VANCOUVER, BRITISH COLUMBIA--(May 29, 2008) - Bell Copper Corporation ("Bell Copper" or the "Company") (TSX VENTURE:BCU) reports that in conjunction with the Company's recent business combination, the Board of Directors of the Company has restructured the Company's stock option program in order to rationalize the outstanding number of options. Accordingly, the Company has cancelled a total of 3,065,000 stock options granted to Directors, Officers and consultants of the Company and re-granted 2,152,500 stock options to the Directors, Officers and Consultants of the Company. These new options will have an exercise price of $1.00 until May 29, 2013.
Further to the Company's news release of May 28, 2008, the Company wishes to clarify the terms of the amended agreement with Callinan Mines Limited ("Callinan") on its Fox River joint venture property (the "Property") in which the Company to date has earned a 30% interest; (i) going forward, as Callinan expends funds on the Property, the Company's interest in the Property will be diluted based on the dilution provisions in the underlying agreement between Callinan and the underlying owner W. Bruce Dunlop; (ii) Callinan will keep the Company apprised of results of exploration on the Property and funds expended on the Property; (iii) Callinan as the Property's operator, will outline exploration budgets for each season. Following the submission of each budget, the Company will have 30 days to reaffirm its participation, taking into account the dilution which has taken place as of that date; (iv) once the Company's interest in the Property drops below 5%, there will be no residual interest in the Property; (v) the Company has the right to sell its interest, if any, subject to Callinan's right of first refusal.
Bell Copper - Value through Production & Discovery
Bell Copper is focused on the development to production of the La Balsa copper mine in Michoacan, Mexico & the Granduc copper mine in British Columbia, Canada while continuing exploration and development of its pipeline of copper projects in some of the world's premier copper producing regions.
On behalf of the Board of Directors of Bell Copper Corporation
W. Glen Zinn, President and CEO
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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