Bellhaven Provides Exploration Update at La Mina Project: Drill Testing Four New Targets That Could Significantly Expand Mineraliz

Wed Nov 14, 2012 7:30am EST

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Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the
"Company") describes ongoing target generation work and upcoming drill
testing of four distinct targets near the La Cantera and Middle Zone
resources in Colombia. These efforts will include at least 5,000 meters
of diamond drilling, and continued work on geophysical target modeling.
In addition, the Company is set to conduct a ZTEM (airborne
electro-magnetics) survey over the entire La Mina property.

    Since so much of the La Cantera and Middle Zone deposits cropped out and
exhibited obvious geochemical and geophysical anomalies, the next stage
of exploration around the La Mina district was deferred for a time. The
initial drilling focused on these known targets at surface. The team has
now commenced the next round of targeting. This work includes
investigations of historic mining in the area, large-scale soil sampling,
as well as mapping and sampling over this large mineral system. The
drilling is advancing into these areas where the latest geological
interpretation has identified some strong targets with potential to grow
the resources. For maps showing the location of the target areas, plus
relevant geophysical, geological, and soil geochemical information,
please use the following link: 

    Patrick Highsmith, Bellhaven's CEO, commented on the program: "It is
exciting to see these new targets emerge from the work of our technical
team. We now have coincident soil and geophysical anomalies defined over
an area of 3 kilometers by 1.5 kilometers, stretching well beyond the
existing gold and copper resources. The patterns we see in the
geophysics, sampling, and mapping are indicative of a very large mineral
system, confirming our early assessments of the potential at the La Mina
Project. We look forward to reporting the results as we systematically
advance through these targets." 

    Discussion of Ongoing Target Generation Results and Drill Plan

    The program has thus far succeeded in defining four drill-ready targets
using a combination of methods. These are: (1) possible historic
underground mine workings immediately west of Middle Zone; (2)
geophysical and geological targets between the La Cantera and Middle Zone
deposits; (3) an east-west linear target between La Cantera and the La
Garrucha mineralized porphyry; and (4) a large geophysical and
geochemical target at Cristalina, about 500 meters south of La Cantera.
The geological team will conduct a drill program of at least 5,000 meters
shared among these targets. 

    As part of ongoing geological work on the La Mina Project, geologists
have been conducting mapping, sampling, and interviews of miners from the
local community. While information is incomplete, a number of people
identified an area of historical mining immediately west of the Middle
Zone deposit. Soil and rock sampling in the area revealed silver,
antimony, and gold anomalies indicative of possible epithermal veining.
The historic mine workings were covered by minor landslide deposits, but
geochemical anomalies identify a structural trend cutting the area. The
Company will target at least 1 drill hole in the area to test for
evidence of these veins. 

    The technical team is also conducting a rigorous 3D modeling exercise of
all the available geophysical data around the La Cantera and Middle Zone
deposits. The objective is to define the 3D structure of known and
potential porphyry systems on the property. The work was contracted to
the world-leading geophysical experts of Condor Consulting, located in
Denver, Colorado. The geophysicists incorporated the entire database in
their study, including: two aeromagnetic surveys, ground magnetics, IP,
radiometrics, and down-hole magnetic susceptibility. These data are
integrated with geology, structural measurements, and resource drilling
to aid in a full interpretation. Though the work by Condor Consulting is
ongoing, the Company has received encouraging initial results. Results to
date suggest that the La Cantera resource and the La Garrucha porphyry
have a magnetic connection at some depth (see Figures 1 and 2 for a plan
view and a 3D image viewed from the south). Also of interest are several
distinct chargeability and resistivity features between the La Cantera
and Middle Zone resources. These complement prior magnetic
interpretations suggesting possible links between the two deposits. 

    New field measurements by Bellhaven geologists show evidence for a number
of geological structures to the east and south of La Cantera. An
interpreted NE trending regional lineament has been confirmed by numerous
faults observed in the Cristalina area, approximately 500m south of La
Cantera. These structures conform to patterns seen in local drainages
that align with the La Garrucha porphyry. Another important discovery is
evidence of an EW trending connection between La Cantera and La Garrucha.
Fault and vein traces in rock exposures, along with drainage and
topographical patterns, point to a possible set of faults that lie
parallel to the observed magnetic response noted above. These fault and
vein patterns may be significant as they could define the controls for
emplacement of porphyry, breccia, and vein deposits.  

    Approximately 500 soil samples now cover the area surrounding La Cantera,
Middle Zone, and La Garrucha, all the way to the southern property
boundary. The area between La Cantera, Middle Zone, and La Garrucha is
characterized by high arsenic and zinc in soils (100+ ppm As, 200+ ppm Zn
- see Figures 3 and 4). Anomalous As and Zn are known to occur as halos
to mineralized porphyries. There are also significant gold anomalies (50+
ppb Au - see Figure 5) associated with the faults to the east of La
Cantera and Middle Zone. These geochemical anomalies echo the
significance of the area between La Cantera and Garrucha as a drill

    Large and robust arsenic and zinc anomalies also exist in the Cristalina
area, at least as intense as in the area described above. The Cristalina
anomaly lies directly in the north-south corridor defined by La Cantera,
Middle Zone, and El Limon, at approximately regular intervals, 400 to 500
meters. The geochemical response associated with this corridor suggests
the presence of a porphyry system, though none has been mapped, and no
anomalous gold is noted in sampling. A positive magnetic anomaly exists
on the SE shoulder of this area. The current interpretation is that the
target is a mineralized porphyry buried by volcanic rocks, altering the
geochemical and geophysical responses.  

    Drilling has already commenced in these areas and is expected to run
through to January. Any other drilling program that may initiate during
this time will be run in parallel by contracting additional drill rigs. 

    Discussion of ZTEM Survey 

    Bellhaven has contracted Geotech Ltd., a Canadian geophysical survey
company, to run a helicopter-borne ZTEM survey over the entire La Mina
property (1,800 Ha). The EM and magnetic survey will cover approximately
132 line kilometers and use flight lines at 200 meter spacing. The survey
is expected to define the mineralization and alteration associated with
large mineral systems to considerable depth, as well as enhance
understanding of large structures. In addition, the information will
supplement the current understanding of geophysical properties around the
known mineralized porphyries. The survey is expected to be completed in
the next month. 

    Drilling at the El Limon Target 

    The Company has just completed additional drilling at the El Limon
porphyry target, located approximately 300m north of the Middle Zone
resource. Five new drill holes tested the western and southern portions
of the geochemical and geophysical anomalies. The completed results from
this latest drilling are expected before the end of November. 

    Laboratory Methodology and Quality Assurance 

    All soil and rock samples summarized in this news release and shown in
the related figures were collected by Bellhaven personnel under the
supervision of senior staff and a qualified person, as defined by
Canadian National Instrument 43-101. Bellhaven employees or contractors
transported these samples to the sample preparation laboratory in
Medellin, ALS Colombia Ltda. The lab prepares sample pulps for analysis
according to industry standard methodologies and ships the pulps to ALS
Laboratories in Lima, Peru and La Serena, Chile. The multi-element
analyses are performed by either an aqua regia or four-acid digestion and
ICP-AES finish at the ALS Lima lab. The gold is determined by fire assay
of a 30-gram sample with an atomic-absorption finish in Lima or La
Serena, depending on laboratory workflow. 

    The ALS Minerals laboratory in Lima, Peru is registered to ISO 9001:2008
and has received ISO 17025:2005 accreditation for certain specific
methods, such as fire assay/AA gold. In addition to the internal QA-QC
program used by these accredited laboratories, Bellhaven also maintains
an independent QA-QC program that includes the use of certified standard
reference materials, blanks, as well as field and pulp duplicates. The
quality control data associated with these results falls within
acceptable ranges for all relevant parameters. 

    This news release has been prepared under the supervision of Mr. Thomas
J. Drown, P.Geo. Mr. Drown has more than 25 years relevant experience and
is a British Columbia Professional Geoscientist. He is a senior project
geologist with the Company at the La Mina Project and serves as the
qualified person as defined by National Instrument 43-101. 

    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 includes 1.6 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


    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.

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

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

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