VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2011) - Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased to announce positive results from the initial metallurgical test work performed on samples from the La Cantera and Middle Zone prospects at the Company's 100%-controlled La Mina gold-(copper) project located in Colombia. These preliminary studies demonstrate that a conventional flotation process for La Mina can yield recoveries up to 85% to 90% of gold and copper to produce a high-quality, clean, commercial-grade concentrate containing 26-32% copper and 50-69 g/t gold.
The test work was conducted by Resource Development Inc. located in Wheat Ridge, Colorado, a leading metallurgical testing firm serving major and junior mining companies with global resource projects.
Paul Zweng, Bellhaven's Interim CEO and Director, commented as follows:
"These initial metallurgical test results are simply outstanding. The high recoveries for both gold and copper exceeded our expectations. We are also very pleased that these studies demonstrated that a very clean (less than 0.3% arsenic) commercial concentrate can be delivered from the La Mina project. Clean concentrates such as these normally command a premium price in the market."
"What is especially encouraging is that these results were gained using conventional flotation processes. Although additional test work needs to be done before the metallurgical process is completed, these initial metallurgical results substantially de-risk the La Mina project."
"La Mina is one of the highest grade porphyry gold-(copper) projects in the Americas (see press release dated September 13, 2011). Now we can see a path towards high recoveries of both the gold and copper at La Mina using conventional processing techniques. These two aspects-high grade and high recovery-bode well for the project."
Summary of Metallurgical Test Work
A series of metallurgical tests were performed on coarse reject samples from three drill holes collared at the La Cantera prospect and one drill hole at the Middle Zone prospect. These individual assay interval samples were composited to produce four composite samples ranging in grade from 0.73 to 1.5 g/t Au and 0.31 to 0.47% Cu.
The metallurgical tests included Bond's ball mill work-index determinations, in-place bulk density measurements, gravity tests, direct cyanidation recoveries, and carbon-in-leach tests, as well as rougher and cleaner flotation tests.
The Bond's ball mill work index determinations ranged from 10.2 to 14.0; the highest work index determination was measured from the La Cantera high-grade composite, possibly reflecting a greater abundance of quartz veins. These work indices are typical for porphyry gold-copper deposits.
Bulk densities, determined using a standard wax-coating method, ranged from 2.48 to 2.98 g/cc.
Gravity test work did not yield a high-grade concentrate indicating that there is little coarse gold at either La Cantera or Middle Zone. The lack of significant quantities of coarse gold is considered to be positive, allowing for more consistent flotation (by not requiring installation of a gravity circuit to collect the coarse gold) and cyanide leach results.
Whole-ore cyanide leach tests indicated recoveries of up to 90% of the gold and 70% of the copper whereas carbon-in-leach test results indicated recoveries of up to 87% of the gold and 73% of the copper from the four composite samples. As expected, copper recoveries were relatively low because of the chalcopyrite-dominant mineralogy of the composite samples (i.e., sulphide, not oxide, mineralogy).
A key outcome of the rougher flotation test work was that the application of a simple reagent suite of potassium amyl xathate (PAX) and Aeropromotor 404 (AP 404), at a grind size of 80% passing 150 mesh, produced high gold recoveries ranging from 93.2 to 96.8% and copper recoveries ranging from 88.7 to 90.8%.
The other key result of the rougher and open-circuit cleaner flotation test work is that, with the exception of an outlier represented by Composite 2, the test work demonstrated the potential for La Mina to deliver concentrate grades ranging from 26.7 to 31.9% copper and 61.9 to 75.8 g/t gold. These concentrates are very clean, containing only trace amounts of arsenic, antimony, and lead, and below typical penalty benchmark levels charged against concentrate sales by smelters.
The metallurgical testing program is now focused on lock-cycle tests on representative samples of the La Cantera and Middle Zone prospects, as well as crushing and grinding test work for mill design and sizing. Once completed, these subsequent metallurgical results will provide important inputs into an upcoming preliminary economic assessment used to determine the potential economic viability of a mining operation at La Mina. Bellhaven continues to drill at La Mina with the goal of expanding the existing resource.
About the La Mina porphyry Au-(Cu) prospect
La Mina (also known as Venecia) lies within the Middle Cauca belt of Miocene-age volcano-plutonic rocks in central Colombia known to host large porphyry gold deposits as well as large epithermal gold districts.
Bellhaven announced its first NI 43-101 resource for the La Mina project on September 13, 2011, establishing 1.0 Moz gold (1.6 Moz gold equivalent) at the La Cantera prospect, one of twelve porphyry gold-(copper) prospects currently known at La Mina. The average grade of 1.26 g/t AuEq (at 0.3 g/t Au cut-off grade) makes La Cantera one of the highest grade porphyry gold-(copper) prospects in the Americas.
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Cutoff
Au Tonnes Au Cu AuEq Contained Au Contained Cu Contained
(g/t) ('000) (g/t) (%) (g/t) Oz lbs ('000) AuEq Oz
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0.3 40,563 0.77 0.31 1.26 1,009,053 279,822 1,645,010
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AuEq (g/t) calculated using the consensus (as of 6 Sept 2011) long-term
prices for gold ($1,100/oz) and copper ($2.50/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
2.50)/(1100/31.1)) g/t.
All resources reported above are inferred resources. Mineral resources are
no mineral reserves and do not have demonstrated economic viability. There
is no certainty that all or any part of the mineral resource will be
converted into mineral reserves.
The most important host rocks observed in drill core include the Combia Formation intermediate volcanic rocks as well as a series of intermediate composition porphyries and hydrothermal breccias. Alteration is typical of gold porphyry deposits as exemplified by a potassic-calcic core encircled by sericitic, intermediate argillic, and propyllitic alteration zones. Specifically, most of the gold and copper discovered so far at La Cantera and the Middle Zone are spatially associated with quartz-magnetite-chalcopyrite +/- bornite veinlets in potassic altered porphyry and breccias containing elevated quantities of hydrothermal magnetite. As a result, the gold-bearing rocks are highly magnetic (ca. 200x10-3 SI) which creates a sharp contrast with the barren and weakly magnetic intermediate argillic-altered rocks as well as the non-magnetic sericite-altered rocks that surround the potassic core.
This news release has been prepared under the supervision of Mr. Thomas J. Drown, P.Geo., who serves as the qualified person as defined by National Instrument 43-101 responsible for ensuring that the geological information in this release is accurate.
About Bellhaven
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 become one of the best gold-copper companies operating in Panama and Colombia by discovering, acquiring, and developing high-quality resources in a safe and responsible manner to the benefit of all of its stakeholders.
The Company's flagship project is the 100%-controlled La Mina porphyry gold-(copper) project in the Middle Cauca belt of Colombia. In September, 2011, Bellhaven announced its first NI 43-101 compliant resource for the La Cantera prospect at La Mina consisting of 1.0 Moz gold and 1.6 Moz gold equivalent contained in 40.56 Mt of inferred resources averaging 0.77 g/t gold, 0.31% copper, and 1.26 g/t gold-equivalent (based on 0.30 g/t Au cut-off grade), making La Cantera one of the highest grade porphyry gold prospects in the Americas. La Cantera is one of twelve prospects identified to date at the La Mina project.
Other important projects controlled 100% by Bellhaven include Pitaloza and three other high-sulphidation epithermal gold-(copper) and porphyry copper prospects located 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,
Paul L. Zweng, CEO & Director
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.
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