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Rio Tinto unit terminates earn-in option on Bell Copper's Kabba project

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Rio Tinto unit terminates earn-in option on Bell Copper's Kabba project

Bell Copper Corp. said March 17 that it regained a 100% interest in the Kabba copper project in Arizona after Rio Tinto unit Kennecott Exploration Co. withdrew from an earn-in agreement covering the property.

Kennecott had the option to acquire up to a 70% interest in Kabba by completing spending milestones, including US$3 million over five years for an initial 51% stake, and an additional US$10 million over eight years for another 19% interest.

According to the statement, Kennecott spent more than US$3 million on the property after completing a seven-hole drill program targeting induced polarization anomalies in 2017. The Rio Tinto unit, however, decided to withdraw from the agreement. No further details were given.

Bell Copper plans to resume drilling at Kabba in the second quarter, and the program will focus on a copper porphyry target.

In addition, the company noted that it retired debt secured against the Kabba project.