bcMetals Corporation

bcMetals Corporation

June 07, 2006 14:08 ET

bcMetals Raises C$3.9 Million for Red Chris Exploration Program and Working Capital

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 7, 2006) - bcMetals Corporation (TSX VENTURE:C) is privately placing up to 2.2 million flow-through shares at $0.90 each for gross proceeds of $1,980,000. A finder's fee of $76,500 is payable in connection with the placement of 1.7 million shares. Proceeds from these offerings will be used for the Company's exploration program on the Red Chris property this summer.

Further to its May 9, 2006 news release, the Company reports that warrants to purchase 2,570,000 common shares at $0.75 each were exercised on or before their accelerated expiry date of May 24, 2006. The net proceeds of $1,927,500 will be used for working capital.

Red Chris Project

Red Chris is Canada's newest planned copper-gold porphyry mine and the first in British Columbia in 10 years. Construction is scheduled to begin in 2006 and production is currently scheduled for mid-2008. Reserves consist of 1.85 billion pounds of copper and 1.2 million ounces of gold, both contained in concentrates, as reflected in the 43-101 Technical Report which is available at both www.sedar.com and www.bcmetalscorp.com. Average annual production for the first five years of operation is 110,000,000 pounds of copper and 75,000 ounces of gold, both contained in concentrate. Agreements in principle are place for the sale of the first five years of concentrate production.

Ian Smith, President and Chief Executive Officer

This release contains forward-looking statements, including statements relating to bcMetals' future plans and objectives with respect to the development of the Red Chris Property and with respect to any new joint venture arrangements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in bcMetals' business, including risks inherent in resource exploration and development. There can be no assurance that a new joint venture will be formed or that the Red Chris Property will be placed into production and actual results may vary materially from those described in 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 Chief Executive Officer
    (604) 683-0140
    (604) 683-0126 (FAX)