VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 11, 2013) - Bellhaven Copper & Gold Inc. (News - Market indicators) ("Bellhaven" or the "Company") is pleased to announce the principal outcomes of the last week's strategic session regarding the Company's new path forward. The Company will be returning to its vision of advancing into production its flagship project La Mina where mine development had stalled in recent months. The Company is now in a much better position to push ahead on mine development at La Cantera/Middle Zone as well as to discover additional resources during the balance of 2013. To advance production as well as exploration, each member of the executive management team has been assigned a series of strategic initiatives, including:
(1) Laying the ground work for a future preliminary economic assessment ("PEA") by consulting with a series of third-party mining and processing engineers to outline potential mine tonnages, grades, preliminary pit designs, processing methods, operating costs, and capital expenditures (this initiative has already commenced);
(2) Building an internal financial mine model for La Mina to test its robustness as a mining project (this initiative has already commenced);
(3) Determining and then initiating the future mine studies (e.g., pit-slope stability, processing, infrastructure, transportation, etc.) which are most critical based on mine-model sensitivities;
(4) Commencing a drilling program at the central portion of La Garrucha where exploration results have revealed the potential for a sizeable porphyry gold-(copper) deposit possibly larger than La Cantera/Middle Zone (2.55 Moz AuEq-see below "About Bellhaven"). La Garrucha's central portion was only recently optioned by Bellhaven (see press release dated March 26, 2013). Prior to securing the option, Bellhaven was limited to drilling the western fringe of the prospect.
(5) Determining the capital requirements of the various mine development and exploration programs highlighted above;
(6) Exploring ways to finance the above capital requirements in a manner consistent with preserving the Company's capital structure, and
(7) Revitalizing investor communications and promotion, highlighting the company's unique and attractive characteristics.
Julio Benedetti, Bellhaven's CEO and Chairman, commented as follows:
"Pursuant to our last news release of April 3, 2013, The Company´s executive management met for a two-day strategic session with advisor Paul Zweng. The result of this session was the formulation of a strategy plan including the steps required to fulfill the plan by Q4. We have listed the seven key initiatives to provide our shareholders with a better accountability of management's integrity as we will be giving progress reports for each one. These actions, once completed, will provide a series of upcoming new releases to be issued in the weeks and months ahead. They will also serve as catalysts for share-price appreciation as we believe each adds significant value to the Company. I look forward to working with the executive management team and Paul Zweng as we deliver on each of the initiatives highlighted above."
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 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 its stakeholders.
The Company's flagship project is the La Mina porphyry gold-(copper) project 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 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,
Julio Benedetti, CEO & Chairman of the Board of Directors
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.
