The LOI provides for a 90 day due diligence period for the parties to sign a Definitive Agreement under the following terms: GMM will have the option to earn up to an undivided 80% interest in any manganese orebodies or Polymetallic orebodies containing manganese identified within the limits of the VFMP. In order to earn this 80% interest, GMM will invest in exploration and development US$4.0 million and make property payments totaling US$1.75 million over a three year period. The first payment of US$40,000 has been made to Bellhaven at signing of the LOI. GMM will also have the option to earn an undivided 20% interest in any precious metal orebodies discovered during the same three year period of the exploration and development Agreement.
Bellhaven will retain a 20% participation in any manganese orebodies or Polymetallic orebodies containing manganese identified by GMM and an 80% interest on any precious metal orebodies discovered by GMM exploration efforts.
Julio Benedetti, President and CEO of Bellhaven had the following comments:
"Our VFMP has been known for its manganese occurrences and past mining activities dating back to the 19th century. Our previous exploration efforts have focused on the gold potential of the property and this transaction with GMM will allow Bellhaven to benefit from other type of mineral endowment of the property."

About Bellhaven Copper & Gold
Bellhaven Copper & Gold Inc. is one of Panama's leading exploration companies.

Bellhaven controls highly prospective gold and cooper concessions that are located in some of the most mineral-rich regions in the country. Gold has been mined in Panama as far back as the 1500's, when the Spanish extracted a million ounces of high-grade ore from the Cana mine. During modern times, the Santa Rosa and Remance gold mines operated during the 1990's and the Molejon Gold Project is scheduled to come online in 2008. Bellhaven's Cerro Quema project is slated for production in 2009. Adding greatly to the strength of the Company is the fact that many of its senior management and board members are residents and/or citizens of Panama. Bellhaven has recently expanded with Colombia, Panama's neighboring the east, having acquired controlling interest of a high grade gold mine.