EXP Resources Ltd. Quick Quote: V.EXP 0.08 (-0.01)
Bell Coast Announces Joint Venture On Block 6 In Mongolia
4/9/02
BELL COAST CAPITAL CORP ("BCP-V") NEWPORT EXPLORATION LTD ("NWX-V") EXP RESOURCES LTD ("EXP-V") - Bell Coast Announces Joint Venture On Block 6 In Mongolia - Retains 12.5% Carried Interest
Mr. Rahoul Sharan, President of Bell Coast Capital Corp. ("Bell Coast") is pleased to announce that as a result of a series of joint venture agreements between Bell Coast, Newport Exploration Ltd. ("Newport") and EXP Resources ("EXP"), Bell Coast now retains a 12.5% free carried interest in Block 6, one of the nine mineral properties covering 540,000 Ha in Mongolia in which Bell Coast has an interest.
The Block 6 exploration license covers an area of approximately 20,000 Ha and is located approximately 50km north of Block 8 and 9 in which the Company has a 20% carried interest. EXP has entered into agreement with Bell Coast and Newport whereby EXP can earn a 75% interest in the property by paying Bell 100% of the acquisition cost and by paying 100% of all exploration costs on the block.
In order to facilitate the joint venture with EXP and to restructure its participating 20% interest in order to secure the 12.5% free carried interest in Block 6, Newport has agreed to pay Bell Coast the sum of $8,000USD. Upon making this payment, the Company will have no further acquisition costs or exploration expenditures in order to maintain this interest. The various interests in Block 6 are now EXP 75%, Newport 12.5%, and Bell Coast 12.5%, with both Bell Coast and Newport having a free carried interest to production.
EXP has also entered into joint venture agreements with Bell Coast and Newport with respect to Blocks 2,3,4,5 and 7 whereby EXP can earn a 15% interest in and to these Blocks by paying 20% of the acquisition costs and 20% of the exploration expenditures. As a result of this joint venture agreement, Bell Coast and Newport have reduced their interests by a proportionate amount. The various interests in Blocks 2,3,4,5 and 7 are now Bell Coast 68%, Newport 17% and EXP 15%, with Bell Coast contributing 56% of the costs to maintain its 68% interest.
In the Yorkon Mining Research Issue No. 533 dated March 22, 2002, Mr. Art Ettlinger, Ph.D. wrote that "Mongolia has the potential to explode with junior company activity in an area play like none witnessed before." This potential is fast becoming reality as evidence by the acquisitions being made by Bell Coast and Newport and the interest being shown by potential joint venture partners. The Company expects to be entering into other agreements in the near future and will disclose details of these at the appropriate time.
WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company. TEL: (604) 689-1810 Rahoul Sharan, President, Bell Coast TOLL FREE: 1-800-570-8733 FAX: (604) 689-1817 |
