Bellhaven Copper & Gold Inc.

Bellhaven Copper & Gold Inc.

June 27, 2013 07:00 ET

Bellhaven Drills 158 m of 1.0 g/t Gold and 0.17% Copper (1.3 g/t Gold Equivalent) Confirming Discovery at La Garrucha Prospect, La Mina, Colombia

Nearly 300 meters of Vertical Continuity of 1-g/t Gold Mineralization Now Demonstrated at La Garrucha

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 27, 2013) - Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased to announce that two additional drill holes collared at the same location as the discovery hole announced on June 5th (LME-1100: 217 m of 1.3 g/t Au and 0.15% Cu or 1.5 g/t AuEq) delivered substantial intercepts of gold and copper (see Tables 1 and 2). Highlights of the drilling include:

LME 1102: 158 m @ 1.01 g/t gold and 0.17% copper (1.26 g/t gold equivalent), including 52 m @ 1.83 g/t gold and 0.21% copper (2.15 g/t gold equivalent)
LME-1101: 96 m @ 0.50 g/t gold and 0.13% copper (0.73 g/t gold equivalent), and 80 m @ 0.49 g/t gold and 0.06% copper (0.57 g/t gold equivalent)

Both drill holes contained intercepts starting less than 10 m down the hole, indicating that the mineralized material at La Garrucha is shallowly seated and may be amenable to low-cost, open-pit mining. The upper end of the long, 158-m intercept averaging 1 g/t gold from LME-1102 occurs only 30 m vertically below the surface. This same intercept also demonstrates nearly 300 meters of vertical continuity of 1-g/t gold mineralization between itself and LME-1100 (227 m @ 1.3 g/t gold and 0.15% copper or 1.5 g/t gold equivalent).

For figures showing plan maps and cross sections highlighting the new drill holes announced in this press release, please use the link below:

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

"We are pleased that these two holes confirm the La Garrucha discovery hole we announced in early June. LME-1102 builds upon LME-1100 to demonstrate substantial vertical size to the deposit. Our current drill hole, LME-1103, is designed to test whether the vertical continuity of 1-g/t gold mineralization exceeds 300 meters. As new drill sites are constructed, the Company will be in a position to test the eastern boundary of the deposit as well as the southern and northern boundaries which currently remain open."

"These are exciting times for the Company as we believe La Garrucha is truly special and may rival in grade and size our La Cantera prospect, one of the highest grade porphyry gold deposits in the Americas. We look forward to receiving the assays and announcing the results of the current hole, LME-1103, in the weeks ahead."

In accordance with National Instrument 43-101, it is noted that the potential quality and grade at La Garrucha is conceptual in nature, that there has been insufficient exploration to define a mineral resource, and that it is uncertain if further exploration will result in a target being delineated as a mineral resource.

Discussion of Drilling Results

The two holes were drilled from the same drilling platform as the first hole of the drilling campaign, LME-1100, and tested the outer margins of the core region of the discovery. This provided the Company the time necessary to construct additional drill platforms to test the core of the La Garrucha discovery. The current drill hole now in progress, LME-1103, is a scissor hole to LME-1100 and is anticipated to provide a meaningful test of La Garrucha's core region.

LME-1101 was collared on May 21st and completed on June 2nd, after reaching a down-hole depth of 422 m (see Table 2). The drill-hole was designed to test the northwestern margin of the large magnetic anomaly occurring over the La Garrucha prospect (see Figure 4). As evident from Figure 6, LME-1101 drilled over the top and side of the deposit's core and yet still delivered a combined total of 225 m of mineralized material above the 0.4 g/t gold equivalent cut-off grade (see Table 1).

LME-1102 was collared on June 4th and completed on June 11th, after reaching a down-hole depth of 320 m (see Table 2). The drill-hole was designed to test the up-dip extension of the 217 m intercept averaging 1.3 g/t Au and 0.15% Cu (1.5 g/t AuEq) contained in the discovery hole. LME-1102 delivered multiple intercepts with the most important consisting of 158 m averaging 1.0 g/t gold and 0.17% copper (1.5 g/t gold equivalent), including 52 m averaging 1.8 g/t gold and 0.21% copper (2.2 g/t gold equivalent) (see Table 1). The intercepts from these two holes demonstrate vertical continuity of 1-g/t gold mineralization from ~1625-m elevation to ~1920-m elevation or nearly 300 m. The current drill hole, LME-1103, is a scissor hole to LME-1100, and is designed to provide greater clarity on the vertical continuity of 1-g/t gold mineralization.

Table 1. New Drill-Hole Results for La Garrucha Gold-(Copper) Project, La Mina, Colombia

Drill Hole From
LME-1101 15.24 27.43 12.19 0.69 0.05 5.1 0.76 La Garrucha
and 94.87 174.95 80.08 0.49 0.06 1.8 0.57 La Garrucha
and 216.71 253.59 36.88 0.45 0.03 1.5 0.49 La Garrucha
and 278.58 374.50 95.92 0.50 0.13 4.1 0.73 La Garrucha
LME-1102 7.62 13.71 6.09 0.71 0.03 1.6 0.76 La Garrucha
and 19.81 25.90 6.09 0.53 0.03 3.6 0.57 La Garrucha
and 52.30 60.40 8.10 0.40 0.26 3.8 0.80 La Garrucha
and 66.50 224.62 158.12 1.01 0.17 5.5 1.26 La Garrucha
including 130.00 181.90 51.90 1.83 0.21 9.8 2.15 La Garrucha
and 242.00 278.00 36.00 0.34 0.13 10.3 0.54 La Garrucha

Intercepts calculated using a 0.40 g/t AuEq cut-off grade. AuEq = gold equivalent (g/t). For information on calculation of AuEq grades, please see Forward-Looking Statements below. Gold and copper grades capped at 5 g/t Au and 2% Cu, respectively. Intercepts reported as down-hole lengths and may not represent true thicknesses.

Table 2. Drill-Hole Data for La Mina Gold-(Copper) Project, Colombia

Hole Number East UTM Coordinate North UTM Coordinate Elevation (m.a.s.l.) Azimuth
Total Length
LME-1101 420,026.62 654,716.92 1961.05 270 -76 422.45 La Garrucha
LME-1102 420,026.34 6547,15.66 1961.15 225 -60 320.04 La Garrucha

This news release has been prepared under the supervision of Mr. Thomas J. Drown, P.Geo. Mr. Drown has more than 25 years relevant experience and is a British Colombia Professional Geoscientist. He is a senior project geologist with the Company at the La Mina Project and serves as the qualified person as defined by National Instrument 43-101.

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 the La Mina porphyry gold-(copper) porphyry deposit 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 to grow these resources through mine development ongoing exploration on the La Mina concession. 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 (US$1482 for gold and $3.40/lb for copper). 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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