VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 31, 2015) - Bellhaven Copper & Gold Inc. (News - Market indicators) announces it has entered into a definitive mineral concession acquisition and transfer agreement with AngloGold Ashanti Colombia, S.A. ("AGA") a subsidiary of AngloGold Ashanti Ltd. (NYSE:AU) to acquire 100% of the 1,400-hectare La Garrucha mineral concession. La Garrucha is located immediately adjacent to Bellhaven's 100%-controlled La Mina Project. As part of the agreement the parties have cancelled a previously executed earn-in agreement related to La Garrucha.
Patrick Abraham, CEO & Director, states, "This is a significant achievement for Bellhaven! Five of the last seven holes drilled at La Garrucha each delivered over 1 gram per tonne gold over intervals between 70 and 270 metres. We believe La Garrucha represents an extraordinary opportunity for substantial gold and copper resource growth for Bellhaven. This agreement, along with the recently completed capital restructuring and other initiatives, places Bellhaven in an ideal position for resource expansion and capital appreciation."
Upon receipt of regulatory and governmental approvals of this agreement, Bellhaven will pay AGA US$10,000 and receive all rights and access to La Garrucha as if it had already transferred to Bellhaven. Bellhaven, operating under power of attorney from AGA, will be empowered to manage the title transfer process with Colombia's National Mineral Authority. Upon completion of the transfer, Bellhaven will then pay the balance of the purchase price (US$290,000) and be obligated to remit US$1.00 per reserve ounce of gold to AGA at the earlier of (a) completion of a bankable feasibility study or (b) the initiation of mine construction.
The technical information in this news release has been reviewed and approved by 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 consulting 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. ("Bellhaven" or the "Company") 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 gold-(copper) porphyry deposit in the Middle Cauca belt of Colombia. The total La Mina inferred 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 and through ongoing exploration on the La Mina and La Garrucha concessions. For more information regarding Bellhaven, please visit our website at www.bellhavencg.com.
On behalf of the board of directors,
Patrick M. Abraham
BELLHAVEN COPPER & GOLD INC.
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.
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.
