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Panama City, Panamá – Tuesday, January 29, 2008. Bellhaven Copper & Gold, Inc. (TSX-Venture: BHV) (“Bellhaven” or the “Company”) is pleased to announce the signing of an exclusive Letter of Intent “LOI” with the property vendors of the Santa Maria Gold Mine and two contiguous exploration properties located in the Gomez-Plata District, Department of Antioquia, Colombia. Santa Maria is a high grade mesothermal vein gold deposit, which has been in production for over 200 years. Currently the deposit includes the Santa Maria Vein Group, consisting of five parallel veins and the high grade Aluchadero veins.

The terms of the LOI allow BHV to acquire an 80% interest in Santa Maria by paying US$ 250,000 over a three year period and investing a minimum of US$ 1,000,000 over the same period in exploration and development work. BHV will have a 5-year option to acquire an additional 10% interest at a price of US$ 1,000,000.

The parties have agreed to sign a Definitive Agreement within 45 days pending legal due diligence. Upon execution of the Definitive Agreement, BHV will initiate a work program which will drive a 1,200 meters exploration/development tunnel along the length of the high grade Aluchadero vein to join it with the Santa Maria Vein Group. This tunnel will allow BHV to confirm ore grade and potential reserves to be followed up by a drill program. The mineral extracted while driving the tunnel will be processed in the existing mine facilities (50 tons per day capacity) and the net profits will be divided equally among the partners until the vendors receive a cumulative amount of US$ 250,000 (within a three year period). Once the vendors have received the US$ 250,000, the net profits will be divided 80/20 among the Parties with Bellhaven receiving 80%.

The Company plans to upgrade and increase plant capacity once sufficient reserves are measured.

Julio Benedetti, Bellhaven’s President and CEO, said the following at signing:

“Bellhaven has spent over 2 years evaluating mineral properties in Colombia and we are very pleased to have found a project with the potential of Santa Maria. We have developed an excellent working relationship with the current operators and look forward to a long and prosperous partnership. Not only will this property add more production to our portfolio, but we anticipate that this JV structure will allow Bellhaven to cover the property payments and a significant portion of the exploration/development cost at Santa Maria from the proceeds of the mine operation.”

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About Bellhaven Copper & 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 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. 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 AND GOLD, INC.

Investor Relations Contact:

Miguel Villahermosa

Toll Free: 1.866.599.5930