Bellhaven Options Non-Core Projects in Bolivar Department, Colombia
to HudBay Minerals and Braeval Mining Corporation
DENVER, COLORADO -- (Marketwire) -- 10/30/12 -- Bellhaven Copper &
Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased
to report that it has signed definitive agreements with subsidiaries
of HudBay Minerals Inc. ("HudBay") and Braeval Mining Corp.
("Braeval") optioning two different non-core gold properties in the
Bolivar Sur region of Colombia to the companies.
Bellhaven's wholly owned subsidiary, Aurum Exploration Inc., has
reached agreements to option three mineral properties totaling 4,213
hectares in the Bolivar Sur region of the Bolivar Department in
Colombia. Bellhaven has optioned two contiguous granted concessions,
encompassing 3,333 hectares, to HudBay; while Braeval Mining
Corporation will option a third granted concession, covering 880
hectares. In both cases, the optionee will earn up to 70% interest in
a joint venture company through a combination of cash payments and
work commitments on the properties.
The HudBay transaction includes an exploration work commitment of
$2,000,000 to be carried out in 42 months and option payments over
the same time period totaling $800,000. The agreement includes a cash
payment of $40,000 at closing. The closing of this transaction is
conditional on a satisfactory due diligence, which will be conducted
by HudBay within 30 days.
The Braeval transaction entails a work commitment of $1,967,000 over
a 36-month period and option payments over the same time period
totaling $1,108,000. The cash payment to Bellhaven expected upon
closing is $133,000. ($10,000 has already been received.)
Patrick Highsmith, Bellhaven's CEO, commented on the transactions,
"We are very happy to realize considerable value for these early
stage properties in Bolivar Sur. Our new partners, HudBay and Braeval
Mining, are set to make considerable investments in these properties.
The significant exploration investments and cash payments in these
agreements are good indications of the upside potential on these
un-drilled properties. We look forward to realizing that upside
without diluting our focus on the La Mina Project."
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 be a leader in responsible
gold and copper development in Panama and Colombia. Bellhaven will
focus on discovery, acquisition, and development of high-quality
resources in a safe and responsible manner for the benefit of all of
The Company's flagship project is the La Mina porphyry gold-(copper)
project in the Middle Cauca belt of Colombia. In July 2012, the
Company increased the mineral resource inventory at the La Mina
Project by 60% with the announcement of an inferred resource at
Middle Zone. The total La Mina resource now includes1.6 Moz gold and
419 million pounds of copper (or 2.55 Moz gold equivalent) contained
in 79.87 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 Company is currently seeking to grow these resources through
ongoing exploration on the La Mina concession. For more information
regarding Bellhaven, please visit our website at www.bellhavencg.com.
On behalf of the board of directors,
R. Patrick Highsmith, Chief Executive Officer, BELLHAVEN COPPER &
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
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.
North America: Bellhaven Copper & Gold Inc.
+1-303-470-8700, ext 24
Panama: Bellhaven Copper & Gold Inc.
Int'l No: +507-226-3967
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