Bell Coast to grant 50% Shadow Mountain stake to Montex
Bell Coast Capital Corp BCP
Shares issued 25,146,979 Nov 19 close $0.36
Thu 20 Nov 2003 News Release
Mr. Rahoul Sharan reports
BELL COAST ATTRACTS MONTEX INVESTMENT AND JOINT VENTURE
Bell Coast Capital has entered into a letter of intent with Montex
Exploration, Inc., to joint venture its Shadow Mountain project in
Mongolia.
The Shadow Mountain project located in the southwest corner of the Gobi
Desert, covers 233,000 hectares and borders Ivanhoe Mines to the north and
east. To date, Bell Coast geologists have completed surface prospecting,
limited shallow drilling, mapping, and magnetic and induced polarization
(IP) geophysical surveys. The exploration team has observed copper staining
and copper mineralization in 10 separate locations within an east-west
trending zone that is three kilometres long and between two and three
hundred metres wide. Surface samples collected within this zone have
assayed up to 2.76 per cent copper, 1.64 grams per tonne gold and 0.27 per
cent molybdenum. Results from recently completed induced polarization and
magnetic surveys and shallow drilling have yielded several promising
targets.
Montex is a mineral exploration company based in London, England, whose
principals have extensive holdings and experience in the resource area.
Montex can earn up to a 50-per-cent interest in the Shadow Mountain project
by undertaking the following:
pay to Bell Coast in cash $125,000 (this has been paid);
contribute $2.4-million over 18 months from today in exploration costs. A
total $1.2-million of this must be spent in the first 12 months and the
balance of $1.2-million must be spent within 18 months. In the event Montex
does not contribute the full amount toward exploration of Shadow Mountain,
its interest will be proportionately reduced, provided a minimum of
$500,000 is spent; and
subscribe for a private placement of Bell Coast common shares (and
warrants) for a minimum of $500,000.
Bell Coast has strategically acquired exploration properties within the
South Gobi region of Mongolia over the past two years. The properties that
have been acquired cover promising geological targets and are strategically
located near other actively explored areas.
Bell Coast's exploration programs are under the direction of the company's
two senior geologists, Ken Thorsen, PEng, and Robert Weicker, PGeol
(qualified person). Following the recent surface discovery at Shadow
Mountain, Mr. Thorsen joined the company as a member of the board and
vice-president of exploration. Mr. Thorsen has over 35 years experience in
mineral exploration worldwide. He was formerly the president of Teck
Exploration Ltd. and has been credited with the discovery of several mines.
He has vast experience in exploration for many commodities, including gold,
silver, copper, zinc, nickel, platinum, palladium, diamonds and uranium,
and has been involved in exploration programs in Mexico, Canada, the United
States, Peru, Chile, Brazil, Argentina, Venezuela, Australia, China,
Africa, Panama and Central Asia.
Bell Coast has assembled a team of professionals that is familiar with the
geology and operational logistics of Mongolia. Mine Info Inc., a
Mongolian-based exploration team of Soviet trained geologists, with
regional experience in the South Gobi region, has been retained by the
company on a contract basis to assist in various work programs. The team
can handle multiple functions related to acquisition, evaluation and
exploration with support from the Canadian office. In addition, Bell Coast
maintains an office in Mongolia's capital city, Ulaan Bataar.
Bell Coast is in the process of evaluating its elective option to acquire
an assignment of variable interests in seven strategically located mineral
exploration properties located in Nevada. Of the properties being acquired,
four are located in the Battle Mountain Eureka trend and three are located
on the Carlin trend.
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