Bellhaven Copper & Gold Announces a Non-Brokered Private Placement to Raise CA$2.4 Million

    PANAMA CITY, June 10 /CNW/ -- Bellhaven Copper & Gold, Inc. (TSX-Venture:
BHV) ("Bellhaven" or the "Company") is pleased to announce that it will
undertake a non-brokered private placement of 4,363,700 units priced at
CA$0.55 each, to raise gross proceeds of CA$2.4 million.  Each unit will
consist of one common share and one purchase warrant to acquire an additional
common share for CA$0.80 in the first year and CA$1.00 in the second year
following the close of this placement.  After four months and one day,
Bellhaven will reserve the right to accelerate the exercise period of the
warrant should its stock trade above CA$1.60 for a consecutive 20 day period
in year one and above CA$2.00 for a consecutive 20 day period in year two.
This placement will be on a "best efforts/commercially reasonable" basis with
the Units subject to a four month trading restriction beginning on the day of

    The proceeds of this placement will be used as follows:

    1.  US$1.25 million toward property payments for the fully licensed and
        permitted Cerro Quema Gold Project.
    2.  US$600,000 as a down payment on certain mining equipment (crushing
        equipment) for the Cerro Quema Gold Project.
    3.  The remaining balance will be for working capital and fees associated
        with this placement.
    A finder's fee of up to 7% payable in cash and 8% payable in Agent's
warrants, with each Agent's warrant having the same term as the warrant
described above, will be paid where appropriate.
    Certain insiders of the Company may participate in the offering. The
offering may close before 21 days following the filing of the material change
report respecting this announcement if management determines it is necessary
or desirable for sound business reasons.
    This news release does not constitute an offer to sell or the
solicitation of an offer to buy any units within the United States. The units
have not been offered and will not be registered under the United States
Securities Act of 1933, as amended, or any state securities laws. 
Accordingly, the units may not be offered or sold in the United States or to
U.S. persons (as such terms are defined in Regulation S under the 1933 Act)
unless registered under the 1933 Act and applicable state securities laws or
an exemption from such registration is available.
    Bellhaven Copper & Gold, Inc. is a Panama-based mineral exploration and
development company with a portfolio of gold and copper properties in the
Republics of Panama and Colombia. The Company has 27,694,411 shares issued and
outstanding with no debt. For more information, please visit the web site at or call Patrick Abraham in Panama at

    On behalf of the board of directors,

    Julio C. Benedetti, President, CEO
    Forward Looking Statements: Some statements in this news release contain
forward-looking information. These statements include, but are not limited to,
statements with respect to the completion of transactions, the timing and
amount of issuances of securities and the uses of proceeds.  These statements
address future events and conditions and, as such, involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by the statements.
Such factors include, among others, the ability to complete contemplated
transactions and share issuances and the uses of proceeds.
    The TSX Venture Exchange does not accept responsibility for the adequacy
of this release.

For further information:

For further information: Corporate Contact, Julio Benedetti, 
+507-226-3967, or Investor Relations, Patrick Abraham, +507-340-9501, both of 
Bellhaven Copper & Gold, Inc. Web Site:

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