Toronto, Ontario - Bell Copper Corporation (the "Company") (TSX-V: BCU) announces that events of default have occurred under the secured term credit facility (the "Credit Facility") provided to Rogue River Resources Corp. ("Rogue River"), the Company's wholly-owned subsidiary, by Macquarie Bank Limited ("Macquarie") and related agreements. The events of default include the incurrence of trade indebtedness in excess of the limit specified under the Credit Facility, failure to obtain the required permits relating to iron ore activities on the Company's La Balsa project and failure to deliver a bankable feasibility study in respect of the La Balsa project within the time limits specified under the Credit Facility. The Credit Facility is secured by a charge over the Company's La Balsa project.
As a result of the foregoing events of default, Macquarie may give notice to Rogue River declaring the amounts owing under the Credit Facility to be forthwith due and payable. The Company has not received such notice as of the date of this news release.
The Company intends to pursue good faith efforts to negotiate with Macquarie a mutually satisfactory resolution with respect to the events of default. The Company is also currently in discussions with a number of interested parties regarding potential strategic transactions with respect to the La Balsa property, and continues to evaluate strategic opportunities regarding the Company's other assets.
About Bell Copper
Bell Copper is a public company with a focus on copper exploration, development and production in North America. The Company has an extensive portfolio of exploration and development projects located in two of North America's premier copper producing regions: Mexico and Arizona.
More information on Bell Copper: www.bellcopper.net
On behalf of the Board of Directors of
Bell Copper Corporation
Michael Werner, CEO & Director
For further information, contact:
Bell Copper Corporation
Tel.: (416) 309-2895
This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; acquisition risks, the actual results of current exploration activities; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; the Property not being integrated successfully or such integration proving more difficult, time consuming or costly than expected, not realizing on the potential benefits of the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and shortages and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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