Bell Copper Corporation (TSX-V Symbol: BCU) announces that the Company has completed the sale of its 100% interest in the past producing Granduc Copper Mine located near Stewart, B.C. to Castle Resources Inc.
The sale of the Granduc Mine to Castle supersedes the previously announced option agreement between the Company and Castle (see press release dated July 19, 2010). Under the terms of the sale, Castle has paid to Bell Copper a further $2 million (for a total of $4.5 million) and issued a further 2,750,000 Castle common shares (for a total of 3.0 million common shares).
Michael Werner, CEO of Bell Copper stated, "We are pleased to close the sale of the Granduc well in advance of the December deadline. This is an important second step in removing our debt issues and refocusing our resources on the exploration and development of our copper asset portfolio including the advancement the La Balsa project from the positive Scoping Study stage to the Feasibility Study stage, completing the purchase of the Van Dyke in situ leach project and advancing the exploration on the Kabba and La Balsa porphyry targets. As the copper market continues to provide a positive environment, we look forward to moving Bell Copper's projects forward at an increased pace with greater resources. Our goal is to get market recognition for the intrinsic value already in the Bell Copper asset portfolio and the Castle transaction demonstrates this value vividly. The next strategic step to unlocking further shareholder value is the completion of the previously announced SpinCo Transaction."
Source: Bell Copper Corporation