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Wednesday, June 19 2019 @ 02:53 AM UTC

Bellhaven Expands Panama Holdings

Gold & MiningPANAMA CITY, Panama, Nov. 1 /CNW/ -- Bellhaven Copper & Gold, Inc. (TSX-Venture: BHV) ("Bellhaven" or the "Company") further to its news release on October 3, 2007, is pleased to announce that the company has signed a Definitive Agreement ("DA") with Glencairn Gold Corp. (TSX: GGG) ("Glencairn") to complete the acquisition of the Cerro Quema Gold Project -- a permitted exploitation concession located on Panama's Azuero Peninsula just 8 km from Bellhaven's existing Azuero property package. The total purchase price of the project is USD$10.4 million, and is equivalent to USD$23 per "measured and indicated" ounce. Upon completion of payment Cerro Quema will be 100% wholly owned by Bellhaven. (more)

The below is a breakdown of the mineral resources at Cerro Quema:

<< Cut-off grade Tonnes Grade Ozs Measured 0.3 8,611,500 1.01 278,400 Indicated 0.3 6,529,400 0.82 173,000 Total 15,140,900 0.93 451,400 >>

(*)Source: "Cerro Quema Concession, Republic of Panama General Update and Revised Mineral Reserve and Resource Estimates As of January 1, 2004, An addendum To the Mineral Reserve Audit Quema Project Prepared by Chlumsky, Armbrust and Meyer, LLC June 3, 2003, Readdressed to Glencairn Gold Corporation May 4, 2007.

According to the terms of the DA with Glencairn, Bellhaven will pay an aggregate USD$6 million to Glencairn over the next 15 months to acquire Glencairn's 60% interest in the Cerro Quema property (Bellhaven has already signed a DA with Carena Equities of Panama to acquire 40%).

Bellhaven Copper & 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 23,583,101 shares and has no debt. For more information, please visit the web site at http://www.bellhavencg.com or call Miguel Villahermosa at toll free 1-866-599-5930.

On behalf of the board of directors,

Julio C. Benedetti, President, CEO BELLHAVEN COPPER AND GOLD, INC. >> << Corporate Contact: Investor Relations Contact: Julio Benedetti Miguel Villahermosa Tel: +011(507) 226.3967 Toll Free: 1.866.599.5930 >> The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. Additionally, this document may contain certain forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or achievements implied by these forward looking statements. For further information: Corporate, Julio Benedetti of Bellhaven Copper & Gold, Inc., +011-507-226-3967; or Investor Relations, Miguel Villahermosa, 1-866-599-5930, for Bellhaven Copper & Gold, Inc. Web Site: http://www.bellhavencg.com

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