Agoracom: Small Cap Investment - Bell Copper Corporation - INDUSTRY BULLETIN - Copper Equity Valuations Continue to Lag Rising Forward Curve Prices

VALUE THROUGH PRODUCTION AND DISCOVERY

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INDUSTRY BULLETIN - Copper Equity Valuations Continue to Lag Rising Forward Curve Prices

posted on Jun 05, 2008 11:11AM

Dear Shareholders,

In an effort to keep you up to date on all pertinent information regarding the resource sector, please see the attached industry bulletin.

The copper equities continue to be undervalued versus the copper forward curve with the producers trading at a P/NAV of 0.78 times on a weighted average basis assuming current forward copper prices versus a P/NAV of 0.75 times on January 23, 2008, the date of our last calculation. Exhibit 1 shows how the copper forward curve has shifted over time along with the implied weighted average P/NAV multiples of the copper producers in our research coverage universe. The copper equities in our universe peaked in October/November ’07 at P/NAV 0.98 times.