Bell Copper Corp. (BCU.V: Quote) announced that it has implemented a strategic plan to work through the unprecedented challenges in the capital markets. The company said it intends to reduce its exposure to non-core project expenditures by exploring potential strategic transactions with respect to the Company's non-core projects.
As part of this strategy, the company intends to option or enter into a joint venture arrangement in respect of its Sombrero Butte project located in Pinal County, Arizona, which is drill ready. In the event that no option or joint venture arrangement is undertaken, exploration will be placed on hold until the capital markets improve and the company is able to finance exploration on acceptable terms.
In the absence of equity financing, management believes that such partnerships make sense based on the upside potential of the projects versus the current market capitalization of the Company.
The company also said it intends to eliminate its exposure to the secured term credit facility provided to the Company's wholly-owned subsidiary, Rogue River Resources Corp., by Macquarie Bank Limited via the sale of the Company's La Balsa project located in Michoacan, Mexico.
In support of this strategy to reduce non-core project expenditures, the company has also reduced staff on its technical team and has incurred no major expenditures on its projects other than payments required to keep such projects in good standing.
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by RTT Staff Writer
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