant to the 'safe harbor' provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties. | |
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