Bellhaven Copper & Gold Inc.

Bellhaven Copper & Gold Inc.

November 08, 2011 07:11 ET

Bellhaven Announces Closing of the Strategic Investment by IAMGOLD

IAMGOLD Now a 10.2% Stakeholder in Bellhaven

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2011) - Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased to announce that the strategic investment by IAMGOLD Corporation ("IAMGOLD") received regulatory approval and is now closed. IAMGOLD subscribed for eleven million units of Bellhaven at C$0.55 per unit, thereby providing IAMGOLD with a 10.2% equity interest in the Company.

The units were offered on a non-brokered private placement basis for aggregate gross proceeds of $6,050,000 (see press release of October 26, 2011). Each unit is comprised of one common share of the Company and one-half of one common share purchase warrant. Each full share purchase warrant will entitle IAMGOLD to acquire one common share of the Company at a price of C$0.65 for a term of 36 months from the date of issuance. If IAMGOLD were to exercise the 5,500,000 common share purchase warrants for an equivalent number of common shares of Bellhaven, it would own 15,550,000 common shares of Bellhaven or 14.59% of the outstanding common shares. The warrants will not be listed for trading. The units are subject to a mandatory four-month holding period expiring on March 4, 2012.

No commissions or finder's fees were paid in connection with this offering.

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 one of 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 flagship project is the 100%-controlled La Mina porphyry gold-(copper) project in the Middle Cauca belt of Colombia. In September, 2011, Bellhaven announced its first NI 43-101 compliant resource for the La Cantera prospect at La Mina containing 1.0 Moz gold and 1.6 Moz gold equivalent contained in 40.56 Mt of inferred resources averaging 0.77 g/t gold, 0.31% copper, and 1.26 g/t gold-equivalent at La Cantera (based on 0.30 g/t Au cut-off grade), making La Cantera one of the highest grade porphyry gold prospects in the Americas. La Cantera is one of twelve prospects identified to date at the La Mina project.

Other important projects controlled 100% by Bellhaven include Pitaloza and three other high-sulphidation epithermal gold-(copper) and porphyry copper prospects located on the Azuero Peninsula in Panama.

For more information regarding Bellhaven, please visit our website at

On behalf of the board of directors,

Paul L. Zweng, CEO & Director


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.

Contact Information

  • Corporate Contact in North America:
    Bellhaven Copper & Gold Inc.
    Paul Zweng, CEO/Director

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