Bell Copper and Cordoba Minerals Amend Earn-In Terms at Bell’s Perseverance Porphyry Copper Project, Arizona
March 18, 2024
NEWS RELEASE
Bell Copper Corporation
Bell Copper and Cordoba Minerals Amend Earn-In Terms at Bell’s Perseverance Porphyry Copper Project, Arizona
VANCOUVER, B.C. - Bell Copper Corporation (TSX.V: 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$1,200,000 for amending the Agreement. The timing for Cordoba to have the option to earn the 80% project interest in Perseverance remains the same, but it is now accomplished by earning straight into the 80% project interest by April 24, 2026 rather than via two earn-in phases contemplated under the original Joint Venture Agreement (refer to Table 1 below for comparison between the original and amended Agreements).
Original Joint Venture Agreement | Amended Joint Venture Agreement | ||
Phase 1 | Expenditures of C$ 1M by April 24, 2020 to earn 25% interest (completed) | Phase 1 | Expenditures of C$ 1M by April 24, 2020 to earn 25% interest (completed) |
Phase 2 | Additional expenditures of C$ 3M by April 24, 2022 for 51% interest (completed) | Phase 2 | Additional expenditures of C$ 3M by April 24, 2022 for 51% interest (completed) |
Phase 3 | Additional expenditures of C$ 3M by April 24, 2024 for 70% interest | Phase 3 | Additional expenditures of C$ 14.2M by April 24, 2026 for 80% interest (in progress) |
Phase 4 | Additional expenditures of C$ 10M by April 24, 2026 for 80% interest |
Table 1: Comparison of Earn-in Terms
Bell 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-in optionee, Cordoba Minerals, continues to share that belief. Drill data to this point support the concept, and Bell's quick success pursuing the same concept at Big Sandy lends further credence to Perseverance's potential. As copper enters a new phase of ascendant market interest, it is in Bell's best interest to retain as much of Perseverance as possible for as long as possible, within the constraints of the Cordoba Earn-In/JV Agreement. This amendment requires $14.2 million of expenditures by Cordoba on Perseverance in the next 24 months, a strong commitment from a team with a strong track record of discovering and developing globally significant deposits.
Meanwhile, Bell Copper is keeping the drill turning at the BS-4 drillhole to further demonstrate the significance of our porphyry copper discovery at Big Sandy.”
Qualified Person
The technical content of this release has been reviewed and approved by Timothy Marsh, PhD, PEng., the Company’s CEO and President and a ‘Qualified Person’ as defined under Canadian National Instrument 43-101.
About Bell Copper
Bell Copper is a mineral exploration company focused on the identification, exploration and discovery of large copper deposits located in Arizona. Bell Copper is exploring its 100% owned Big Sandy Porphyry Copper Project and the Perseverance Porphyry Copper Project which is under a Joint Venture - Earn In.
On behalf of the Board of Directors of
Bell Copper Corporation
"Timothy Marsh"
Timothy Marsh, President, CEO & Director
For further information please contact the Company
Tel: 1 800 418 8250
Email: info@bellcopper.net
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
