Tue November 1, 2011.
Bellhaven Hires Ms. María Milagros “Millie” Paredes as COO
Vancouver, British Columbia – November 1, 2011. Bellhaven Copper & Gold Inc. (TSX-Venture: BHV) (“Bellhaven” or the “Company”) is pleased to announce today the appointment of Ms. María Milagros “Millie” Paredes to the position of chief operating officer, fulfilling the position held by Mr. Richard “Dick” Lyon. Ms. Paredes will also continue in her current role as CFO until a replacement is hired.
Ms. Paredes has been working for Bellhaven since May, 2011 as the CFO of the Company (see press release dated May 20, 2010). Since her arrival at Bellhaven, she has transformed the financial department, establishing new procedures and controls as well as improving the financial reporting. Her efforts have also led to the lowering of operational costs. To achieve these improvements, she moved to Panama in mid June and stayed until end of August, allowing her to interact on a day-to-day basis with the operations and financial staffs.
Bellhaven’s operations in Colombia and Panama also have greatly benefitted by Ms. Paredes dedication and organizational skills. She has expanded beyond her CFO role during the past nine months to act as the head of operations. During this period Bellhaven has announced a strategic investment by IAMGOLD (see press release dated October 28, 2011), its first ever NI 43-101 resource estimate for its flagship La Mina project in Colombia (see press release dated September 13, 2011), and drilled its first two successful holes at its Pitaloza high-sulphidation epithermal gold project in Panama (see press releases dated April 21 and May 25, 2011). In addition, many of the new geologists now working at Bellhaven’s projects in Colombia and Panama were hired through Ms. Paredes’ network.
As outlined in the May 20, 2010 press release, Ms. Paredes brings extensive experience as a finance professional developed at two storied companies, Hewlett Packard and Intel. Before entering the high-tech industry, Ms. Paredes worked for BHP at Antamina (one of the largest copper-zinc orebodies in the world) and at Tintaya copper-(gold, silver) mine, Peru as head of the geological modeling department. Prior to working at Antamina and Tintaya, she was the project geologist at the Las Bambas copper-(gold, silver) project, Peru (now operated by Xstrata), where she managed a drilling campaign and conducted grass-roots exploration programs.
She received a B.Sc. in Geological Engineering from Universidad Nacional de Ingenieria Lima-Peru in 1990, a M.Sc. degree in Geology from Iowa State University in 1994, with two minors in Water Resources and Mineral Resources, and an MBA from Cornell University (New York) in 2001.
Paul Zweng, Bellhaven’s Interim CEO and Director, commented as follows:
“Millie has been a workhorse at Bellhaven. The Company’s financial department and reporting have never been in better shape. She has been instrumental in running the operations since the beginning of the calendar year to the great benefit of the projects in Colombia and Panama. She has earned this positioned.”
“The strategic investment by IAMGOLD in Bellhaven announced last month will allow the Company to ramp up the operations, especially at La Mina. We are fortunate to have Millie—a dedicated individual who is a native Spanish speaker, understands the cultures of where we operate, and is proficient in exploration and finance—to lead our operations.”
“I want to thank Dick for his contributions and to wish him the best going forward.”
Grant of Incentive Stock Options
The Company also announces that it has granted in the aggregate 100,000 options at a price of $0.58 per share to certain consultants, employees, officers and/or directors of the Company. The options are exercisable for a five-year period from the date of grant. The options may include vesting restrictions as per the Company’s stock option plan.
Mr. Thomas J. Drown, P.Geo., has read and approved the technical information in this news release. Mr Drown is Bellhaven’s exploration manager for Panama and is a qualified person as defined by National Instrument 43-101.
Bellhaven Copper & Gold Inc. is a Canadian-listed (TSX-V: BHV) exploration company exploring for gold and copper in Panama and Colombia. The Company’s objective is to become one of the best gold-copper companies operating in Panama and Colombia by discovering, acquiring, and developing high-quality resources in a safe and responsible manner to the benefit of all of its stakeholders.
Bellhaven announced on October 26, 2011, a strategic investment by IAMGOLD Corporation, thereby providing IAMGOLD with a 10.2% equity interest in Bellhaven.
The Company’s flagship project is the 100%-controlled La Mina porphyry gold-(copper) project in the Middle Cauca belt of Colombia. In September, 2011, Bellhaven announced its first NI 43-101 compliant resource for the La Cantera prospect at La Mina containing 1.0 Moz gold and 1.6 Moz gold equivalent contained in 40.56 Mt of inferred resources averaging 0.77 g/t gold, 0.31% copper, and 1.26 g/t gold-equivalent at La Cantera (based on 0.30 g/t Au cut-off grade), making La Cantera one of the highest grade porphyry gold prospects in the Americas. La Cantera is one of twelve prospects identified to date at the La Mina project.
Other important projects controlled 100% by Bellhaven include Pitaloza and three other high-sulphidation epithermal gold-(copper) and porphyry copper prospects located on the Azuero Peninsula in Panama.
For more information regarding Bellhaven, please visit our website at www.bellhavencg.com
On behalf of the board of directors,
Paul L. Zweng, Interim CEO & Director
BELLHAVEN COPPER & GOLD INC.
Corporate Contact in North America: Corporate Contact in Panama:
Paul Zweng, CEO/Director Julio Benedetti, President/Director
+1-808-377-1947 Int’l No: +507-226-3967
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.