bcMetals Corporation
TSX VENTURE : C

bcMetals Corporation

January 10, 2007 20:24 ET

bcMetals Responds to Latest Taseko Offer

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 10, 2007) - bcMetals Corporation (TSX VENTURE:C) announced today that its Board of Directors has reviewed the latest offer by Taseko Mines Limited ("Taseko") to increase the purchase price offered under its current offer for all of the common shares and out-of-the-money warrants of bcMetals to $1.15 per common share. The latest offer by Taseko also amends the conditions to its offer relating to the receipt of a satisfactory opinion regarding certain litigation pending against bcMetals and removes the condition regarding the proposed joint venture between bcMetals and Global International Jiangxi Copper Mining Company Limited.

In accordance with the terms of the Support Agreement between bcMetals and Imperial Metals Corporation ("Imperial"), Imperial now has the opportunity, exercisable for five business days, to offer to amend the Support Agreement and the terms of its current offer for the common shares and out-of-the-money warrants of bcMetals in response to the revised Taseko offer.

The Board of Directors is not, at this time, modifying or withdrawing its recommendation of the current offer by Imperial.

If the Board of Directors determines to recommend an offer other than an offer by Imperial, then a $1.8 million break fee would be payable to Imperial under the terms of the Support Agreement. The $2 million borrowed by bcMetals to date from Imperial under the interim funding agreement would also be due and payable.

Ian Smith, President and Chief Executive Officer

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • bcMetals Corporation
    Ian Smith
    President and Chief Executive Officer
    (604) 683-0140
    (604) 683-0126 (FAX)
    Website: www.bcmetalscorp.com