Bellhaven Copper & Gold Inc.

Bellhaven Copper & Gold Inc.

July 10, 2013 07:01 ET

Bellhaven Drills Longest Intercept Ever at La Mina Project, Colombia: 311 m of 0.84 g/t Gold and 0.10% Copper (1.0 g/t gold equivalent) at La Garrucha Prospect

Long Intercept includes 85 m of 1.20 g/t Gold, 0.17% Cu (1.5 g/t gold equivalent)

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 10, 2013) - Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased to announce that the latest drill hole completed at La Garrucha prospect, LME-1103, delivered 311 m of 0.84 g/t gold and 0.10% copper (1.00 g/t gold equivalent). Contained within this long intercept is a higher-grade subzone of 85 m averaging 1.20 g/t gold and 0.17% copper (1.47 g/t gold equivalent). The 311-m long intercept is the longest drilled to date at La Mina, eclipsing the 257-m long intercept averaging 0.84 g/t gold equivalent recorded from LM-DDH-025 at La Cantera prospect located less than one kilometre away (see press release dated June 28, 2011).

See Tables 1 and 2 below for a complete list of the multiple intercepts contained in LME-1103. For figures showing a plan map and cross section highlighting the new drill hole announced in this press release, please use the following link:

The new hole is drilled along Section M, the same section where drill holes LME-1100 and -1102 were drilled (see press releases dated June 5 and 27). These three holes indicate that gold and copper mineralization above the 0.4 g/t gold equivalent cut-off grade extends downward from approximately 1950-m elevation to 1475-m elevation for a vertical distance of approximately 475 m (see Fig 4). Within this 475-m vertical zone is a 275-m vertical zone containing gold grades at-or-above 1 g/t.

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

"We are pleased to see that the latest drill hole from La Garrucha has delivered the longest intercept ever recorded at La Mina and the first to exceed 300 m. This is rather remarkable as this is only the fourth hole of the drilling campaign. This hole is important because it shows how quickly tonnes and ounces can be added to the prospect."

"The project remains open to the east as well as to the north and south. We are now drilling LME-1104 on Section L, located 50 m to the southeast of Section M (where LME-1103 was drilled). This hole is our first attempt to gauge the eastern boundary of the gold-copper zone and is also located closer to the center of the airborne magnetic anomaly. For these two reasons, this is an important drill hole."

"Each drill hole at La Garrucha is boosting our confidence in the project. We look forward to announcing the results of the current hole, LME-1104, 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

LME-1103 was drilled on the same platform as the first three holes of the drilling campaign. It was collared on June 15th and completed on July 1st after reaching a down-hole depth of 565 m (see Table 2). The drill-hole was designed to constrain the G4 porphyry and the eastern margin of the gold-copper zone cut previously by LME-1100 and -1102. The results from the drill hole indicate that the porphyry gold-(copper) deposit is tilted to the east and as such, the hole drilled parallel-to-subparallel to the plunge of the gold-(copper) zone, never passing out of the G4 porphyry (See Fig. 4).

LME-1103 delivered multiple intercepts with the most important consisting of 311 m averaging 0.84 g/t gold and 0.10% copper (1.0 g/t gold equivalent), including 85 m averaging 1.20 g/t gold and 0.17% copper (1.5 g/t gold equivalent) (see Table 1). The intercepts from this hole and the others on Section M demonstrate a 475-m vertical continuity of gold mineralization above the cut-off grade, from 1950-m elevation to 1475-m elevation (See Fig. 4).

Table 1. New Drill-Hole Results for La Garrucha Gold-(Copper) Prospect, La Mina, Colombia
Drill Hole From To Intercept Au Cu Ag AuEq Prospect
(m) (m) (m) (g/t) (%) (g/t) (g/t)
LME-1103 66.00 377.00 311.00 0.84 0.10 5.1 1.00 La Garrucha
including 98.00 183.00 85.00 1.20 0.17 8.5 1.47 La Garrucha
and 392.80 421.20 28.40 0.34 0.04 1.0 0.41 La Garrucha
and 436.77 458.30 21.53 0.41 0.04 4.7 0.48 La Garrucha
and 476.09 500.00 23.91 0.78 0.05 1.5 0.86 La Garrucha
and 513.10 537.80 24.70 0.55 0.04 1.7 0.61 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
LME-1103 419,940.21 654,620.09 1990.95 045 -75 565.40 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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