Bellhaven Copper & Gold Inc.

Bellhaven Copper & Gold Inc.

June 18, 2010 18:12 ET

Bellhaven Announces Vice President of Exploration to Continue as Consultant to the La Mina Porphyry Gold-(Copper) Project, Colombia

Preparations Being Made for Upcoming Drilling Program

PANAMA, REPUBLIC OF PANAMA--(Marketwire - June 18, 2010) - Bellhaven Copper & Gold, Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased to announce that Mr. Eugénio Espada will continue to provide technical guidance and expertise to Bellhaven's 100%-controlled La Mina porphyry gold-(copper) project, Colombia, as a full-time consultant while resigning from his post as vice president of exploration. This management change will allow Mr. Espada to focus exclusively on geology and exploration and not on management issues.

Paul Zweng, Bellhaven's Interim CEO and Director, commented as follows:

"We are excited to work with Eugénio in his new role as a consultant to Bellhaven regarding the La Mina project. He has a strong passion towards completing geologic work at the highest standard, and this change in role will better serve that end. 

He is currently constructing new geological cross sections which will facilitate the positioning of the initial round of drill holes in the upcoming drilling campaign. Further, he will be evaluating other prospective targets within the concession, including the Middle, North, and El Limon targets. In these efforts, he will continue to work with our other geologists at La Mina as Bellhaven moves forward with the exploration of the concession."

About the La Mina porphyry Au-(Cu) prospect

La Mina (also known as Venecia) lies within the Middle Cauca belt of Miocene-age volcano-plutonic rocks in central Colombia known to host large porphyry gold deposits such as La Colosa (12.9 Moz Au contained in 468 Mt @ 0.86 g/t Au; AngloGold Ashanti), Titiribi (3.7 Moz Au contained in 230 Mt @ 0.5 g/t Au; Sunward Resources), Quebradona (AngloGold Ashanti – B2Gold), Quinchia (Batero Gold), and Yarumalito (Colombian Mines), as well as large epithermal gold districts such as Marmato (7.5 Moz Au contained in 245 Mt @ 0.95 g/t Au; Medoro Resources).

The concession was staked in 2002 based on Ingeominas government reports showing the presence of gold in the area. AngloGold Ashanti signed a deal for the concession in the mid 2000's and then completed mapping, stream-sediment, and rock/trench sampling surveys by mid 2005. This work led to the discovery of the La Mina porphyry Au-(Cu) prospect. AngloGold Ashanti in June 2006 formed a joint-venture company, Avasca Ventures, with Bema Gold (which later was acquired by Kinross Gold) to explore La Mina and other prospects. In mid 2006, Avasca Ventures drilled six holes into the La Mina porphyry (see Tables 2 and 3). On February 26, 2007, Bema's interests in La Mina were assigned to B2Gold Corporation. At the end of 2007, a detailed regional airborne magnetic/radiometric survey was completed over the concession and neighboring ground. The magnetic/radiometric survey was then followed by additional auger soil and rock geochemical sampling programs over the airborne magnetic anomalies in early 2008. The property was returned to the concession owner in December, 2008.

As previously mentioned, the joint-venture partnership drilled six holes into a single target, the La Mina porphyry (now called the La Cantera target), with Holes 2 and 5 yielding 90+ m intercepts of greater than 1 g/t Au and significant copper at shallow depths. Drill-holes 4 and 6 also contained significant values located near the surface. In hindsight, Holes 1 and 3 were drilled off target and failed to deliver significant intercepts. 

The most important host rocks observed in drill core include the Combia Formation intermediate volcanic rocks as well as early, intra- and post-mineral diorite porphyry. Alteration is typical of gold porphyry deposits as exemplified by a potassic-calcic core surrounded by sericitic, intermediate argillic, and propyllitic alteration zones. Specifically, most of the gold and copper discovered so far at La Mina is spatially associated with quartz-magnetite-chalcopyrite+/-bornite veinlets in potassic altered porphyry and breccias containing elevated quantities of hydrothermal magnetite. As a result, the gold-bearing rocks are highly magnetic (ca.200x10-3SI) which creates a sharp contrast with the barren and weakly magnetic intermediate argillically altered rocks as well as the non-magnetic sericitically altered rocks that surround the potassic core.

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 become among the best gold-copper companies 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 its stakeholders.

The Company's principal assets include the La Mina porphyry gold-(copper) project in the Middle Cauca belt of Colombia, the high-sulphidation epithermal gold-(copper) and porphyry copper prospects located on the Azuero Peninsula in Panama, and the La Ventura prospect in the San Lucas gold belt in northeastern Colombia. In addition, Bellhaven controls 100% of the Cerro Quema gold-(copper) project also located 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, through payments and project spending of US$18.5 million, and can acquire an additional 10% interest for US$5 million.

On behalf of the board of directors,

Paul L. Zweng, Interim CEO & Director


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.
    Paul Zweng, CEO/Director
    Corporate Contact in North America
    Bellhaven Copper & Gold Inc.
    Julio Benedetti, President/Director
    Corporate Contact in Panama
    Int'l No: +507-226-3967