Bellhaven Copper & Gold Inc.

Bellhaven Copper & Gold Inc.

May 16, 2013 07:00 ET

Bellhaven Collars First Drill Hole Over Center of La Garrucha Au-(Cu) Prospect, La Mina, Colombia

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 16, 2013) - Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased to announce that the first drill hole is now underway at the Company's La Garrucha Au-(Cu) prospect. This drill hole, LME-1100, is collared in the central region of the large magnetic anomaly and will pass directly beneath where recent channel samples along a stream returned values up to 0.88 g/t gold and 0.30% copper. The hole is designed to exit the target near where DDH LME-1096 nicked the edge of the magnetic anomaly, returning 10.81 m averaging 1.10 g/t gold, 0.20% copper (1.40 g/t gold equivalent; see news release of February 28).

La Garrucha prospect is a Au-(Cu) porphyry deposit, similar to La Cantera and Middle Zone deposits where Bellhaven has discovered 2.55 Moz of gold equivalent located less than a kilometre away (see news release dated July 9, 2012; for disclosure on gold equivalent, see Forward-Looking Statements at the bottom of this news release). Gold and copper at La Garrucha and La Cantera are coincident with strong magnetic anomalies.

For maps and a cross section of the current drill hole, channel samples, and associated magnetic anomaly, see the following link:

The Company holds an undivided interest in the western portion of La Garrucha and signed an option agreement to acquire a 100% interest in the remaining portions of La Garrucha (see news release of March 26).

Julio Benedetti, Bellhaven's CEO and Chairman, commented as follows:

"In the past all of our drilling at La Garrucha was restricted to the western fringe of the large magnetic anomaly because of ownership issues. Despite these challenges, we were pleased with the results-particularly DDH LME-1096 which cut the edge of the anomaly, returning gold grades up to 2 g/t in the final metres of the hole. Now that Bellhaven has unified ownership of La Garrucha, the first test of the core region of the magnetic anomaly can commence. We are excited finally to begin this test."

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 goal is to be a leader in gold and copper development in Panama and Colombia. Bellhaven focuses 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 La Mina, a series of porphyry gold-(copper) deposits located in the Middle Cauca belt of Colombia. 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 79.9 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 average grade of 1.0 g/t gold equivalent makes La Mina one of the highest grade gold-(copper) porphyry deposits in the Americas. The Company is currently seeking to develop and grow these resources through mine development and ongoing exploration of the La Mina and La Garrucha concessions. For more information regarding Bellhaven, please visit our website at

On behalf of the board of directors,

Julio Benedetti, CEO & Chairman of the Board of Directors


Forward-Looking Statements

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.

Gold equivalent grades have been calculated using the following formula: AuEq = Au(g/t) + [Cu(%)} x {%Recoverable Cu / %Recoverable Au} x {Net Cu Price/Net Au Price} x {%Payable Cu / %Payable Au x 22.0462 x 31.1035]. Metal recoveries are estimates based on metallurgical results announced in Bellhaven's news release dated Nov. 15, 2011. Net metal prices for gold and copper are the long-term forward-curve metal price minus refining charge. Metal prices based on the long-term forward curve are as of May 8, 2013. Metal refinery charges and % payable metal by the smelter are estimates based on third-party consultants. Metal prices, refinery charges and % payable metal are not constant and are subject to change. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.

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