Thu October 4, 2007
Bellhaven Acquires 100% Interest in an Advanced Stage Gold Deposit in Panama's Azuero Peninsula
 
 
Panama City, Panamá - October 3, 2007. Bellhaven Copper & Gold, Inc. (TSX-Venture: BHV) ("Bellhaven" or the "Company") is pleased to announce that it has signed a Definitive Agreement ("DA") and a Letter of Intent (LOI) which combined entitle the company to acquire a 100% interest in 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 payable over 5 years., is equivalent to USD$23 per "measured and indicated" ounce. A positive Feasibility Study was completed by RNC Gold Inc., a previous owner, in November 2002 for a heap leach operation., the results can be viewed on SEDAR filed on June 12,2003. The project, has also been the subject of an updated pit study, as well as an update of CAPEX and OPEX costs done by AMEC in November 2006 .

Larry Abraham, Bellhaven's Chairman of the Board, had this to say at signing:

"The terms of this acquisition are highly favorable (USD$23/measured and indicated ounce) to Bellhaven and represent a very significant development for the company. Additionally, Cerro Quema greatly enhances Bellhaven's existing presence on the Azuero Peninsula (already in excess of 57,000 hectares) in the form of greater exploration potential. "

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.


To obtain the 100% interest in the Cerro Quema Gold Project, Bellhaven has signed a Definitive Agreement ("DA") with Carena Equities Corp. ("Carena") to acquire 40%, and a Letter of Intent ("LOI") with Glencairn Gold Corp. (TSX: GGG) ("Glencairn") to acquire the remaining 60%.

Mr. Julio Benedetti, Bellhaven's President and CEO, is also the President of Carena Equities as well as a shareholder of its parent company-making this a "non-arms length" transaction. According to the terms of the DA with Carena, Bellhaven will pay USD$4.4 million over the next 5 years according to the following schedule:
Amount                   Payment date
-------------            -----------------------------
SD$50,000                at signing of the agreement
SD$200,000               Jan. 15, 2008
SD$250,000               Jun. 30, 2008
SD$250,000               Dec. 30, 2008
SD$250,000               Jun. 30, 2009
SD$1,133,333             Jun. 30, 2010
SD$1,133,333             Jun. 30, 2011
SD$1,133,334             Jun 30, 2012

According to the terms of the LOI 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. The funds will be paid according to the following schedule:
Amount                    Payment date
------------             -----------------------------
USD$100,000               Upon acceptance of the offer
USD$400,000               Upon closing of the agreement
USD$2,500,000             Within thirty days of
                          closing of the agreement
USD$1,000,000             Jun. 30, 2008
USD$2,000,000             Dec. 31, 2008

In addition to the above outlined payments, Bellhaven will take over 100% of the obligations related to development costs of the project and future production. Production obligations include a 2% NSR to the government of Panama, a 2% NSR to CEMSA (a Panamanian corporation and the initial vendor of the property) and a 9% NPI to Campbell Resources Inc.

Bellhaven intends to fund the property payments by a combination of equity offering and debt financing.
This press release has been prepared under the supervision of Michael Druecker, Ph.D., P.Geo., who serves as the qualified person for this project under National Instrument 43-101.

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 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.