Bellhaven Copper and Gold Signs Definitive Agreement With Empire Minerals Property in Panama



    PANAMA CITY, Panama, March 7 /CNW/ -- Bellhaven Copper and Gold, Inc.
(TSX-Venture: BHV) ("Bellhaven" or the "Company") is pleased to announce that
it has signed a definitive Exploration and Development Agreement with Empire
Minerals Corp. (OTC: EMPL) for collaboration on the highly- prospective Cerro
Chorcha Copper Property in Panama. The agreement includes cash and stock
payments to Bellhaven of USD$6 Million in addition to a USD$15 Million
spending commitment over three years to develop the Cerro Chorcha Copper
Property. Upon signing the agreement Empire exercised an option to acquire 65%
of Cuprum Resource Corporation (previously a wholly owned subsidiary of
Bellhaven Copper and Gold) and thus acquired a 65% interest in the Cerro
Chorcha Copper Property (provided it meets the schedules and requirements
incorporated into the agreement).
    At the signing ceremony held in conjunction with the PDAC Convention in
Toronto, Mr. Pini Althaus, Chairman and CEO of Empire, stated, "We are
extremely excited to have the opportunity of working on Cerro Chorcha, which
has the earmarks of a world-class copper deposit. Empire will be looking to
hit the ground running immediately, and in the coming days we will be working
with our partners at Bellhaven to define a drilling and exploration program to
commence shortly."
    Mr. Julio Benedetti, President and CEO of Bellhaven, had this to say at
signing:
    "We are very pleased at the terms of this agreement and are confident
that it will allow us to move forward with all speed in developing the
resource at Cerro Chorcha. The terms reflect both the quality of the resource
and the seriousness of Empire's commitment to ensure that the full potential
of the property is realized. Having put together a new geologic model and
identified new targets for exploration and the upcoming drill program, both
Bellhaven and Empire are very enthusiastic about the prospects of this
resource and the partnership to develop it."
    The Agreement includes the following payment and expenditure schedule:

    Payment Schedule

    
    1. Within fifteen (15) days of the date of signing of this Agreement
       Empire will pay Bellhaven US$500,000 in cash, and issue US$4,000,000
       worth of common shares of Empire's common stock. The issuance of the
       Empire common shares will be in accordance with a mutually agreed to
       schedule, formula and procedure.
    2. At the first anniversary of the Effective Date Empire will pay
       Bellhaven a further US$500,000.
    3. At the second anniversary of the Effective Date Empire will pay
       Bellhaven a further US$500,000.
    4. At the third anniversary of the Effective Date Empire will pay
       Bellhaven the final US$500,000.

    Expenditure Schedule

    1. First Phase:  By the end of the twelfth (12th) month after the
       Effective Date, as funding is required by the Work Plan and Budget,
       Empire shall have funded a minimum of US$2,000,000 of Exploration and
       Development Work. The Parties have agreed that this will likely be in
       quarterly installments of US$500,000 unless otherwise agreed to by the
       parties.
    2. Second Phase:  By the end of twenty-four (24) months, as funding is
       required by the Work Plan and Budget, Empire shall have funded a
       cumulative total of US$9,000,000 of Exploration and Development Work.
    3. Third Phase:  By the end of thirty-six (36) months, as funding is
       required by the Work Plan and Budget, Empire shall have funded a
       cumulative total of US$15,000,000 of Exploration and Development Work.
    

    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 www.bellhavencg.com or call Miguel
Villahermosa toll free at 1-866-599-5930.

    
    On behalf of the board of directors,
    Julio C. Benedetti, President, CEO
    BELLHAVEN COPPER AND 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: Julio Benedetti, +1-507-226-3967, or investors,
 Miguel Villahermosa, 866-599-5930, both of Bellhaven Copper and Gold Inc. Web
Site: http://www.bellhavencg.com

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Bellhaven Copper & Gold, Inc.

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