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Junior Gold and Natural Resource Sector Report

August 12, 2008

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Bell Copper Corporation (BCU-TSX Venture)

UPDATE

"Value through Production and Discovery"

Daily chart: High $0.80, Low $0.37, Close $0.45

While the metals continue taking it on the chin and blood is pooling in the streets, it pays to take a deep breath, take a step back, and refocus on the fundamentals. We examine some basic facts on the copper market as well as the latest project intelligence on Bell Copper’s Porphyry target potential, from what is one of the world’s top copper porphyry technical teams.

For purposes of this update report, we focus only on Bell’s top exploration targets for their explosive upside potential, and ignore their advanced development projects.

The Market for Copper

Back in July 2007, analysts at Macquarie and Citigroup projected copper prices around $3.50 per pound in 2008. Credit Suisse analysts bumped up their 2008 price forecast to $3.50 in March. Despite their increased projections, these firms underestimated copper's stunning run to over $4.00 per pound earlier this year, a new all-time high.

China is the world's biggest consumer of copper. A lot of analysts think a U.S. recession would put a damper on China's demand, driving down the price of copper. But a U.S. downturn only hurts China's exports... Much of the country's copper goes to internal development projects.

Shares in copper producers have done well over the past year, but the emerging producers and explorers are mostly plumbing multi-year lows. Sentiment towards copper, as the benchmark industrial commodity, has recently been dented by the sharp fall in oil prices, the dollar's revival and broader concerns about the global economic outlook. The slowdown in the U.S. economy has led to a broader downturn across the industrialized world with the eurozone, UK and Japan on the brink of recession. Also weighing on copper prices are concerns about lacklustre demand from China, which accounts for almost a quarter of global copper consumption.

A halt to building work and industrial production has been ordered in a wide area surrounding Beijing to ensure air quality standards during the Olympics. About one fifth of cable and wire producers in northern China have suspended normal operations to save energy. These companies are big copper consumers and this has been reflected in a rise in copper stocks in Shanghai and the London Metal Exchange in recent weeks. Also, copper stocks usually rise in the second quarter anyway, making it difficult to distinguish between normal seasonal patterns and the effect of slower industrial demand. Analysts note that global stocks measured as a ratio of consumption remain very low, sufficient for just over two weeks of demand.

Citigroup's Alan Heap expects Beijing to respond to any slowdown in global demand for Chinese exports by boosting the domestic economy, particularly through infrastructure spending, the most metals intensive sector. Citigroup is forecasting annual Chinese consumption will rise from 8.7 per cent this year to 11.6 per cent in 2009. As a result, Citigroup expects the global market for copper to shift from a tiny supply surplus this year to a deficit of 468,000 tonnes in 2009. Mr Heap says the copper market will remain tight as existing supply and new mine expansions will struggle to keep pace with demand growth.

The frailty of copper supply was amplified by an update last week from Codelco, the world's largest copper producer. The state-owned group said output fell 11.1 per cent to 715,000 tonnes in the first half of this year, reflecting declining ore grades and the impact of labour disputes. Codelco has also warned output will not return to 2007 levels until 2010.

BHP Billiton, has warned that copper output at Escondida, the world's largest single mine, could decline by about 10 to 15 per cent in the current financial year, due to lower ore grades. Leon Westgate of Standard Bank says: "There is no sign the supply situation is likely to improve any time soon and the problems plaguing the mining industry will continue to constrain refined production through 2009."

China continues to have a voracious appetite for commodities, and Chile, producer of 40% of the world’s copper, is having an increasingly difficult time pulling its copper out of the ground for various reasons, including the cost of fuel and labour.

We continue to believe that an investment in this sector is a terrific way to play the ongoing long-term bull market in natural resources.

1. World Copper Demand is Expanding Rapidly – to satisfy this demand the world

would need to mine as much copper in the next 25 years as throughout history.

2. Supply Continues to Respond Slowly to Demand

3. Copper Majors are Focused on Expansion & Acquisition of Porphyries

Rio Tinto Announces US$652 Million Investment in Continued Pre-Feasibility Studies

on Deep Porphyry Copper Deposit in Arizona

2008-08-04 06:30 PT - News Release - LONDON -- (Business Wire)

Rio Tinto has announced an investment of US$652 million (Rio Tinto share US$341

million) to support continued pre-feasibility studies on a large, tier-one copper

deposit at its Resolution Copper Mining LLC (RCML) operation in Superior, Arizona.

Global Copper agrees to takeover by Teck Cominco

2008-04-14 05:52 PT - News Release - Also News Release (C-TCK) Teck Cominco Ltd

Global Copper Corp. and Teck Cominco Ltd. have entered into an agreement for Teck

to acquire Global by way of an arrangement under the Business Corporations Act

(British Columbia). Global's principal asset is the Relincho copper/molybdenum

deposit located in northern Chile, approximately 660 kilometres north of Santiago.

The transaction effectively values the Relincho project at a minimum of $415-million.

Bell Copper Corporation - Four Porphyry Targets

Bell Copper has a portfolio of four large-scale Copper Porphyry targets ready for drilling in the Americas – Kabba and Sombrero Butte in Arizona, La Balsa in Mexico, and Apacheta in Chile. What should soon become obvious to readers with even a bit of geological background is that these are not long shots. They have been meticulously researched, studied and worked by one of the top copper-porphyry teams on the planet, to the point where each property is considered to be a potential world-class major porphyry deposit. Any one of these has the potential to be a true “company maker”.

Kabba

Since initiating the Kabba project, detailed work programs including mapping, geophysics, geochemistry and drilling have confirmed the company's proposition that the target at Kabba is a large molybdenum-copper porphyry system at a potentially shallow depth. The dimensions of the three-kilometre-by-five-kilometre (15 Sq. Km) target are represented by a similar area of surface alteration within what seems to be the target porphyry's prefaulted root zone located on surface to the west of the property. The Kabba target has geological and structural similarities to some of the larger known productive porphyries including Bingham Canyon, El Teniente and Resolution.

Integration of new surface data with diamond drill data from the company's 2007 drilling program provides a 15-square-kilometre target area extending from the last hole drilled (K-4) in the 2007 program to newly mapped outcrops showing porphyry intrusions, sericitic alteration and molybdenum-copper-asimuth-nickel (Mo-Cu-As-Ni) mineralization. Key observations that support the target concept are summarized as follows:

• Detailed geologic mapping shows quartz porphyry intrusions on the extreme

western edge of the bedrock exposures in the hangingwall block of the faulted

porphyry Mo-Cu system. The quartz porphyries are sericitically altered, and may

be the shallowly emplaced equivalents of the quartz monzonite porphyry that

hosts molybdenum-copper-tungsten mineralization in the footwall block.

Maximum exposed dimensions of the quartz porphyries are 100 to 200 metres,

beyond which they are obscured by thin postmineral volcanic rocks and

conglomerate.

• Aeromagnetic surveying shows a distinct low anomaly coincident with

hydrothermal alteration in and around the quartz porphyries. The low magnetic

intensity in this area is believed to reflect sulphidation of primary magnetite,

which is otherwise common in the Precambrian host rocks outside of the area of

hydrothermal alteration. The westerly extent of this low anomaly is obscured by

magnetic postmineral volcanic rocks.

• Geochemical analyses of about 1,400 outcropping mineralized veinlets in the

hangingwall show clustering of elevated copper-molybdenum-arsenic-nickel

values in and around the quartz porphyry intrusions.

• Mineralized veinlets in the hangingwall of the Kabba porphyry system (core and

outcrops) are exceptionally enriched in nickel relative to the world's other large

porphyry systems. Many veinlets carry several hundred parts per million nickel,

about one order of magnitude higher than even Ni-rich porphyries like Bingham

and El Teniente.

• The presence of minor lamprophyre and ultramafic biotite minette dikes spatially

and temporally related to the Kabba porphyry system (that is, both cutting and

cut by mineralized veinlets) supports a direct contribution to the system by

mantle-derived melts, a feature regarded by some geologists to favour higherthan-

average metal endowments, that is, Bingham and El Teniente.

• Fluorine mineralization (fluorite) is abundant at Kabba and is genetically linked to

porphyry molybdenum-copper mineralization. Elevated fluorine is a distinctive

characteristic of the giant Resolution porphyry and its neighbour, the Pinto Valley

porphyry.

• Seismic reflection profiling completed by the company in early 2007 showed that

the Hualapai fault cuts the Kabba porphyry at a surprisingly shallow 30 to 35

degrees. Reconstruction of a postmineral olivine basalt found on both sides of the

fault suggests that the more prospective, shallow part of the Kabba porphyry

system lies about 5.6 kilometres east of the greisenous quartz monzonite

porphyry root zone of the system.

• The root zone of the porphyry system measures about three kilometres in an

east-west direction by five kilometres in a north-south direction. These

dimensions are comparable with the world's largest porphyry systems.

• Drilling by the company in mid-2007 confirmed the shallow dip of the Hualapai

fault and in the last hole (K-4) cut more than 900 metres of variably sericitized

rocks, including 20 andesite porphyry dikes. Mineralization in the drill hole

included multiple molybdenite-bearing quartz veins, local arsenic-rich pyritic

breccia, and common disseminated fluorite mineralization. These strong

mineralogical and geological similarities with the footwall outcrops more than five

kilometres to the west make it likely that K-4 penetrated the hangingwall of the

dismembered Kabba porphyry system. The thickness of cover rocks at the K-4

site was only 100 metres, suggesting that most of the 15-square-kilometre target

area will also be under relatively shallow cover.

• Drill hole K-4 is located 2.4 kilometres northwest of the quartz porphyry

intrusions found in outcrop in the hangingwall bedrock exposures. Potentially

mineralized rocks in the intervening ground are obscured by relatively thin

postmineral volcanic rocks and conglomerate.

• Approximately 1,600 acres of additional ground were acquired in late 2007 and

early 2008 to cover potential extensions to the main target area.

• Authorization has been received from the U.S. Bureau of Land Management to

repair access roads and to build up to eight drill pads in the target area. The

company will select two of the most prospective of these drill sites to complete

two diamond drill holes to depths of at least 1,000 metres. A suitable diamond

drill is expected to be available to complete this work in August, 2008.

• The first site to be drill tested will lie along the 2.4-kilometre-long line between

drill hole K-4 and the altered quartz porphyry intrusions.

Sombrero Butte

The property contains a cluster of copper-bearing breccia pipes. Breccia pipes elsewhere in the district overlie associated porphyry copper systems, thereby becoming a convenient exploration tool for detecting underlying porphyry mineralization. At Sombrero Butte, breccia pipes are present across the entire extent of the property, so it is conceivable that the breccias reflect the footprint of an underlying porphyry copper system. Previous operators conducted detailed geological, geochemical and geophysical studies on the property in the late 1990's and documented the presence of a multi-phase porphyry intrusive complex.

On the basis of recently completed fieldwork the Company has expanded its landholdings at the Sombrero Butte project near Tucson, Ariz. The new claims add nine newly identified breccia pipes to the project. These new breccia pipes include a cluster of five which contain dickite in advanced argillic alteration. Breccia pipes with dickite in advanced argillic alteration are significant as indicators of potentially large economic porphyry copper systems in the subsurface. The following excerpt is from a technical paper on the geology of the Resolution deposit also located in this region of Arizona:

"The upper kilometre of the deposit, pervasively sericitized and with

abundant pyrite and later bornite-chalcocite, is overprinted by

advanced argillic alteration with kaolinite, dickite, and less alunite,

topaz, pyrophyllite, and zunyite. The vein-controlled, high-sulphidation

assemblage pyrite plus chalcocite correlates most strongly with

advanced argillic alteration and copper grades greater than 10 per

cent. Deposits sharing features seen in the upper portions of the

magma porphyry include some of the world's largest copper deposits

(e.g. Butte and Chuquicamata). The discovery of this style of porphyry

ore in the southwestern U.S. should serve as an incentive for renewed

exploration efforts there," said Sandra Troutman, in "Advanced argillic

alteration in the deeply buried magma porphyry Cu-Mo prospect,

Superior, Ariz.," - Abstract from SME meeting, 2002.

The newly discovered group of breccia pipes is of particular interest because of the distribution of advanced argillic alteration occurring within the breccia matrix. Advanced argillic alteration of five of the breccias is indicated by the presence of translucent blue-green dickite (Al2Si2O5(OH)4) forming the breccia matrix. Dickite is an alumino-silicate clay that forms at temperatures of 150 C to 270 C under very acidic conditions. Positive identification of the dickite was made using a PIMA infrared spectrometer as well as a Thermo Nikolet Almega microRaman spectrometer at the University of Arizona RRUFF laboratory.

Dickite and other minerals characteristic of advanced argillic alteration have been found in several other high-grade, major porphyry copper systems, including Resolution, Bisbee, and San Manuel, all well-known copper deposits located in the Laramide porphyry copper belt in Arizona (San Manuel is 19 kilometres west of Sombrero Butte). In addition to these localities, dickite has also been recognized throughout the world in major deposits such as: Oyu Tolgoi in Mongolia; Butte, Mont.; Cananea, Mexico; and El Salvador, Chile. In these deposits, dickite is associated with high-grade copper minerals such as digenite, chalcocite, and bornite.

X-ray fluorescence analyses of iron-oxide minerals in the dickite-bearing breccias show anomalous copper, molybdenum, and arsenic. This area also contains younger porphyry intrusions, abundant tourmaline, and sericitic alteration of the porphyry intrusions.

La Balsa

The emphasis of the previous La Balsa drilling programs has been the delineation of near surface oxide and sulphide resources. Maximum drill hole depths are to 150 metres. Exploration has now defined three separate copper systems: (1) The La Balsa deposits, (2) the El Reyno deposit, and (3) the Railroad West target, separated by distances of less than 2 kilometers. These systems are similar in terms of lithology, alteration, Cu grade, and silver, molybdenum, and gold content. It is believed that these systems are part of a much larger buried porphyry system.

The volume of brecciation found throughout La Balsa Ridge is difficult to explain except by a deeper and untested source. Brecciation extends far beyond the limits of copper mineralization, where the matrix is usually filled with pyrite. The quartzsericite-pyrite alteration within the monzonite is extensive, consistent with the pyrite halo of a larger porphyry copper system. Geophysical data, including induced polarization (IP) and aeromagnetic data, indicate that this alteration with sulphides extends far beyond current drilling depths.

Two profound aeromagnetic lows occur southwest of the known deposits. These lows mimic the trend of mineralization in the district. The deposits themselves largely occur on the flank of a magnetic high.

The La Virgen deposit is cut-off at depth by a thrust fault, which has significant offset and therefore continues beneath the limits of drilling of the other deposits. Regional structural movements in the district are northeasterly. There is a good probability that the thrust has displaced the upper block approximately 0.5km in this direction, in which case the known deposits were originally situated over one of the magnetic lows. The magnetic lows are interpreted to be caused by a large porphyry copper system situated beneath the thrust fault.

Regardless of whether or not this structural interpretation is correct, the volume of evidence supporting the porphyry target is powerful. The advantage of the structural interpretation is that it suggests that the porphyry target is blind. Disseminated chalcopyrite in potassium stable monzonite porphyry was recently found at the Railroad West anomaly. Copper mineralization is more extensive than previously known at this location, exposures are poor and much of the area is covered by rocks that quickly mask mineralization on the south flank of La Balsa Ridge. This evidence suggests a shallow porphyry target at La Balsa.

Apacheta

The Apacheta project is a buried copper porphyry target located approximately 65 km east of Arica, Region IV (ex-Region I) in the Andean precordillera of northern Chile. The land package at Apacheta consists of 2400 hectares adjacent to the Campanani copper breccia district. The property covers a prospective magnetic anomaly located along the northward extension of the West Fissure structural zone, host to all of the Oligocene porphyry copper deposits in northern Chile.

A variety of work has been performed on the property by previous operators. In 1982, the Servicio Nacional de Geología y Minería (Sernageomin) flew the region with a recon style airborne magnetics program. The analysis revealed a 4 km diameter sub-circular area of low magnetic susceptibility in the central part of the prospect. This anomaly is coincident with the intersection zone of the main NNW structural system with a subordinate, NE-oriented structure. A second area of low magnetic susceptibility with a NNW elongation occurs immediately east of the main anomaly. These anomalies were confirmed by 3 ground magnetic profiles carried out in 2001.

From 1992 to 1995, Rio Chilex explored the southern portion of the Campanani District, drilling an estimated 10 holes, three which were later covered by the 1999 location of the Apacheta concession. Most of the holes, including the three mentioned above, were drilled through a relatively thin section (<150m) of the post-mineral cover to investigate targets in the underlying Lluta granodiorite.

In 2003, a major mining company optioned the property, built approximately 5 km of drill roads, and drilled 4 RVC holes around the margins of the magnetic anomaly. Inexplicably, the mining company limited the depth of each hole to 300 meters resulting in all 4 holes bottoming in the post-mineral cover rocks.

Regionally, lower Jurassic marine sediments and carbonates of the Livílcar Formation are overlain by upper Oligocene through Pliocene pyroclastics, volcaniclastics, lacustrine sediments and landslide deposits. During the hiatus between the deposition of the Jurassic and mid-Tertiary rocks, at least one phase, and possibly more, of upper Cretaceous to lower Tertiary granodiorite intruded the marine sediments. The Tertiary flows are tilted gently to the east, dipping about 10 degrees. The structural grain is dominantly north north-west faulting with a subordinate northeast trend. This north-northwest faulting is a likely extension of the West Fissure fault, which is an important feature for the localization of porphyritic intrusions 150 kilometers to the south.

Only the upper Oligocene through Pliocene pyroclastics are exposed at the property level. Stratigraphic exposures on the sides of major canyons on either side of the concession indicate that the post-mineral cover rocks are anywhere from 150 to 400 meters thick and overlie the Jurassic Livílcar Formation or the Lluta granodiorite. Located about 1 km north of the property are several quartz-tourmaline breccia pipes and dikes (Campanani District) cutting the main granodiorite. Just north of the pipes and dikes by another 500 meters is a small exposure of a copper-bearing granodiorite porphyry intruding the main granodiorite.

The previously mentioned geological and geophysical characteristics indicate that the Apacheta prospect represents an attractive exploration target in the northernmost part of the Oligocene porphyry copper belt of northern Chile. The most prospective parts of the property are the following:

• Low magnetic susceptibility zones: this is a well defined target which presents a

combination of favorable magnetic and structural features that without question

should be tested by drilling. The dimensions of the anomaly are on par with the

largest of Chile's copper porphyries.

• West Fissure fault zone: in general, it is believed that the whole NNW -- trending

structural zone represents an interesting prospective area for porphyry copper type

mineralization. Therefore, exploration drilling should also be conducted along this structural zone.

• Intrusive contact of the Lluta granodiorite with the calcareous rocks of the Livílcar

formation: this is the most speculative target within the property and the one

that probably will have the thickest overburden. Drilling in this area should be

oriented to evaluate the intersection of the West Fissure structural zone with the

hypothetical intrusive contact between the granodiorite and calcareous sediments.

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