Mon May 14, 2012

Bellhaven Tops Previous Best Hole at the Middle Zone Deposit, La Mina Project, Colombia:  LME-1072 – 134.39m at 0.65 g/t Au and 0.32%Cu, or 1.19 g/t Au Equivalent

 

Medellin, Colombia – May 14, 2012.  Bellhaven Copper & Gold Inc. (TSX-Venture: BHV) (“Bellhaven” or the “Company”)is pleased to report drill results from six recent holes at the La Mina Project in Colombia (Figure 1).  The holes tested the northern and eastern limits of mineralization at Middle Zone, while also successfully targeting newly identified structural corridors within the deposit (Figure 2). Two of the most significant intercepts are shown below:

  • LME-1072 – 134.39m averaging 0.65 g/t Au and 0.32% Cu, or 1.19 g/t Au Equiv
  • LME-1068 – 101.69m averaging 0.64 g/t Au and 0.11% Cu, or 0.84 g/t Au Equiv

These drill holes will be among the last included in the maiden Middle Zone resource, to be delivered in June. In September 2011, the Company announced the initial inferred mineral resource for the project on the La Cantera deposit, which is less than 500m south of the Middle Zone. The Cantera resource included approximately 1.0M oz of Au and 280M pounds of copper, or 1.6M oz of Au equivalent (See Company news release dated September 13, 2011).

 

There were two objectives with this group of holes. The primary focus was to establish a connection between the encouraging intercepts in LME-1064 (78.10m of 0.84 g/t Au Equiv), LME-1060 (80.60m of 1.20 g/t Au Equiv) and the recent northeast extensions encountered in LME-1065 (multiple intercepts between 0.48 g/t and 0.96 g/t Au Equiv) and LME-1063 (16.77m at 1.08 g/t Au Equiv).  The Company also sought to confirm the extreme northern limits of the near surface mineralization. These holes succeeded in establishing a strong connection between the core of the mineralization and numerous intercepts that extend mineralization to the northeast, demonstrating further upside potential of the deposit. 

 

For maps showing the location of the drill holes, as well as relevant geologic cross sections highlighting the gold-copper intercepts, please use the following link: http://media3.marketwire.com/docs/bell0514.pdf

 

Patrick Highsmith, M.Sc Geology and Bellhaven’s CEO, commented on the latest drilling:

“These are remarkable results because they reflect real-time adjustments to new geological information. Brad Yonaka, our Vice President Exploration, and the team identified some structural corridors that seemed to link up the northeast extensions with the main body of mineralization; and they confirmed these connections with these drill holes. The results of that work include drill holes LME-1072, the best hole to date in the Middle Zone, and LME-1068. LME-1072 intercepted more than 130m of 1.2 g/t gold equivalent, including more than 30m of 1.9 g/t gold equivalent.  These new intercepts will increase grade and continuity of the resource in an area that was previously thought to be peripheral.”

 

The table below summarizes the significant intercepts from the most recent drilling at the Middle Zone.

 

Table 1– Significant New Drill-Hole Results for La Mina Gold-(Copper) Project, Colombia

 

 

Intercepts calculated using a 0.40 g/t AuEq cut-off grade. AuEq (g/t) = gold equivalent (g/t). AuEq (g/t) calculated assuming a long-term gold price of US $900/oz and a long-term copper price of US $2.25/lb. No adjustment has been made for metallurgical recoveries or net-smelter returns as these remain uncertain at this time. AuEq formula: AuEq g/t = Au g/t + [(Cu% x 22.0462 x 2.25)/(900/31.1035)] g/t;Ag values are not included. Gold and copper grades capped at 5 g/t Au and 2% Cu, respectively. Intercepts reported as down-hole lengths and may not represent true thicknesses.

 

Discussion of the Drill-Hole Results

The group of holes reported here are located in the central and northern portions of the Middle Zone (See Table 2).  At present, two drill rigs are testing extensions to these newly identified zones on the southeast and northwestern sides of the deposit. Since February, the program has been successful in advancing the shallow, gold-dominant mineralization to the southwest, west, and the northeast (See Company news releases dated February 9, 2012, March 22, 2012, and May 3, 2012).

 

The results in this press release define the limits of mineralization to the north, and significantly augment zones of mineralization in the most important host rocks on the east and northeast, the X1 and X3 porphyries and their related breccias.  Two holes from the same platform, LME-1068 and LME-1070, exceeded expectations by establishing a connection between LME-1063 and LME-1065 (~50m northeast) and LME-1064 (~100m west).

 

The mineralization in LME-1068 includes X3 Breccia near surface and the lower 101.69m interval reported here is almost entirely within the X1 Breccia, showing robust quartz-magnetite-sulfide veining nearly to the end of the hole. It is now recognized that LME-1068 passes through a major structural corridor, which is proving important for the distribution of mineralization in the eastern half of Middle Zone. Drill hole LME-1067 intersects this same structure at a deeper level (Figure 3). 

 

Drill hole LME-1070, collared on the same platform as LME-1068 but plunging southeast, further confirms good X3 Breccia mineralization near surface. The appearance in this drill hole, and in LME-1068, of X1 Breccia at depth is of considerable benefit in understanding the geometry of the X1 unit. This aids follow-up drilling in the vicinity, which seeks to extend the mineralized X3 and the upper part of the X1 unit.

 

LME-1072, located in the south-central portion of the deposit, was oriented northwest to test X3 and X1 mineralization in the saddle area between the main body of X1 and the deeper lobe to the east (Figure 4). It also followed up on previously reported mineralization in LME-1060. It is now believed that the sudden changes in the shape of X1 are due to a fault offset, and that LME-1072 passes through this structure. The upper intercept is in X3 Breccia and the second intercept (mixed X1 and X3 Breccia) is immediately adjacent to the post-mineral X2 Porphyry. The high-grade intercept of 30m at 1.93 g/t Au Equiv confirms the model for grade enrichment at the contact with the X2 Porphyry. Modeling the occurrence of this relatively high-grade material near the X2 has become a consideration in Middle Zone drill planning. Drill hole LME-1072 was stopped short of the target depth due to bad ground conditions, so this area is currently being targeted by another drill hole from the north.

 

The Company continues to drill the Middle Zone and expects to gather a few more intercepts ahead of resource calculations in June. Previous Middle Zone drilling has been described in several news releases (including August 2, 2011, October 6, 2011, January 19, 2012, February 9, 2012, March 22, 2012, and May 3, 2012).

 

Table 2- Drill Hole Location Data for La Mina Gold-(Copper) Project, Colombia

Hole Number

East UTM Coordinate

North UTM Coordinate

Elevation (m.a.s.l.)

Azimuth

(degrees)

Plunge

(degrees)

Total Length

(metres)

Prospect

LME-1067

419102.24

655299.76

1958.29

135

-60

260.30

Middle Zone

LME-1068

419191.82

655174.28

1931.37

315

-70

204.21

Middle Zone

LME-1069

419101.41

655302.88

1958.84

315

-60

235.30

Middle Zone

LME-1070

419193.72

655172.33

1931.37

135

-52

245.36

Middle Zone

LME-1071

419099.21

655302.21

1959.46

045

-55

293.10

Middle Zone

LME-1072

419108.59

655126.86

1894.91

325

-45

225.55

Middle Zone

m.a.s.l. = metres above sea level

 

Laboratory Methodology and Quality Assurance

After logging, cutting, and sampling on site at the La Mina camp, Bellhaven employees transport the core samples to the sample preparation laboratory in Medellin, ALS Colombia Ltda. The lab prepares sample pulps for analysis according to industry standard methodologies and ships the pulps to ALS Laboratories in Lima, Peru and La Serena, Chile. The copper, silver and multi-element analyses are performed by a four-acid digestion and ICP-AES finish at the ALS Lima lab. The gold is determined by fire assay of a 30-gram sample with an atomic-absorption finish in Lima or La Serena, depending on laboratory workflow.

 

Most ALS Minerals laboratories are registered or are pending registration to ISO 9001:2008; and a number of analytical facilities have received ISO 17025 accreditations for specific procedures. Bellhaven also maintains an independent QA-QC program that includes the use of certified standard reference materials, blanks, as well as field and pulp duplicates. The quality control data associated with these results falls within acceptable ranges for all relevant parameters.

 

This news release has been prepared under the supervision of Mr. Thomas J. Drown, P.Geo. Mr. Drown has more than 25 years relevant experience and is a British Columbia Professional Geoscientist.  He is a senior project geologist with the Company at the La Mina Project and serves as the qualified person as defined by National Instrument 43-101.

 

About Bellhaven

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 be a leader in responsible gold and copper development in Panama and Colombia.  Bellhaven will focus on discovery, acquisition, and development of high-quality resources in a safe and responsible manner for the benefit of all of its stakeholders.

 

The Company’s flagship project is the La Mina porphyry gold-(copper) project in the Middle Cauca belt of Colombia. In the first half of 2012, the Company expects to announce an update to its maiden NI 43-101 inferred resource, which was released in September of 2011. The initial La Mina resource included 1.0 Moz gold and 280 million pounds of copper (or 1.6 Moz gold equivalent) contained in 40.56 million tonnes averaging 0.77 g/t Au, 0.31% Cu, or a gold equivalent grade of 1.26 g/t (based on a 0.30 g/t Au cutoff grade). For more information regarding Bellhaven, please visit our website at www.bellhavencg.com

On behalf of the board of directors,


“R. Patrick Highsmith”

Chief Executive Officer


BELLHAVEN COPPER & GOLD INC.
Corporate Communications:                                     Contact in Panama:    
Nico Wells                                                                    Julio Benedetti, President/Director
North America: +1-303-470-8700, ext 24                  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.

 

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