Bellhaven Copper & Gold Inc.
TSX VENTURE : BHV

Bellhaven Copper & Gold Inc.

September 17, 2010 08:30 ET

Bellhaven Signs Definitive Agreement to Transfer its Shares of Minera Cerro Quema, S.A.

PANAMA, REPUBLIC OF PANAMA--(Marketwire - Sept. 17, 2010) - Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company"). Further to its news release of August 9, 2010, Bellhaven is pleased to announce that it has signed a Definitive Agreement ("DA") with Pershimco Resources Inc. ("PRO"), to transfer 100% of its shares of, and liabilities related to, Minera Cerro Quema, S.A. ("MCQSA"). This transaction is subject to the final approval from the TSX-Venture Exchange.

As prescribed for in the DA, PRO has paid to Bellhaven US$250,000, and upon receipt of final TSX Venture Exchange approval will release 4.5 million units to Bellhaven, with each unit consisting of one PRO common share and one-half of a PRO share-purchase warrant. Each full share-purchase warrant will entitle Bellhaven to acquire an additional PRO common share over a five-year term at an exercise price of C$0.45 in the first year, escalating by C$0.20 each year thereafter. Further, PRO has made all of the required payments to the previous owners and has assumed all existing debt and other obligations owed by MCQSA and Bellhaven which are related to MCQSA. 

The PRO shares, warrants and shares underlying the warrants issued or issuable to Bellhaven will be subject to a four-month hold period, which commenced September 9, 2010. At the expiry of the four-month hold period, Bellhaven will for the following two months be required to provide ten days written notice to PRO of any intention to sell the PRO securities.

Looking ahead, Bellhaven's role with regard to MCQSA and the project, Cerro Quema, will be an indirect one through its minority shareholding position in PRO. We wish PRO and its talented team of mining professions great success in advancing this project through development and onto production. 

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.

On behalf of the board of directors,

Patrick M. Abraham, Director

BELLHAVEN COPPER & GOLD INC.

For more information, please visit the Company's web site at www.bellhavencg.com.

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
    US No: +1-808-377-1947
    or
    Bellhaven Copper & Gold Inc.
    Julio Benedetti, President/Director
    Corporate Contact in Panama
    Int'l No: +507-226-3967
    www.bellhavencg.com