Bellhaven Copper & Gold Inc.

Bellhaven Copper & Gold Inc.

May 20, 2010 07:30 ET

Bellhaven Appoints Ms. Maria Milagros Paredes as CFO

New Management Team Rapidly Forming With the Addition of a Cornell MBA With Copper-Gold Exploration Experience in Peru

PANAMA, REPUBLIC OF PANAMA--(Marketwire - May 20, 2010) - Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased to announce the immediate appointment of Ms. Maria Milagros Paredes to the position of chief financial officer. The hiring of Ms. Paredes represents the second major appointment to senior management this month. These changes are aimed at refocusing the company's management team from development to exploration as first discussed in the March 26 press release.

Ms. Paredes brings extensive experience as a finance professional developed at two storied US companies, Hewlett Packard and Intel. At Hewlett Packard she was responsible for leading the Enterprise Division's budget and planning activities. More recently at the Intel Corporation, she drove the valuation of technologies that would be used in future products, combining finance, risk, and strategic analysis to recommend technologies that would increase revenue while reducing Intel's risk exposure.

Before entering the high-tech industry, Ms. Paredes worked for BHP where she was responsible for the geological modeling at the Antamina project, Peru (one of the largest copper-zinc orebodies in the world). She led the geological modeling department of BHP-Tintaya, responsible for the Tintaya copper-(gold, silver) mine and adjacent properties in Peru. Prior to this she was the project geologist at the Las Bambas copper-(gold, silver) project, Peru, where she managed a drilling campaign and also conducted grass-roots exploration programs.

She received a B.Sc. in Geological Engineering from Universidad Nacional de Ingenieria Lima-Peru in 1990, a M.Sc. degree in Geology from Iowa State University in 1994, with two minors in Water Resources and Mineral Resources, and an MBA from Cornell University (New York) in 2001.

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

"We are delighted to welcome to Bellhaven such a knowledgeable financial professional with an intimate understanding of exploration in South America. Milagros and I worked together in the past in Peru where I learned how smart, fast, and dependable she is. She understands process and organization after working years at Intel and Hewlett Packard and we look forward to Milagros bringing greater structure to Bellhaven. Her work experiences in South America will help to forward Bellhaven's efforts in Colombia and Panama. Finally, Milagros is a seasoned financial professional with an MBA from Cornell University—she will play a key role in the transformation of Bellhaven."

"I would also like to thank Mr. Mark Gelmon for his dedicated and attentive service as Bellhaven's CFO. Mr. Gelmon has served the Company well over the last 2 years and we wish him the utmost success with all of his future endeavors."

Milagros Paredes, MBA, commented as follows:

"Given Bellhaven's projects and its newly re-structured management team, I see an array of opportunities to substantially increase shareholder value."

"The success of a given project does not solely depend on the quality of the project, but also on the strategy and discipline of the team supporting it. I am therefore very excited to join this very dynamic team to help forward Bellhaven's goals. I look forward to applying on behalf of Bellhaven my expertise in finance as well as my background in South American exploration."

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, 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