2. FORWARD-LOOKING STATEMENTS
This presentation includes and is based, inter alia, on forward-looking
information and statements that are subject to risks and uncertainties. All
statements within, other than statements of historical fact, are to be
considered forward-looking. Such forward-looking information and statements
are based on current expectations, estimates and projections about global and
regional economic conditions as well as industries that are major markets for
Bell Copper Corporation. There can be no assurances that such statements will
prove accurate and, therefore, readers are advised to rely on their own
evaluation of such uncertainties. Further, to the best of management’s
knowledge the information throughout the presentation is revised and up to
date. With each of the following programs, unless otherwise stated, the
potential quantity and grade is conceptual in nature and there has been
insufficient exploration to define a mineral resource to date, therefore it is
uncertain if further exploration will result in discovery of a mineral resource.
3. OVERVIEW
• Bell Copper Corporation (BCU) is a Toronto based copper exploration and development company with 3
projects in Arizona and Mexico; two mining friendly jurisdictions
• A proven production-oriented management team added to complement the company’s strong
exploration expertise, and to help bring the La Balsa and Van Dyke projects into production
• Active exploration focusing on resource growth, with three compelling porphyry copper targets, and
one large iron ore target
• With the recent sale of non-core assets and the restructuring of the company’s indebtedness, Bell
Copper presents tremendous value in these times of escalating copper prices
4. PROJECT OVERVIEW
Kabba Project
Active drilling for Cu shell in 3 km by 5 km
porphyry system
Van Dyke Project
In process of closing acquisition
Historical resource > 1.3 billion lbs Cu, with
expansion potential
Resource confirmation + preliminary economic
assessment for in-situ leach project to
commence shortly
Sombrero Butte Project
Drilling has identified high grade Cu in breccia
pipes - underlying porphyry target to be
tested next
La Balsa Project
43-101 Resource Study complete
Economic Scoping Study complete
Feasibility study and permitting in-progress
(est. Q1 2012 completion)
Active drilling for underlying porphyry deposit
Active iron exploration - small scale iron
exploitation underway
5. MANAGEMENT
Dr. Michael Werner (CEO, Director)
B.Sc. and M.Sc. (Mining Engineering), PhD (Mining and Metallurgical Engineering)
34 year career in mine development and operations, specializing in mine construction and expansion,
mine re-opening and the successful turnaround of distressed mining operations
Reopened the Magma copper and Carlsbad potash mines (USA) after 8 and 5 year closures
Reopened 100,000 oz/year Hopebrook and 125,000 oz/year Colomac gold mines (Canada)
Built and operated the 100,000 oz/year New Britannia gold mine (Canada)
Operated the 6,000 tpd underground and 100,000 tpd open pit Leinster nickel mining operations
(Australia) of WMC Resources
Operated the 126,000 oz/year Bounty gold mine (Australia)
Previous positions include VP and COO of TVX Gold (8 gold mines), Mining Operations Manager at
WMC, Managing Director of Viceroy Australia
Dr. Timothy Marsh (President)
B.Sc. (Geological Engineering), PhD (Ore Deposits and Exploration), P.Eng.
25 years experience as a geological engineer, specializing in copper and epithermal gold deposit
discovery and delineation
Chief Geologist of Resolution Copper (RTZ-BHP JV) - initiated a $50 million deep drilling program in
support of a copper block caving resource
Project Geologist of Kennecott Minerals on the Cortez JV in Nevada
Project Geologist of Rio Tinto – generated porphyry copper targets in N. Chile
Manager of Exploration and Geology at AMT International – led the team which discovered an
additional 300 million lbs copper resource at Copper Creek, AZ
6. MANAGEMENT
Steve Manz (VP Business Development)
23 years experience in corporate and operational finance, merger/acquisitions, start-ups, and
turnarounds.
CFO of 300,000 oz/year gold producer (market cap from $2 to $700 million in 3 years)
President and CFO of NYSE listed 50,000 oz/year gold producer
Senior member of one of the world’s largest metals trading company, which provided mine financing
to projects around the world
Secured $850 million of small to mid-cap debt and equity
Jack Andreazza (VP Metallurgy and Mineral Processing)
40+ years of metallurgical experience, including 30 years with WMC in gold, copper, nickel and
phosphate in both technical and senior managerial positions
Resident manager of WMC’s Nifty Copper Operation, a 33 million lb/year copper operation
Metallurgy manager for the 200,000 oz/year Central Norseman gold mine (Australia), and involved
in commissioning/plant improvements for Newcrest, Sons of Gwalia, Viceroy, Aurora Gold and BHP
Engineering
Deborah Battiston (Chief Financial Officer)
25 years of accounting and financial management experience
Currently CFO of a number of Canadian public mining companies within the Forbes & Manhattan
group of companies
Experience in a broad range of foreign jurisdictions
7. MANAGEMENT
Stan Bharti (Director)
Responsible for the creation and growth of multiple mining companies which have seen increases in
market capitalization in the billions of dollars
Extensive experience in the acquisition, restructuring and financing of mining companies, and since 2001
has been the Executive Chairman of Forbes & Manhattan, Inc., a private merchant bank operating in
Canada, the United States and Western Europe
Previous positions include Chief Executive Officer of Consolidated Thompson-Lundmark Gold Mines Ltd.,
and President and Chief Executive Officer of Desert Sun Mining Corp.
Richard Ternieden (Independent Director)
25+ years in investment banking – former Managing Director of
RBC Capital markets
Keith Droste (Independent Director)
40+ years experience in ore reserve estimation, mine planning,
mine development, environmental permitting and mine operations
Don Dudek (Independent Director)
30 years experience as an exploration geologist with numerous
junior and senior mining companies
Currently an officer and director of several companies within the
Forbes & Manhattan group of companies
8. LA BALSA – LOCATION
• La Balsa is a 100% owned, 51 km2 property, located in the State of Michoacán, Mexico, which BCU has
been developing for copper and iron production since 2005 - $15 million BCU expenditures to date
• Excellent infrastructure – main rail line runs through property, power adjacent to deposit, large water
reservoir within 1 km, and excellent road access, with the deep water port/city of Lazaro Cardenas
(pop. 240,000) 14 km to the south
Las Truchas
iron mine
Fe Cu Fe
La Balsa Property
1 km
9. LA BALSA – DRILLING / CU RESOURCES
Oxidation Tonnes Copper Copper
Zone
Class
(‘000s) (%) (M lb) • Exploration has delineated three sub-horizontal,
mineralized breccias ideally suited for open pit
Measured 1,069 1.16 27.3
mining
Indicated 986 0.89 19.3
Oxide
Subtotal 2,055 1.03 46.6 • Drilling history:
Inferred 186 0.63 2.6 Prior operators (1979-96): 100 holes/ 5,084 m
Bell phase I (2006): 144 holes / 10,581 m
Measured 848 1.08 20.1
Bell phase II (2007): 61 holes / 5,063 m
Indicated 854 0.81 15.3
Mixed
Subtotal 1,702 0.94 35.4 • M+I resource = 11.4 million tons at an average Cu
Inferred 150 0.62 2.0 grade of 0.77% for 194 million lbs of contained
copper
Measured 4,086 0.74 67.0
Indicated 3,574 0.58 45.6 • Previous metallurgical testing indicates that the
Sulphide
Subtotal 7,660 0.67 112.6 oxides are amenable to heap leaching and the
Inferred 370 0.70 5.7 sulphides to recovery via flotation
Measured 6,003 0.86 114.5
Indicated 5,414 0.67 80.2 Copper deposits
Total
Subtotal 11,417 0.77 194.6
Inferred 707 0.66 10.3
• Above figures generated by Behre Dolbear &
Company using a 0.2% cut-off, and presented
250 m Porphyry target
in a 43-101 Report, Jan., 2008
10. LA BALSA – SCOPING STUDY
• A positive scoping study was
completed on the project in March
2010 by Richard Gresham, P. Eng.
of Phoenix, AZ
• The study concluded:
Open pit stripping ratio = 1.25:1
70.7 million lbs recovered from
oxide and mixed ores using SX-
EW
79.4 million lbs recovered from
sulphides using flotation
Total production of 150.8 million
lbs Cu and 786,000 oz Ag
Mine life = 7 years
Avg. annual production = 21
million lbs Cu
Initial capital = $35.1 million
Sustaining capital = $26.5 million
Cash cost = US $0.81/lb
Total cost = US $1.22/lb
11. LA BALSA – DEVELOPMENT
• Bankable feasibility study underway by KD
Engineering and Metcon Engineering (Tucson, AZ)
- estimated completion Q1 2012
• BCU has already purchased a fully operational
SX-EW processing plant from the San Manuel Mine
• SX-EW plant capable of producing up to 40 million
lbs copper cathode per year
• Surface rights for the mine, plant, and facilities have
been purchased
• All environmental support documents, baseline studies,
and final draft of the EIS completed
• An indicative term sheet for a $30 million debt
financing (subject to completion of the feasibility study)
has already been received
12. LA BALSA – EXPLORATION
• Only 10% of the property explored to
date - emphasis has been on the
delineation of near surface oxide and
sulphide resources
• The La Balsa deposit are cut-off at depth
by a thrust fault. With regional
structural movements to the NE, it is
possible that the breccias were once
La Balsa
located atop a buried porphyry deposits
• The volume of brecciation found at the
La Balsa Ridge is difficult to explain
except by a deeper source, and two
profound aeromagnetic lows to the SW porphyry target
of the deposits are indicative of an
underlying porphyry system
• BCU has recently completed a 3 hole,
2,000 m drill program to test the core of
the 2 km X 1 km aeromagnetic low and
the porphyry target. Final assays
pending early October 2011.
13. LA BALSA – IRON ORE EXPLOITATION
• La Balsa lies in the middle of a 30-kilometer-long
belt of iron ore deposits, which includes Arcelor-
Mittal’s 290-million-ton operating Las Truchas iron
mine, located 20 kilometers to the west
• High grade surface iron deposits have been
identified to date at the eastern and western claim
blocks
• Small-scale mining by local contractors of high grade
(66% iron), low sulphur magnetite – ore direct shipped
to Chinese purchasers at the port of Lazaro Cardenas,
10 km to the SW
• The iron operations should provide BCU with +$500,000
in 2011, which will be used to help self-fund the on-
going copper exploration drilling
14. LA BALSA – IRON ORE EXPLORATION
• Significant potential exists for the discovery of large iron deposits on both the eastern and western
portions of the property.
• Balsa 14 contains a large (3 X 4 km) magnetic anomaly identified in a government aeromagnetic
survey. The dimensions of the anomaly are comparable to those identified over the nearby Las
Truchas mine
• Recent prospecting in this area has produced magnetite stream cobbles believed to be sourced from
the area of the anomaly, and as a follow-up, BCU has recently completed a heli-mag survey (results
pending), which may be followed by ground based surveys and initial drill testing of targets
15. VAN DYKE – LOCATION AND ACQUISITION
• BCU has a binding agreement to purchase a 100% interest in the Van Dyke project, located at the
town of Miami, 90 miles east of Phoenix, AZ
• Property consists of 1,100 acres of patented ground in the vicinity of the former Van Dyke
underground mine
• High grade copper ores were mined via a 1,692 foot shaft from 1929-31 and 1943-45, producing 11.6
million pounds of copper with an average copper grade of +5.0%
• Under BCU’s purchase agreement (estimated to close by November 2011), total payments = $2.5
million cash, 5.6 million BCU shares, and a 2.5% NSR (2% of which may be purchased for a period of
three years by the payment of US$1.5 million for each 1% purchased).
• The $2.5 million will be paid $0.5 million at closing, with the balance payable as advance royalty
payments split equally over the following 8 years
Van Dyke headframe
Miami East headframe
16. VAN DYKE – HISTORICAL EXPLORATION
• Van Dyke deposit contains two mineralized
zones, each approximately 200 feet thick,
separated by a lower grade intermediate zone
of comparable thickness
• Deposit is relatively shallow dipping, ranges
from 900 to 2,000 feet below surface, and
hosts copper oxide
• Occidental Minerals conducted work on the
property in the 1970’s, including the drilling of
70 holes, 62 of which contained copper
mineralization
• 46 of the holes were used to generate a
resource of 1.37 billion pounds of copper (167
million tons @ 0.41% copper - using a 0.1%
cut-off). Note that these resources are
historical in nature, are not 43-101 compliant,
and as such should not be relied upon
Azurite vein
17. VAN DYKE – DEVELOPMENT PLANS
• Pending completion of the acquisition, initial work will consist of generating new 43-101 compliant
mineral resources (est. 6 months to complete) through new drilling and data verification (original drill
core available).
• Opportunities for further resource expansion include primary sulfidic copper beneath and to the east
of the oxide mineralization (as intersected at a depth above 1000 m by Occidental’s first hole), in
massive sulfide replacement bodies that are known to exist in the district, and in a satellite porphyry
area to the west where azurite has been identified in outcrops over a 400 X 500 m area
• A Preliminary Economic Assessment (est. 6
months to complete) for the recovery of
copper using in-situ leaching methods is
also anticipated following the projected
closing of the acquisition.
• Project previously pilot tested for in-situ
leaching by Occidental in 1976. Two 1,000
foot deep holes, 75 feet apart, were shown
to successfully leach copper at recoveries up
to 80% using hydro-fracturing to open
hairline fractures to improve fluid circulation
18. VAN DYKE – IN-SITU LEACHING
• In-situ leaching (ISL) is a non-invasive method where
copper can be extracted by pumping a dilute acid
solution into injection wells that dissolves the mineral
which is recovered in a controlled manner by recovery
wells
• ISL advantages include: lower capital and operating
costs, no ore moved or tailings created, minimal visual
disturbance, fewer permits vs. other mining methods,
and an ability to produce copper cathodes on site
• ISL has been used extensively around the world for
decades. There are currently 26 known ISL projects in
operation or under development globally, and over
30% of world wide uranium and 90% of current U.S.
uranium production utilizes ISL
• Copper oxide deposits similar to Van Dyke have been
leached throughout Arizona, including BHP Copper’s
San Manuel mine, which used ISL for over 10 years
(and which used the SX/EW plant that BCU has
purchased)
• Van Dyke is ideal for ISL, and no permitting difficulties
are anticipated, as no water wells exist at the depth of
the deposit, and the town of Miami receives its water
from wells 3 miles north of the deposit
19. KABBA – LOCATION AND HISTORY
• BCU holds a 100% interest in a 8,031 acre property
in NW Arizona
• Located 19 miles SE of Kingman and 150 miles NW
of Phoenix on the highly productive Copper Creek-
Resolution-Bagdad porphyry trend
• 2 miles from power (the main Hoover Dam - Phoenix
transmission corridor), 30 miles from the Mineral
Park Mine (1.3 billion lbs Cu, 0.3 billion lbs Mo), and
73 miles from Freeport’s Bagdad copper mine (200
million lbs/yr, plus one of the world’s few
molybdenum concentrate leaching facilities)
• From 1953 to 1983, a number of mining companies
explored a major 3 X 5 km pyritic halo surrounding
an outcropping porphyry located to the west of the
Kabba property. Their efforts identified abundant but
sub-economic Cu and Mo mineralization
• BCU management have since concluded that the
outcropping parts of the porphyry system were an
exposure of the deeper roots of the original system -
deeper than where the richest deposits of copper are
normally found
20. KABBA – EXPLORATION TARGET
• Geological investigations by BCU have subsequently identified a major low-angle fault immediately
east of this porphyry root
• By investigating the displacement of a distinct marker unit in the Kabba region, management has
been able to generate a history of faulting in the area, and has projected the displacement of the
truncated porphyry cap approximately 4.5 miles further to the east
• The Kabba property was acquired/staked in 2005/2006 to cover the projected location of the displaced
upper part of the porphyry system
Projected
Porphyry Displacement
Root
Projected
Porphyry Cap
1 mile
West East
• Initial work on the property in 2006/2007 included aeromagnetic, seismic reflection IP, NSAMT, and
gravity geophysical surveys
21. KABBA – DRILLING
• Drilling commenced in 2007 in a line of step-out holes (K-1 to K-6) designed to test for a due east
displacement of the porphyry cap.
• Subsequent field-work provided new evidence that the displacement of the porphyry cap was not due east,
but rather projected more towards the north-east
• Hole K-8 (drilled to 544 m) encountered
sericitically altered dacite porphyry
enriched in lead, zinc and manganese,
interpreted as the east margin of the
main porphyry
• Hole K-9 halted due to difficult ground
conditions arising from extensive
hydrothermal alteration. New projected
displacement
• K-10 completed in August 2011, with
initial assays expected end September
2011.
• K-10 is interpreted to have intersected
the western edge of the diatreme
breccia above the porphyry, and
encountered copper, molybdenum, Original projected
lead, and zinc mineralization, along displacement
with more than ten varieties of
porphyry dikes.
23. KABBA – DRILLING (HOLE K-10)
Base metal vein carrying
sphalerite (zinc sulfide),
galena (lead sulfide) and
chalcopyrite (copper-iron
sulfide)
Base metal vein
carrying silver-rich
galena (lead sulfide)
and chalcopyrite
(copper-iron sulfide
24. SOMBRERO BUTTE – LOCATION AND HISTORY
• 100% interest in 2,887 acres located 44 miles
NE of Tucson, at the intersection of two state-
wide belts of major porphyry copper
deposits/mines
• Located 9 miles east of the San Manuel Mine Redhawk
(14 billion lbs Cu), 2 miles south of Redhawk
Resources’ Copper Creek project and 30 miles
south of Asarco’s Hayden copper smelter
• Redhawk and Millrock Resources actively drilling Bell Copper
within 1 mile of the N property boundary. Red
Hawk’s drilling continues to expand their 3.4
billion pound Copper Creek resource
• Land package consolidated in late 2005/early
2006 which united the property for first time
since the 1920’s
• Property contains clusters of copper-bearing
breccia pipes, which elsewhere in the district
host economic deposits, and which overlie
associated porphyry copper systems
25. SOMBRERO BUTTE – DRILLING
• Between 2006 and 2008, 34 holes in two
phases of drilling tested 8 of the 25 breccia
pipes identified in the NW portion of the
property
• 6 of the 8 pipes tested returned significant
intercepts of copper mineralization, with two of
the pipes (Magna and Campstool) exhibiting
strong mineralization to depths in excess of
300 m
• Assays from the drill programs include:
48 m grading 1.0%
66 m grading 1.5%
22 m grading 4.1%
22 m grading 3.0%
10 m grading 5.6%
• The 43-101 Technical Report (May 2010)
concluded that the intercepts obtained from
the breccia drilling to date have grades worthy
of further evaluation for mining by open pit,
underground, or a combination of the two
mining methods
26. SOMBRERO BUTTE – EXPLORATION
• Drill core exhibits porphyry dikes
carrying disseminated bornite and
chalcopyrite, pervasive K-feldspar
alteration, and quartz-chalcopyrite-
pyrite stockwork style veins, all
indicative of adjacent porphyry
systems
• 2008 field exploration revealed an
additional 12 breccia pipes exhibiting
evidence of advanced argillic alteration
and the presence of the mineral dickite
in the altered breccia matrix
• Dickite is a unique blue indicator
mineral which forms under acidic and
high-temperature conditions, and
which has been identified at multiple
world-class porphyry copper deposits,
including the nearby San Manuel mine
• The presence of dickite in all 12
southern breccia pipes suggests they
are connected at depth to a projected • Future work will include additional ground surveys and
common porphyry source mapping, as well as new drilling to further test and expand the
mineralization within the breccia pipes, and to test for an
underlying porphyry system
27. DEBT RESTRUCTURING
• On February 25, 2011, BCU closed a comprehensive debt restructuring with Macquarie Bank
• $2.8 million demand debenture repaid in full with cash generated from the sale of the Granduc
project
• $4.3 million debenture eliminated through:
• $2 million conversion to a 2% NSR on the La Balsa project (the only production royalty
covering the production deposits)
• $2.3 million conversion to equity on May 6, 2011 on the same terms as the $4.5 million
brokered private placement
• This residual US $6.7 million in debt has been restructured into a term facility maturing on January
31, 2013, secured only against the La Balsa project
• It is the intention to have this debt refinanced following the completion of the La Balsa feasibility
study, as part of the debt financing for construction of the La Balsa mine
28. SHARE STRUCTURE
Shares: 173,587,000
Warrants: 1,989,500 (Nov. 2012 @ $0.20)
34,001,000 (Nov. 2012 @ $0.35)
Options: 23,075,000
Recent Financing = $4.5 million brokered private placement in May 2011
29. SHAREHOLDER VALUE
• Based on shares outstanding of 173 million, the market capitalization of BCU is approximately $36
million
• Following the closing of the Van Dyke acquisition, and assuming that BCU is able to upgrade its
historical resources at Van Dyke to 43-101 standard, based on BCU’s current market capitalization,
the Company’s copper resources would be valued at 1.9 cents/lb. This compares favourably to the
current in-situ valuation for comparable non-producing copper exploration companies of 8.5 cents/lb
of copper (Wellington West, June 27, 2011 Base Metals Report)
• Given the low operating costs
and strong cash flows
forecast in the La Balsa
Scoping Study, and the
current ownership of the SX-
EW plant at a significant
reduction to replacement
value, BCU represents
excellent value.
• Significant growth potential
and added shareholder
benefit value with active
exploration on three high-
value porphyry copper
targets and one large iron
ore target
30. SUMMARY
Exceptional and proven production and exploration
oriented management team
Growing copper resource base through acquisition and
exploration
Near-term production in mining friendly jurisdictions
Tremendous blue-sky copper exploration potential –
active programs on three compelling porphyry copper
targets
Attractive economics, financially restructured,
significantly undervalued
