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Positive Feasibility Study 2009 The feasibility study included the desing, construction (by Innovat Ltd.) and operation (by SGS Lakefield) of a 15 tpd CVL pilot plant, which provided recoveries over 90% in a 36 hour period, procesing a 70 ton ore sample over 4 days. The CAPEX of a 2,500 tpd operation is US$12.5 million and OPEX of US$320/oz., with average anual production of 28,000 ozs of gold, a cash flow of US$71 million and a internal rate of return of 55% over  8 years mine life (at US$750 Au). The Quema/Quemita orebody with 126,100 ozs of gold will add 4 years of production.

Cerro Quema is a gold project in development stage. A positive feasibility study was completed in january 2009 for the development of 2,500 tpd and a 5,000 tpd Continuous Vat Leach (CVL) operation.

DEVELOPMENT STAGE GOLD PROJECT

As of December 31, 2006, proven and probable, mineable, reserves at Cerro Quema totalled 10.5 million tonnes at an average grade of 1.10 gram per tonne. The deposit contains 372,500 oz in the "proven and probable" category, 451,400 oz in the "measured and indicated" category, and 44,199 oz in the "inferred" category.

A feasibility study on the La Pava pit was completed by a previous owner in November 2002. The study projected production of approximately 50,000 ounces per year over a mine life of four and a half years. Historical metallurgical studies show an approximate 80% recover rate. In November 2006 AMEC conducted a review and update of the CAPEX and OPEX for Glencairn Gold Corp. estimating a CAPEX of US$14.4 million and OPEX of US$8.33 per tonne and IRR of 21% and 44% at US $425 and US $525 Au respectively.


On January 2009 Bellhaven completed a positive feasibility study for development of a 2,500 tpd and 5,000 tpd CVL operation. Bellhaven has currently renegotiated an option to acquire 100% Cerro Quema and presently owns a 9 % NPR.  Bellhave´s six month plan (June-Dec. 2009) is to complete the acquisition of a 100% ownership of Cerro Quema, arrange for the financing of the mine construction, complete the closure plan and the detailed engineering in order to initiate mine construction at the beginning of Q1/2010.