Bellhaven Copper & Gold Inc.
TSX VENTURE : BHV

Bellhaven Copper & Gold Inc.

April 21, 2011 07:11 ET

Bellhaven's First Drill Hole at the Caracucho Prospect, Pitaloza, Panama, Delivers 1.32 g/t Gold Over 18.29 Meters

Bellhaven Voluntarily Suspends Drilling Operation Pending Resolution Regarding Pitaloza Concession

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 21, 2011) - Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased to announce that its first drill hole targeting high-sulphidation epithermal gold at its 100%-owned Caracucho prospect, Pitaloza, Panama, cut 18.3 meters averaging 1.32 g/t gold starting 1.5 m below the surface. All but the final 3.05 m of the intercept contained in DDH-CC-01 consisted of oxidized, granular vuggy silica. The second drill hole, DDH-CC-02, contained oxidized, granular vuggy silica similar in appearance to the 18.3-m wide intercept contained in DDH-CC-01, but over a broader interval (1.5 to 44.0 m; all assays pending).

Bellhaven also wishes to announce that it has voluntarily suspended its drilling operation at Pitaloza pending the outcome of its application for a two-year extension to its concession containing the Bejucosa and Caracucho prospects. Field exploration programs at Caracucho, including geological mapping, sampling, and prospecting, remain ongoing.

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

"We are pleased that our first drill hole at Caracucho delivered a solid intercept starting at surface—18.3 m averaging 1.32 g/t gold. Within this intercept are 15.2 m averaging 1.48 g/t gold contained in oxide. The second hole, DDH-CC-02, contains similar looking core, but over twice the length—44 m of oxidized vuggy silica starting at 1.5 m. We are eagerly awaiting the results of the assays pertaining to this second oxide interval."

"We believe it is both responsible and prudent to suspend voluntarily the drilling program at Caracucho until the extension governing the Pitaloza concession is resolved. The Company is working to resolve this issue with the officials at the Ministerio de Comercio e Industrias ("MICI", Panama's Ministry of Commerce and Industry) in order for the Company to proceed with its exploration plans in Panama. We have it on good authority that the concession remains in good standing, but prefer resolution on the granting of the extension before spending substantially larger sums of money drilling the properties."

Drilling Program

The program at Bejucosa and Caracucho was designed to test for gold mineralization occurring over a broad area of silicic-altered rocks defined in outcrops and trenches as well as by geophysical surveys (see press releases of April 13, June 3, July 8, July 28, August 3, and December 21, 2010, as well as March 7, 2011). The start of the drilling program was announced on December 21 of last year and the last drill hole, DDH-CC-02, was completed on April 16.

For maps showing the location of the drill holes, please use the link the following link: http://media3.marketwire.com/docs/b420.pdf

Table 1.Drill-Hole Data, Bejucosa and Caracucho Au-(Cu) Prospects, Pitaloza, Panama.
Hole NumberEast UTM Coord (meters)North UTM Coord
(meters)
Elevation
(m.a.s.l)
Azimuth
(degrees)
Plunge
(degrees)
Total Length
(meters)
DDH-BJ-01536,443843,906506260-50306.32
DDH-BJ-02536,565843,71745370-50413.00
DDH-BJ-03536,567843,710442.2251-50345.95
DDH-BJ-04536,506843,815488.3261-50347.47
DDH-BJ-05536,509843,816488.581-50414.53
DDH-CC-01535,693844,798333180-50211.84
DDH-CC-02535,647844,7503580-50166.12
m.a.s.l = meters above sea level; Coord = Coordinate; All coordinates are UTM WGS84 Zone 17N
BJ = Bejucosa; CC = Caracucho; Drill-hole locations are unsurveyed and determined by hand-held GPS.
Table 2.Drill-Hole Results for Bejucosa & Caracucho, Panama.
Drill-Hole
Number
From
(m)
To
(m)
Intercept
(m)
Au
(g/t)
Prospect
DDH-BJ-01No significant interceptsBejucosa
DDH-BJ-02No significant interceptsBejucosa
New Results Reported in this Press Release
DDH-BJ-03268.22275.847.620.40Bejucosa
DDH-BJ-046.1012.196.090.77Bejucosa
and246.89260.6013.710.74Bejucosa
DDH-BJ-05No significant interceptsBejucosa
DDH-CC-011.5219.8118.291.32Caracucho
andAssays pending for 105.16 to 211.84 metersCaracucho
DDH-CC-02Assays pending for entire drill holeCaracucho
Intercepts calculated using a 0.40 g/t Au cut-off grade. All drill holes are diamond-core holes.

ALS Colombia Ltda. prepared the drill-core samples, producing the sample pulps in Bogota. The South American Central Lab of ALS Chemex in Lima, Peru, performed all assays pertaining to the drill-core samples highlighted in the text and table above. Gold was analyzed by fire assay on a 50-gram sample with an atomic-absorption finish. Copper was analyzed using four-acid digestion, ICP-AES. The Company maintains a QA-QC program regarding the preparation, shipping, and checking of all samples, including the use of certified standard reference materials, blanks, as well as field- and pulp duplicates.

This news release has been prepared under the supervision of Mr. Thomas J. Drown, P.Geo., who serves as the qualified person as defined by National Instrument 43-101 responsible for ensuring that the geological information in this release is accurate.

About the Pitaloza high-sulphidation epithermal gold project, Panama

The Pitaloza project, owned 100% by Bellhaven, hosts three high-sulphidation epithermal gold-(copper) prospects: Bejucosa, Cementerio, and Caracucho. High-sulphidation epithermal deposits host half of the known gold resources (80 Moz) in the Caribbean Basin and yield annual production in excess of 3 Moz of gold in Peru, alone.

The current fieldwork program at Pitaloza is directed toward the Bejucosa, Caracucho, and Cementerio prospects. At Bejucosa, hydrolytic alteration has been mapped over a 800 m by 500 m area. Bellhaven dug exploration trenches at Bejucosa in 2006 yielding the following results: Trench 1—52 m of 2.3 g/t Au; Trench 2—16 m of 1.8 g/t Au; Trench 3—12 m of 8.9 g/t Au, and Trench 4—34 m of 0.6 g/t Au. Trenches dug by Bellhaven in 2010 delivered 18 m of 4.4 g/t Au, 6 m of 1.6 g/t Au, and 10 m of 1.0 g/t Au, respectively, from Trenches A, B, and C (see press release of July 8, 2010).

Access to Pitaloza from Panama City is by the paved Pan-American Highway and then 10 km by unimproved dirt road. There is adequate water and labor in the area to service the project.

In November 2008, the Company submitted to the Ministerio de Comercio e Industrias ("MICI", Panama's Ministry of Commerce and Industry) an application for a two-year extension to the concession. This extension request has not yet been approved or disapproved. The Company is working to resolve this one outstanding issue pertaining to this concession in a timely manner and has found the new officials at MICI to be both responsive to, and cooperative with, the Company's exploration plans in Panama. The Company received in July, 2010, the necessary environmental permits to conduct a drilling program at Pitaloza from the Autoridad Nacional del Ambiente ("ANAM", Panama's National Environmental Authority).

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 one of 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 Pitaloza and other high-sulphidation epithermal gold-(copper) and porphyry copper prospects located on the Azuero Peninsula in Panama.

For more information regarding Bellhaven, please visit our website at www.bellhavencg.com.

On behalf of the board of directors,

Paul L. Zweng, CEO & Director

BELLHAVEN COPPER & GOLD INC.

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. Readers are cautioned not to place undue reliance on forward-looking statements.

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
    +1-808-377-1947
    pzweng@bellhavencg.com

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