VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 3, 2013) - Bellhaven Copper & Gold Inc. (News - Market indicators) ("Bellhaven" or the "Company") is pleased to announce the initiation of metallurgical studies at Bellhaven's La Garrucha, La Cantera, and Middle Zones porphyry gold-(copper) prospects at La Mina, Colombia. The metallurgical testing will be the first for La Garrucha where the Company only recently announced the 217-m intercept of 1.3 g/t Au and 0.15% Cu (1.5 g/t AuEq) contained in its discovery hole (see press release dated June 5, 2013). The testing for La Cantera and Middle Zone would build on the initial metallurgical work demonstrating that a conventional flotation process can yield high recoveries of up to 85 to 90% of gold and copper to produce a high-quality, clean, commercial-grade concentrate (see press release of November 15, 2011).
The program will be guided by Mr. Gregory Chlumsky of InterPro Development (Lakewood, Colorado). Mr. Chlumsky has been responsible for the due diligence for several copper/gold projects that are now in production. Mr. Chlumsky was the general manager of projects for the Colorado School of Mines Research Institute (CSMRI) and the principal process engineer for Pincock Allen & Holt (now RungePincockMinarco) and Chlumsky, Armbrust & Meyers (CAM). He recently has retired from CAM.
Julio Benedetti, Bellhaven's CEO and Chairman, commented as follows:
"The commencement of metallurgical testing for La Garrucha reflects our confidence that this prospect will make a significant addition to the 2.55 Moz of gold-equivalent resource already established for the other La Mina prospects, La Cantera and Middle Zone. We want to advance aggressively each of these prospects to a preliminary economic study and today's announcement represents a significant milestone towards that end. In addition, we are looking forward to conducting our second round of metallurgical testing for La Cantera and Middle Zone where the initial study demonstrated high levels of recovery for both gold and copper."
"The drill continues to turn at La Garrucha where we have just completed drilling the fourth hole of our La Garrucha drilling program. We anticipate that the core from this drill hole will supplement the core already drilled in the three previous holes to form the feed for the metallurgical study."
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.
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 (News - Market indicators) 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 www.bellhavencg.com.
On behalf of the board of directors,
| Julio Benedetti, CEO & Chairman of the Board of Directors |
| BELLHAVEN COPPER & GOLD INC. |
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.
