Bellhaven Options Non-Core Projects in Bolivar Department, Colombia to HudBay Minerals and Braeval Mining Corporation
DENVER, COLORADO--(Marketwire - Oct. 30, 2012) - 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 its stakeholders.
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 & 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
North America: Bellhaven Copper & Gold Inc.
+1-303-470-8700, ext 24
Panama: Bellhaven Copper & Gold Inc.
Int'l No: +507-226-3967