Bellhaven Options Non-Core Projects in Bolivar Department, Colombia to HudBay Minerals and Braeval Mining Corporation

Tue Oct 30, 2012 7:30am EDT

* Reuters is not responsible for the content in this press release.

Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the
"Company") is pleased to report that it has signed definitive agreements
with subsidiaries of HudBay Minerals Inc. ("HudBay") and Braeval Mining
Corp. ("Braeval") optioning two different non-core gold properties in the
Bolivar Sur region of Colombia to the companies.

    Bellhaven's wholly owned subsidiary, Aurum Exploration Inc., has reached
agreements to option three mineral properties totaling 4,213 hectares in
the Bolivar Sur region of the Bolivar Department in Colombia. Bellhaven
has optioned two contiguous granted concessions, encompassing 3,333
hectares, to HudBay; while Braeval Mining Corporation will option a third
granted concession, covering 880 hectares. In both cases, the optionee
will earn up to 70% interest in a joint venture company through a
combination of cash payments and work commitments on the properties.

    The HudBay transaction includes an exploration work commitment of
$2,000,000 to be carried out in 42 months and option payments over the
same time period totaling $800,000. The agreement includes a cash payment
of $40,000 at closing. The closing of this transaction is conditional on
a satisfactory due diligence, which will be conducted by HudBay within 30

    The Braeval transaction entails a work commitment of $1,967,000 over a
36-month period and option payments over the same time period totaling
$1,108,000. The cash payment to Bellhaven expected upon closing is
$133,000. ($10,000 has already been received.)

    Patrick Highsmith, Bellhaven's CEO, commented on the transactions, "We
are very happy to realize considerable value for these early stage
properties in Bolivar Sur. Our new partners, HudBay and Braeval Mining,
are set to make considerable investments in these properties. The
significant exploration investments and cash payments in these agreements
are good indications of the upside potential on these un-drilled
properties. We look forward to realizing that upside without diluting our
focus on the La Mina Project." 

    About Bellhaven

    Bellhaven Copper & Gold Inc. is a Canadian-listed (TSX VENTURE:BHV)
exploration company exploring for gold and copper in Panama and Colombia.
The Company's objective is to be a leader in responsible gold and copper
development in Panama and Colombia. Bellhaven will focus on discovery,
acquisition, and development of high-quality resources in a safe and
responsible manner for the benefit of all of its stakeholders.

    The Company's flagship project is the La Mina porphyry gold-(copper)
project in the Middle Cauca belt of Colombia. In July 2012, the Company
increased the mineral resource inventory at the La Mina Project by 60%
with the announcement of an inferred resource at Middle Zone. The total
La Mina resource now includes1.6 Moz gold and 419 million pounds of
copper (or 2.55 Moz gold equivalent) contained in 79.87 million tonnes
averaging 0.62 g/t Au, 0.24% Cu, or a gold equivalent grade of 1.0 g/t
(based on a 0.30 g/t Au cutoff grade). The Company is currently seeking
to grow these resources through ongoing exploration on the La Mina
concession. For more information regarding Bellhaven, please visit our
website at

    On behalf of the board of directors,

    R. Patrick Highsmith, Chief Executive Officer, BELLHAVEN COPPER & GOLD

    Statements in this press release, other than purely historical
information, including statements relating to the Company's future plans
and objectives or expected results, may include forward-looking
statements. Forward-looking statements are based on numerous assumptions
and are subject to all of the risks and uncertainties inherent in
resource exploration and development. As a result, actual results may
vary materially from those described in the forward-looking statements.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

North America: Bellhaven Copper & Gold Inc.
Nico Wells
Corporate Communications
+1-303-470-8700, ext 24

Panama: Bellhaven Copper & Gold Inc.
Julio Benedetti
Int'l No: +507-226-3967

Copyright 2012, Market Wire, All rights reserved.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.