Panama City, Panamá -- May 1, 2008. Bellhaven Copper & Gold, Inc. (TSX-Venture: BHV) ("Bellhaven" or the "Company") is pleased to announce the completion of the following objectives pertaining to development of the Cerro Quema Gold Project located in Panama's Azuero Penninsula.
As expected, all of the company's 1st quarter goals (as outlined in the release dated Dec. 19, 2007) have been met. The following work was completed in the Q1, 2008 in the interest of bringing the project online by Q4, 2009:
1. The Company Completed the geotechnical and condemnation drilling (final assay results pending): A program of 11 geotechnical holes were drilled in the processing and waste dump areas under the supervision of Tetra Tech. The lab analysis are being carried out at Tecnilab in Panama. A fully up to date Geotechnical Study should be completed by mid-May.
A condemnation drill program followed the completion of the geotechnical drill program. This drilling encountered a new mineralized zone directly in between and adjacent to the two known ore bodies. This discovery was the subject of a recent news release (dated April 18, 2008).
2. The Company Completed the design of the Sediment Control Dam and Waste Dump. Tetra Tech Bellhaven's contractor, has completed the Sediment Control Structure Design and Construction Technical Specifications. The Waste Dump design has been completed pending confirmation of geotechnical results.
3. Completion of a Scoping Study of the Leaching Options (trade off study of leaching options), the Capex and Opex estimates, and the preliminary mine design and layout were completed by Innovat Ltd. The completed scoping study includes the Capex and Opex estimates for the leaching options. It also provides the preliminary mine design and facilities layout, as well as the design parameters and construction specifications for the Continuous Vat Leach Pilot Plant.
Construction of the Pilot Plant is 40% completed. The company expects the Pilot Plant to be ready for preliminary testing by the end of May, 2008. With the help of Innovat, Bellhaven continues to evaluate equipment options available to complete the mine design.
4. Metallurgical testing: SGS Labs has Completed bottle roll tests of three representative 2 kg samples. The purpose of these Bottle Roll tests was to verify tests carried out in the mid-90s by a previous owner of the property. SGS is also carrying out three jig-column leach tests on three 20Kg. representative ore samples. The purpose of this test program is to assess the recovery of gold by cyanide leaching and the amenability of the ore to leaching using the continuous vat leaching process developed by Innovat. To date, one of three tests have been completed. The company expects that the remaining tests will be completed in the coming weeks.
5. The Company has Advanced construction of Office/Base Camp. Bellhaven refurbished the two office buildings at the Rio Quema Base Camp and completed construction of a third unit, a warehouse, and a core storage shed.
6. Continuation of environmental follow up studies and data gathering: Several follow up environmental studies and tasks have been completed such as updating the base line study over critical areas, forestry inventory update (to be completed in Q2/2008), update of the property vegetation map, acquisition and installation of a new weather station, and water quality and sediment control monitoring.
7. Evaluation of capital financing alternatives: Bellhaven is in contact with a number of investment bankers, fund managers, and financial consultants in order to evaluate financing options.
A new updated Development Schedule reflecting these advances has been placed in the Company's website.
About Bellhaven Copper & Gold
Bellhaven Copper and Gold is Panama's leading exploration company. Bellhaven controls highly prospective gold and copper concessions, totaling 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.
Corporate Contact:
Julio Benedetti
Tel: +011(507) 226.3967
Investor Relations Contact:
Miguel Villahermosa
Toll Free: 1.866.599.5930
AGORACOM Investor Relations
http://www.agoracom.com/IR/Bellhaven
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