Vancouver, BC – December 19, 2007, Bellhaven Copper & Gold, Inc. (TSX-Venture: BHV) (“Bellhaven” or the “Company”) is pleased to announce that it has made a property payment of US$2.5 million, on schedule, to Central Sun Mining (formerly Glencairn Gold Corporation), thereby completing 50% of the payments required to purchase Central Sun’s 60% interest in the Cerro Quema Gold Deposit located in Panama. The Board of Directors of Bellhaven has approved the decision to advance the development of Cerro Quema Property to commercial production by the second semester of 2009. Tetra Tech MM, Inc. of Golden, Colorado has been engaged as Lead Consultant to advise and coordinate the review of the Feasibility Study. The Company proposes completion of the following engineering designs and technical issues according to the timeline below:
1. Feasibility Study Review: November 2007 to May 2008
The work to be done during this period will include:
2. Environmental Study Update: January 2008 to May 2008
Update of the Environmental Impact Statement and the Environmental Management Program will be completed in conjunction with the Feasibility Study Review in order to incorporate any modifications in the mine plan and process design.
3. Design and Engineering: January 2008 to July 2008
The work to be done during this period will include:
· Sediment control dam design
· Water control and diversion channel system design
· Road access review and final design.
· Facilities layout and engineering design
4. Development and Construction Phase One: February 2008 to August 2008
The work to be done during this period will include:
· On site office facilities upgrading and expansion
· Road sediment control repair and upgrading
· Access road repair and upgrading
· Water control and diversion channel system construction
· Construction of the sediment control dam
5. Equipment purchase and procurement: December 2007 to January 2009
6. Mine Development and Plant Construction Phase Two: September 2008 to August 2009
7. Commissioning: September 2009 to October 2009
Bellhaven is also in discussions with other process engineers and consultants in the interest of improving the metallurgical techniques to be utilized at Cerro Quema. Bellhaven has also retained the services of Mr. David Bayona as consultant to the Company. Mr. Bayona was the last Manager for Central Sun of the Cerro Quema Gold Project. For more details of our development schedule, please consult our website under Cerro Quema Development Plan. In parallel to this Development Plan Bellhaven will actively pursue exploration in its nearby properties such as the Pitaloza Project and the Cerro Quema east exploration targets.
About Bellhaven Copper and Gold
Bellhaven Copper and Gold is one of Panama's leading exploration companies. Bellhaven controls highly prospective gold and copper concessions, totalling over 500 square kilometers, 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 Cerro Quema 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. These individuals have a record of success and achievement, and enjoy excellent working relationships with the government, the native Indian tribes, and within the worldwide mining community.
On behalf of the board of directors,
Julio C. Benedetti, President, CEO
BELLHAVEN COPPER & GOLD, INC. CONTACT INFORMATION
Investor Relations Miguel Villahermosa1..866.599.5930
AGORACOM Investor Relations
http://www.agoracom.com/IR/Bellhaven
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