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Tuesday, May 21 2019 @ 10:32 PM UTC

Bellhaven Signs JV Agreement with Western Troy Capital Resources

Gold & Mining Bellhaven Signs Definitive US$4.0 Million/5 Yr. JV Agreement with Western Troy Capital Resources for 70% Stake in Its Viento Frio Concession PANAMA CITY, PANAMA, February 12 /CNW/ - Bellhaven Copper and Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased to announce that Bellhaven, through its wholly owned subsidiary Aurum Exploration, Inc., has signed an Exploration and Development Agreement with Western Troy Capital Resources Inc. (Western Troy) (TSX VENTURE:WRY). According to the terms of the agreement, Western Troy will have the option to earn up to 70% interest in the Viento Frio Mineral Exploration Concession located in the Colon Province of Panama, by spending up to US$3.5 million in exploration, making payments of up to US$500,000 in cash and stock, and granting up to 250,000 warrants. Bellhaven will be the operator of the exploration program. Julio Benedetti, President and CEO of Bellhaven, has this to say: "We are very pleased at the terms of this joint venture and at the additional value that the agreement brings to an already strong portfolio. Viento Frio is one of a number of properties that we are working diligently to bring online in the near future. We will continue to operate with all diligence and speed as we jointly seek to uncover the strong potential at Viento Frio. We are confident that Western Troy will make an excellent ally in this endeavour."

The following table outlines the details of the transaction: >

The number of shares to be issued for each stage will be based upon the market price of the shares of Western Troy at the time of issuance. The exercise price of the warrants will be the market price of the shares of Western Troy at the time of issuance and can be exercised for a period of two (2) years from the date of issuance. The securities issued will be subject to a hold period of four (4) months and one day. The transaction is subject to regulatory approval.

Bellhaven Copper and Gold Inc. is a Panama-based mineral exploration company with a portfolio of gold and copper properties in the Republic of Panama. The company has issued 20,793,151 shares and has no debt. For more information, please visit the web site at or call Miguel Villahermosa at toll free 1-866-599-5930 .

On behalf of the board of directors,

Julio C. Benedetti, President, CEO


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

For further information: Bellhaven Copper and Gold Inc. Corporate Contact: Julio Benedetti, 507-226-3967 or Investor Relations Contact: Miguel Villahermosa, Toll Free: 1-866-599-5930

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