eResearch Initiates Coverage on Bellhaven Copper & Gold With a 'Speculative Buy' Rating and Target Price of CA$1.10

    PANAMA CITY, April 17 /CNW/ -- Bellhaven Copper & Gold, Inc.
(TSX-Venture: BHV) ("Bellhaven" or the "Company") is pleased to announce that
eResearch analysts, Nigel Heath CFA and Bob Weir CFA, have written an
Initiating Report on Bellhaven Copper & Gold Inc. (TSX VENTURE: BHV) in which
they recommended Bellhaven as a "speculative buy" with a share target price of
CA$1.10. Bellhaven is a Panama-based mineral exploration and development
company that is engaged in the acquisition and exploration of copper and gold
properties in the Republic of Panama.

    The report's Highlights state the following:

     --   Bellhaven's prime property is Cerro Chorcha, a significant, porphyry
          copper deposit.

     --   Bellhaven recently announced a $21 million, 3 year farm-in agreement
          allowing Empire Minerals Corp. of New York to acquire a 65% stake in
          Cerro Chorcha. This will accelerate development of this key asset,
          provide Bellhaven with significant financial flexibility, and reduce
          its cash burn.

     --   Bellhaven is expected to use this new funding to accelerate the
          acquisition and development of other projects in Panama and,
          potentially, in Colombia.

     --   Despite potentially higher political risk in Panama, the government
          is mining friendly, and Bellhaven's management team is well
          connected within Panama's government and private mining sectors.

     --   Challenges include the native land claims on several properties,
          accessibility to the mountainous Cerro Chorcha property, and a lack
          of an experienced labour pool in Panama.

    eResearch does not trade in the securities of the companies it covers,
nor does it accept any stock related compensation for research services.
eResearch does not engage in retail or institutional sales, trading, or
corporate finance activities, nor does it conduct investment banking or
investor relations services for the companies covered.
    Bellhaven Copper & Gold Inc. paid eResearch a fee of C$18,500 + GST to
conduct research on the Company, on an Annual Continuous Coverage basis.
    For a copy of the report please contact Miguel Villahermosa at
m.villa</B> or toll free at 1-866-599-5930.

    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 20,793,151 shares and has no debt. For more
information, please visit the web site at or call Miguel
Villahermosa at toll free 1-866-599-5930.

    On behalf of the board of directors,

    Julio C. Benedetti, President, CEO

    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 Investor 
Relations, Miguel Villahermosa, Toll Free, +1-866-599-5930 Web Site:

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Bellhaven Copper & Gold, Inc.

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