Bellhaven Copper & Gold Inc.
TSX VENTURE : BHV

Bellhaven Copper & Gold Inc.

April 13, 2010 07:30 ET

Bellhaven Announces Start of Exploration Program at the Pitaloza High-Sulphidation Gold Project in Panama

PANAMA, REPUBLIC OF PANAMA--(Marketwire - April 13, 2010) - Bellhaven Copper & Gold, Inc. (the "Company" or "Bellhaven") (TSX VENTURE:BHV) is pleased to announce that it has commenced follow-up trenching and detailed mapping to locate sites for reverse-circulation (RC) drilling on its 100%-owned Pitaloza gold project located on Panama's Azuero Peninsula, 10 km west of the Cerro Quema advanced-stage gold project now under option to Pershimco Resources Inc.

Initial work will concentrate at Bejucosa, one of three high-sulphidation gold prospects occurring at Pitaloza.

The key activities of the exploration program include:

  • Detailed geologic mapping of the structural and alteration-mineralization features controlling the emplacement of gold,
  • Rehabilitating 650 m of old trenches,
  • Opening 150 m of new trenches to expose additional gold-bearing structures,
  • Channel sampling of bedrock exposed in the above trenches,
  • Reinterpreting 8,000 line m of geophysical data collected as part of a dipole-dipole induced polarization (IP) survey conducted in 2008.

The reinterpretation of the previous IP geophysical data is being undertaken by Mr. Jovan Silic of Jovan Silic and Associates, Australia. The IP geophysical data will be integrated with the results of the fieldwork highlighted above in an effort to define drill-ready targets.

The results from the exploration program are expected in late May, 2010. Should the program deliver favourable results, it is anticipated that a 750 m RC drilling program will ensue in June or July, 2010, depending on drill-rig availability.

Mr. Julio Benedetti, Bellhaven's President and CEO, commented as follows:

"We are excited to begin moving again on the Pitaloza project. The property is in close proximity to Cerro Quema, occurring in the same belt of rocks, and shares the same alteration-mineralization characteristics. Significant work was done one-to-two years ago on the Pitaloza property, thus allowing us to advance quickly Bejucosa to a drill-ready prospect. We look forward to reporting the results of the mapping, trenching, assaying, and re-interpreted geophysical survey soon."

About the Pitaloza Gold Project

The Pitaloza property is an exploration concession of 3,299 hectares, owned 100% by Bellhaven. Access to the area from the Pan-American Highway is by paved road through the towns of Chitre, Macaracas, and La Mesa, then 10 km by unimproved dirt road to the project area.

The property is situated within a 60-km long, east-west elongate belt of Cretaceous dacitic volcanic rocks containing areas of advanced-argillic and vuggy-silica alteration characteristic of high-sulphidation, epithermal gold deposits.

The Cerro Quema gold project also lies within this Cretaceous volcanic belt and exhibits alteration and mineralization features similar to Pitaloza. Cerro Quema is currently being developed by Pershimco Resources Inc. (TSX-V: PRO) as part of an earn-in arrangement with Bellhaven (see press release of January 4, 2010). Prior work at Pitaloza and Cerro Quema focused on discovering gold in near-surface, oxidized rocks. The potential for gold to occur at depth remains untested at Pitaloza (whereas gold at depth is now known to occur at Cerro Quema).

The current fieldwork program at Pitaloza is directed toward the Bejucosa prospect. At Bejucosa, acid-sulphate leach alteration has been mapped over a 1000 m by 500 m area by previous work. Previous trenching (released in 2006) yielded the following results:

  • 52 m of 2.3 g/t Au (Trench 1),
  • 16 m of 1.8 g/t Au (Trench 2),
  • 12 m of 8.9 g/t Au (Trench 3), and
  • 34 m of 0.6 g/t Au (Trench 4)

A photograph showing these trenches can be seen in Figure 1. To see Figure 1, please click on the link below:

http://media3.marketwire.com/docs/bhv413a.jpg

PIMA spectral analysis conducted by Spectral International Inc., Denver, Colorado, in 2008 confirmed that gold within the trenches is associated with quartz-alunite-dickite-hematite altered rock, confirming Bejucosa as a high-sulphidation-type gold prospect.

There are two other prospects within the Pitaloza property which could be targets of subsequent work based, in part, on findings at Bejucosa;

  • Caracucho, located approximately 1.5 km northwest of Bejucosa, and
  • Cementerio, situated approximately 1.5 km northeast of Bejucosa.

For more information on the Caracucho and Cementerio prospects, please refer to the Company's most recent MD&A filing on SEDAR.com.

In addition to the Pitaloza exploration concession, Bellhaven also controls 51,820 additional hectares under exploration application that cover the remainder of the 60 km east-west Cretaceous belt, stretching west of Pitaloza to the Pacific Ocean. Figure 2 illustrates the Company's current land position in the area, as well as showing its close proximity to the Cerro Quema project. To see Figure 2, please click on the link below:

http://media3.marketwire.com/docs/bhv413.jpg

About Bellhaven:

Bellhaven Copper & Gold, Inc. is a Canadian-listed (TSX VENTURE:BHV) mineral exploration company exploring for gold and copper in Panama and Colombia. The Company's objective is to become the best gold-copper company operating in Panama and Colombia, by discovering, acquiring, and developing high-quality resources in a safe and responsible manner to the benefit of all of our stakeholders.

The Company's principal assets include one mining (exploitation) concession, three exploration concessions, and ten exploration concession applications on copper and gold prospects in Panama, totaling 117,613 hectares, the La Ventura prospect consisting of three exploration concession blocks and 6,400 hectares in the San Lucas gold belt in northeastern Colombia, and 100% control of the Cerro Quema gold-(copper) project (high-sulphidation epithermal deposit) on the Azuero Peninsula in Panama. The Company announced a letter of intent (LOI) with Pershimco Resources (TSX-V: PRO) on January 4th, 2010, to develop Cerro Quema, whereby Pershimco can earn up to a 75% equity interest in the project, plus an option to purchase an additional 10% interest for US$5M.

On behalf of the board of directors,

Julio C. Benedetti, President, CEO

BELLHAVEN COPPER & GOLD, INC.

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.

Contact Information

  • Bellhaven Copper & Gold, Inc.
    Julio Benedetti
    Corporate Contact
    Int'l No: +507-226-3967
    or
    Bellhaven Copper & Gold, Inc.
    Patrick Abraham
    Investor Relations Contact
    Int'l No: +507-340-9501
    www.bellhavencg.com