PANAMA CITY, June 25 /CNW/ -- Bellhaven Copper and Gold, Inc.
(TSX-Venture: BHV) ("Bellhaven" or the "Company") further to its release dated
December 5, 2006, is pleased to announce the completion of the following
1. Advancement of Key Projects:
(a) A 3,000 m drill program is currently underway at the Cerro Chorcha
Copper Property. Camp construction was completed prior to drilling
as was additional surface sampling in new adjacent prospective
(b) The Rio Liri Project is drill ready awaiting the completion of the
Cerro Chorcha drill program at which point the drill will be moved
to Rio Liri for a 2,000m program which is scheduled to begin in
August/September of 2007. The necessary sampling was completed.
2. Drilling Contracts with Cabo Drilling Corp. are in place and being
3. Joint Ventures: In accordance with the outlined joint venture strategy
articulated in Bellhaven's prior press release, two joint venture
partnerships have been put in place since December of 2006 with a third
under option (LOI) in relation to the following Properties and
companies: The Cerro Chorcha Copper Property (Empire Minerals Corp.),
the Viento Frio Property (Western Troy Capital Resources), and the Los
Hatillos Property (Golden Cross Resources-agreement pending). The
terms outlined under these joint ventures include a combined total of
US$25 million (with an additional 4 million upon completion of a
definitive agreement in relation to the Los Hatillos Property) in cash,
stock, and work commitments on the above listed properties.
(a) The Los Hatillos/Higui Concession in the Veraguas gold belt has
been optioned (LOI) and the Viento Frio joint venture is currently
in place with field work being carried out.
(b) The Cerro Chorcha Copper Property was joint ventured under
favorable terms and drilling has begun on the property in
conjunction with Bellhaven's joint venture partner Empire Minerals
Corp. and Cabo Drilling Corp.
4. Increasing Property Holdings: In addition to the 51,436 hectares
currently under concession and the 75,958 under application Bellhaven
has applied for seven new concessions totaling 105,253 hectares in
highly prospective areas in the Darien province(2 concessions), eastern
NoKribo region (2 concessions), and expanding the Cerro Chorcha
concession (3 concessions). Bellhaven's property applications since
Dec. 2006 reflect a land position increase of approximately 82%.
5. Colombia Program:
(a) Bellhaven continues to evaluate and assess new exploration targets
within prospective regions of Colombia.
(b) Bellhaven has established a Colombian subsidiary ("Aurum
Exploration, Inc. Columbia").
6. Reduction of non-exploration related expenditures: the company has
reduced administrative expenditures by 35% and overall non-exploration
expenditures by 25% in the last six months.
Julio Benedetti had this to say upon completion of the above mentioned
"We are very enthusiastic about the progress the company has made over
the last six months and are confident that the next six months will be at
least as productive. Having established a number of important partnerships
and concluded a series of strategic tasks we are now in a position to make
great strides at a number of our highly prospective targets. To this aim we
have established a new set of six month goals and objectives."
Objectives for the next six months:
1. Key Projects: Following are the objectives planned for the companies
key projects at Cerro Chorcha, Rio Liri, and Cerro Loro:
(a) Complete the 3,000 m program underway at Cerro Chorcha and update
the 43-101 report on the property. Continue the exploration program
following several identified targets within the rest of the
(b) Complete the 2,000 m drill program at Rio Liri and update the 43-101
report on the property.
(c) Advance the surface exploration program currently underway in the
Cerro Loro application. A trenching program is being carried out and
the company anticipates that an IP survey will be completed by the
end of the year.
(d) Bellhaven will continue to advance exploration work at the Azuero
and San Pedrito properties and also seek joint venture partners for
2. Joint Ventures-following are the objectives to advance the existing
joint venture programs at the Viento Frio and Los Hatillos/Bocas de
(a) Viento Frio: In conjunction with Western Troy Capital Corp.,
Bellhaven's joint venture partner on the property, field work began
on April 16th, 2007. Currently trenching is underway and an IP
survey is being considered within the next six months.
(b) Los Hatillos/Bocas de Higui: Bellhaven has signed a letter of intent
(LOI) with Golden Cross Resources Ltd. Cooperatively, our goals will
be to execute a definitive agreement and to begin an IP survey
followed by a drill program on the property within the next six
3. Generative Exploration: Bellhaven subsidiaries have submitted seven new
applications increasing the company's land holdings by approximately
82% (105,253 additional hectares). Bellhaven intends to pursue an
aggressive generative exploration program within these new areas to
develop new prospective targets within the next six months.
4. Colombia Program: Bellhaven intends to continue evaluating exploration
possibilities as well as joint venture/acquisition opportunities in
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 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 & GOLD, INC.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
For further information:
For further information: Corporate Contact: Julio Benedetti,
+1-507-226-3967, or Investor Relations Contact: Miguel Villahermosa,
1-866-599-5930, both for Bellhaven Copper and Gold, Inc. Web Site: