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Bellhaven Acquires 100% Interest in an Advanced Stage Gold Deposit in Panama's Azuero Peninsula
09:31 EDT Thursday, October 04, 2007

PANAMA CITY, Oct. 4 /CNW/ -- Bellhaven Copper & Gold, Inc. (TSX-Venture: BHV) ("Bellhaven" or the "Company") is pleased to announce that it has signed a Definitive Agreement ("DA") and a Letter of Intent (LOI) which combined entitle the company to acquire a 100% interest in the Cerro Quema Gold Project -- a permitted exploitation concession located on Panama's Azuero Peninsula just 8 km from Bellhaven's existing Azuero property package. The total purchase price of the project is USD$10.4 million payable over 5 years, is equivalent to USD$23 per "measured and indicated" ounce.

A positive Feasibility Study was completed by RNC Gold Inc., a previous owner, in November 2002 for a heap leach operation, the results can be viewed on SEDAR filed on June 12, 2003. The project, has also been the subject of an updated pit study, as well as an update of CAPEX and OPEX costs done by AMEC in November 2006.

Larry Abraham, Bellhaven's Chairman of the Board, had this to say at signing:

"The terms of this acquisition are highly favorable (USD$23/measured and indicated ounce) to Bellhaven and represent a very significant development for the company. Additionally, Cerro Quema greatly enhances Bellhaven's existing presence on the Azuero Peninsula (already in excess of 57,000 hectares) in the form of greater exploration potential. "


The below is a breakdown of the mineral resources at Cerro Quema:


<<
Cut-off grade Tonnes Grade Ozs
Measured 0.3 8,611,500 1.01 278,400
Indicated 0.3 6,529,400 0.82 173,000
Total 15,140,900 0.93 451,400
>>
*Source: "Cerro Quema Concession, Republic of Panama General Update and Revised Mineral Reserve and Resource Estimates As of January 1, 2004, An addendum To the Mineral Reserve Audit Quema Project Prepared by Chlumsky, Armbrust and Meyer, LLC June 3, 2003, Readdressed to Glencairn Gold Corporation May 4, 2007.

To obtain the 100% interest in the Cerro Quema Gold Project, Bellhaven has signed a Definitive Agreement ("DA") with Carena Equities Corp. ("Carena") to acquire 40%, and a Letter of Intent ("LOI") with Glencairn Gold Corp. (TSX: GGG) ("Glencairn") to acquire the remaining 60%.


Mr. Julio Benedetti, Bellhaven's President and CEO, is also the President of Carena Equities as well as a shareholder of its parent company-making this a "non-arms length" transaction. According to the terms of the DA with Carena, Bellhaven will pay USD$4.4 million over the next 5 years according to the following schedule:


Amount Payment date


<<
USD$50,000 at signing of the agreement
USD$200,000 Jan. 15, 2008
USD$250,000 Jun. 30, 2008
USD$250,000 Dec. 30, 2008
USD$250,000 Jun. 30, 2009
USD$1,133,333 Jun. 30, 2010
USD$1,133,333 Jun. 30, 2011
USD$1,133,334 Jun. 30, 2012
>>
According to the terms of the LOI with Glencairn, Bellhaven will pay an aggregate USD$6 million to Glencairn over the next 15 months to acquire Glencairn's 60% interest in the Cerro Quema property. The funds will be paid according to the following schedule:


Amount Payment date


<<
USD$100,000 Upon acceptance of the offer
USD$400,000 Upon closing of the agreement
USD$2,500,000 Within thirty days of closing of the
agreement
USD$1,000,000 Jun. 30, 2008
USD$2,000,000 Dec. 31, 2008
>>
In addition to the above outlined payments, Bellhaven will take over 100% of the obligations related to development costs of the project and future production. Production obligations include a 2% NSR to the government of Panama, a 2% NSR to CEMSA (a Panamanian corporation and the initial vendor of the property) and a 9% NPI to Campbell Resources Inc.

Bellhaven intends to fund the property payments by a combination of equity offering and debt financing.

This press release has been prepared under the supervision of Michael Druecker, Ph.D., P.Geo., who serves as the qualified person for this project under National Instrument 43-101.

Bellhaven Copper & Gold Inc. is a Panama-based mineral exploration company with a portfolio of gold and copper properties in the Republic of Panama. The company has issued 23,583,101 shares and has no debt. For more information, please visit the web site at http://www.bellhavencg.com or call Miguel Villahermosa at toll free 1-866-599-5930.


<<
On behalf of the board of directors,
Julio C. Benedetti, President, CEO
BELLHAVEN COPPER AND GOLD, INC.
>>
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. Additionally, this document may contain certain forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or achievements implied by these forward looking statements.

For further information: Corporate, Julio Benedetti, +1-507-226-3967, or, Investor Relations, Miguel Villahermosa, 1-866-599-5930, both of Bellhaven Copper & Gold, Inc. Web Site: http://www.bellhavencg.com





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