Home / Mining Company News Releases (Unreviewed) / Bellhaven Announces Official Transfer, Registration, and Approval of La Garrucha Concession to Bellhaven’s Colombia Subsidiary

Bellhaven Announces Official Transfer, Registration, and Approval of La Garrucha Concession to Bellhaven’s Colombia Subsidiary

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Aug. 9, 2016) – Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) (“Bellhaven” or the “Company”) wishes to announce that it has received confirmation from the Colombian National Agency for Mining (Agencia Nacional de Minería) that the transfer of the mineral concession (Contracto de Concesión Minera No 6355B [HHMM-04]) covering the La Garrucha prospect to Bellhaven’s wholly-owned Colombian subsidiary Exploraciones Inc. Sucursal Colombia, S.A.S. has been registered. The Office of the Governor of Antioquia (La Gobernación de Antioquia) officially approved the transfer and registration by the issuance of Resolution S2016060003106.

The Contracto de Concesión Minera No 6355B [HHMM-04] concession holding the La Garrucha prospect is contiguous to the Company’s La Mina concession where Bellhaven has outlined 1.6 Moz gold (2.55 Moz gold equivalent) at the La Cantera and Middle Zone prospects (see news releases dated September 13, 2011 and July 9, 2012).

Millie Paredes, Bellhaven’s President, commented as follows:

“Bellhaven is now the beneficial owner of an undivided interest in the La Garrucha concession under Colombian law. We look forward to resuming the exploration of this highly prospective concession in accordance with our strict environmental and safety policies and due consideration of the interests of our stakeholders. We’ve been eager to resume exploration here since we completed LME-1106, our last drill hole at La Garrucha before market conditions in 2013 forced us to halt the drilling campaign. This hole delivered 271 m of 1.03 g/t gold and 0.13% copper (1.23 g/t gold-equivalent) (see news release dated September 10, 2013). We look forward to following up on that encouraging drill hole and the others collared at La Garrucha which intersected thick intervals (>80-m thickness) of 1 gram gold or better (see news releases dated June 5, June 27, and July 10, 2013).”

“Our remaining obligations to the previous owner pertaining to the transfer of the concession include a US$190,000 cash payment due March, 2017 and remittance of US$1.00 per reserve ounce of gold at the earlier of (a) completion of a bankable feasibility study or (b) the initiation of mine construction (see news release dated March 31, 2015).”

About Bellhaven

Bellhaven Copper & Gold Inc. is a Canadian-listed (TSX VENTURE:BHV) exploration company exploring for gold and copper in Colombia. The Company’s goal is to be a leader in gold and copper development in Colombia. Bellhaven focuses on discovery, acquisition and development of high-quality resources in a safe and responsible manner for the benefit of all of its stakeholders.

The Company’s flagship project is the La Mina gold-(copper) porphyry deposit in the Middle Cauca belt of Colombia. The total La Mina inferred resource now includes 1.6 Moz gold and 419 million pounds of copper (or 2.55 Moz gold equivalent) contained in 79.9 million tonnes averaging 0.62 g/t Au, 0.24% Cu, or a gold equivalent grade of 1.0 g/t (based on a 0.30 g/t Au cutoff grade). The effective date for this inferred resource is September 15, 2013. The average grade of 1.0 g/t gold equivalent makes La Mina one of the highest grade gold-(copper) porphyry deposits in the Americas. The Company is currently seeking to develop and to grow these resources through mine development and through ongoing exploration on the La Mina concession. For more information regarding Bellhaven, please visit our website at www.bellhavencg.com.

The scientific and technical information in this news release was prepared under the supervision of Mr. Thomas J. Drown, P.Geo. Mr. Drown has more than 25 years relevant experience and is a British Colombia Professional Geoscientist. He has been a senior project geologist with the Company at the La Mina Project and serves as the qualified person as defined by National Instrument 43-101.

On behalf of the board of directors,

Milagros “Millie” Paredes

Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

Gold equivalent grades have been calculated using the following formula: AuEq = Au(g/t) + [Cu(%)} x {%Recoverable Cu / %Recoverable Au} x {Net Cu Price/Net Au Price} x {%Payable Cu / %Payable Au x 22.0462 x 31.1035]. Metal recoveries are estimates based on metallurgical results announced in Bellhaven’s news release dated Nov. 15, 2011. Net metal prices for gold and copper are the long-term forward curve metal price minus refining charge. Metal prices based on the long-term forward curve are as of May 8, 2013 (US$1482 for gold and $3.40/lb for copper). Metal refinery charges and % payable metal by the smelter are estimates based on third-party consultants. Metal prices, refinery charges and % payable metal are not constant and are subject to change. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Corporate Contact:
Mrs. Milagros “Millie” Paredes
(971) 344-1500
[email protected]


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