PANAMA 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.
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:
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: