bcMetals Corporation

bcMetals Corporation

November 10, 2006 20:11 ET

bcMetals Corporation: Rights Plan Upheld

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 10, 2006) - bcMetals Corporation (TSX VENTURE:C) announced today that the British Columbia Securities Commission ("BCSC") has dismissed the application made by Imperial Metals Corporation ("Imperial") asking for an order to cease trade the limited purpose shareholder rights plan (the "Rights Plan") of bcMetals.

The BCSC also heard today bcMetals' application for an order requiring Imperial to grant securityholders of bcMetals who have had their securities taken up by Imperial under its offer, the right to withdraw those securities. BCSC staff also submitted that such withdrawal rights should be granted. However a BCSC panel of commissioners denied this application.

bcMetals is proceeding with its special meeting of shareholders scheduled for November 30, 2006. At the special meeting, shareholders will be asked to approve, among other matters, the previously announced limited partnership between bcMetals and Global International Jiangxi Copper Mining Company Limited (the "Red Chris Transaction").

In view of the prior announcement by Taseko Mines Limited of its intention to make a take over and today's developments the Board of Directors of bcMetals has extended the time for the separation of rights under the Rights Plan. Management of bcMetals continues to consider and respond to expressions of interest from third parties regarding potential transactions and discussions in this regard are ongoing.

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)