bcMetals Corporation

bcMetals Corporation

November 08, 2005 20:15 ET

bcMetals Corporation: Third Quarter Results Released & Red Chris Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 8, 2005) - bcMetals Corporation (TSX VENTURE:C) issued and filed today Third Quarter 2005 unaudited Financial Statements and Management Discussion and Analysis on www.bcmetalscorp.com and www.sedar.com. Results generally were in line with previous quarters and expectations except for the write-off of Fire Mountain property and exploration costs. The Company elected not to make the annual payment required to keep the property in good standing after reviewing the results of work done on the property in 2004.

A limited exploration program was conducted on the Johnson property in Alaska during the second and third quarters. Several desired drill targets could not be reached because of heavy snow cover. Results of the limited drilling conducted were inconclusive. Future work will depend on availability of funds to conduct an extensive, well-designed program. The property is in good standing until June 15, 2006.

The Company is moving closer to constructing its Red Chris copper-gold porphyry open pit mine located in northwestern BC, approximately 18km south of Iskut. Investec Bank (UK) Ltd. ("Investec") is arranging US$110 million of project debt financing and engaged independent technical consultants, SRK Consulting to review the Company's Feasibility Study. The review, which included a site visit, is expected to be completed before the end of November. Proposals for engineering, procurement and construction management ("EPCM") are being reviewed and evaluated with the successful bidder(s) expected to be chosen also by the end of November. Requests for proposals on major items of equipment will be distributed shortly and a timber cruise is planned for completion in the fourth quarter. Efforts are continuing on a number of fronts to ensure the timely construction of a powerline extension along highway 37.

Expenditures are expected to increase during the fourth quarter because of Red Chris pre-production costs and due diligence costs related to Investec's project debt financing. Accordingly, as announced in its November 7, 2005 news release, the Company privately-placed 2,500,000 units for gross proceeds of $1.25 million to provide additional working capital.

The Company is very pleased to announce the appointment of Alastair Tiver, BEng., MBA as Senior Mining Engineer. Alastair has almost 20 years of industry experience in underground and open pit operations, engineering and consulting. Alastair's responsibilities will include the short- and long-range planning requirements for Red Chris. Alastair is a welcome addition to the Company's staff as we progress the Red Chris project to production.

Ian Smith, President and CEO

This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

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 CEO
    (604) 683-0140
    (604) 683-0126 (FAX)