VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/19/12 -- Bellhaven Copper & Gold Inc. (TSX VENTURE: BHV) ("Bellhaven" or the "Company") is pleased to report assay results from two metallurgical drill holes at the La Mina Project in Colombia (Figure 1). Drill holes LME-1056 and LME-1059 are located within the La Cantera resource area (Figure 2). These holes were designed to confirm significant intercepts from earlier drilling at La Cantera spanning multiple styles of mineralization and host rocks. The assays from the new holes yielded excellent agreement with the previously drilled holes over intervals of more than 100 metres that averaged 1.54 and 1.32 g/t gold equivalent, respectively.
The freshly-drilled core from these drill intercepts will be used for the second phase metallurgical testing of the La Cantera deposit. Bellhaven geologists also collected samples from several different styles of mineralization in the Middle Zone for metallurgical test work.
For maps showing the location of these drill holes, as well as relevant geologic cross sections highlighting the gold-copper intercepts, please use the following link: http://media3.marketwire.com/docs/BHV0419.pdf
Patrick Highsmith, Bellhaven's CEO, commented on the latest drilling:
"These metallurgical drill holes in the La Cantera resource are remarkable in their agreement with the previous holes in the area. Drill hole LME-1056 twinned LM-DDH-02, one of the first AngloGold holes on the project, and we are pleased to confirm those early results. We are also excited to launch the next phase of metallurgical testing that will build upon the favorable results we reported late last year. The test program at both La Cantera and Middle Zone will look at conventional flotation, as well as areas where optimization will add value to the resource."
"We look forward to providing a resource update before the end of June to include the Middle Zone. We continue to drill high-grade porphyry gold-(copper) mineralization, and the favorable metallurgical testing to date bodes well for the project."
Table 1. Drill-Hole Results for La Mina Gold-(Copper) Project, Colombia
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Drill From To Interval Au Cu AuEq
Hole Type Details (m) (m) (m) (g/t) (%) (g/t)
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LM-DDH-02 Original Significant 44.00 164.00 120.00 0.96 0.31 1.48
hole interval
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LME-1056 Twin hole Significant 40.00 158.00 118.00 1.00 0.32 1.54
interval
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LM-DDH-14 Original Significant 91.70 201.00 109.30 0.70 0.29 1.21
hole interval
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LME-1059 Twin hole Significant 88.08 196.59 108.51 0.75 0.33 1.32
interval
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Intercepts calculated using a 0.40 g/t AuEq cut-off grade. AuEq (g/t) = gold
equivalent (g/t). AuEq (g/t) calculated assuming a long-term gold price of
US $900/oz and a long-term copper price of US $2.25/lb. No adjustment has
been made for metallurgical recoveries or net-smelter returns as these
remain uncertain at this time. AuEq formula: AuEq g/t = Au g/t + ((Cu% x
22.0462 x 2.25)/(900/31.1035)) g/t;Ag values are not included. 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.
Discussion of the Drill-Hole Results and Metallurgical Testing Program
Drill holes LME-1056 and LME-1059 were drilled specifically to collect fresh samples for a second round of metallurgical testing on the La Cantera deposit. Bellhaven geologists selected the target areas in conjunction with the Company's consulting metallurgist, Mr. Bill Pennstrom, so that the metallurgical tests will include multiple rock types and styles of mineralization. LME-1056 was drilled as a twin to LM-DDH-02, which was one of the first holes drilled at La Cantera by AngloGold Ashanti (Figure 3). The second metallurgical hole, LME-1059, twinned LM-DDH-14 (Figure 4). In each case, the agreement is excellent between the twinned and original holes for both grade and thickness of mineralization.
The Company has shipped samples from these holes to Resource Development Inc. of Colorado for metallurgical studies, including: grinding, gravity, cyanidation, and flotation test work.
In September, 2011, Bellhaven announced its first NI 43-101 compliant resource for the La Cantera deposit at La Mina, consisting of 1.0M oz gold and 280 million pounds of copper (or 1.6M oz gold equivalent) contained in 40.56 million tonnes of inferred resources averaging 0.77 g/t Au, 0.31% Cu, or a gold equivalent grade of 1.26 g/t (based on a 0.30 g/t Au cutoff grade).
Subsequently, the Company announced the results of the first metallurgical testing on La Cantera, also at Resource Development Inc. These favorable results included preliminary recoveries in flotation concentrates of 93 to 97% for gold and 88 to 91% for copper. The resulting concentrates from those tests were also of commercially viable grades, containing 27 to 32% copper and 61 to 76 g/t gold (See Company news release dated November 15, 2011).
Appointment of Investor Relations Advisor
The Company is also pleased to announce that it has engaged Frontline Communications Investor Relations Inc of Toronto, Ontario ("Frontline") as a strategic advisor on investor relations. Mr. Leo Karabelas is the sole owner of Frontline and he currently owns no securities of any kind in the Company. Mr. Karabelas will work with Bellhaven's management on its communications with the investment community, particularly among Canadian broker-dealers, institutional investors, and securities advisors.
Frontline has been engaged under a one-year contract, subject to review by both parties after 3 months, for monthly fees of $4,500 plus HST. In addition, the Company has granted options to Frontline to purchase 200,000 common shares at a price of $0.45 per share for a period of up to 3 years, provided that the options will expire on termination of the agreement in accordance with TSX Venture Exchange policy. The options will vest and become exercisable in quarterly installments over a 12-month period. The appointment of Frontline is subject to certain requisite filings and approval by the TSX Venture Exchange.
Laboratory Methodology and Quality Assurance
After logging, cutting, and sampling on site at the La Mina camp, Bellhaven employees transport the core samples to the sample preparation laboratory in Medellin, ALS Colombia Ltda. The lab prepares sample pulps for analysis according to industry standard methodologies and ships the pulps to ALS Laboratories in Lima, Peru and La Serena, Chile. The copper, silver and multi-element analyses are performed by a four-acid digestion and ICP-AES finish at the ALS Lima lab. The gold is determined by fire assay of a 30-gram sample with an atomic-absorption finish in Lima or La Serena, depending on laboratory workflow.
Most ALS Minerals laboratories are registered or are pending registration to ISO 9001:2008; and a number of analytical facilities have received ISO 17025 accreditations for specific procedures. Bellhaven also maintains an independent QA-QC program that includes the use of certified standard reference materials, blanks, as well as field and pulp duplicates. The quality control data associated with these results falls within acceptable ranges for all relevant parameters.
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 Columbia 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 Colombia and Panama. The Company's objective is to be a leader in responsible gold and copper development in Latin America, focusing 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 principal assets include the La Mina porphyry gold-(copper) project in Colombia, Pitaloza and three other epithermal gold-(copper) and porphyry copper prospects 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,
R. Patrick Highsmith, Chief Executive Officer
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.
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.
Contacts:
Bellhaven Copper & Gold Inc. - North America
Nico Wells
Corporate Communications
+1-303-470-8700, ext 24
Bellhaven Copper & Gold Inc. - Panama
Julio Benedetti
President/Director
Int'l No: +507-226-3967
www.bellhavencg.com
