Bellhaven Copper & Gold Receives Second Cash Installment of USD $500,000 for Cerro Chorcha Joint Venture With Dominion Minerals Corp.
Posted on: Tuesday, 18 March 2008, 09:00 CDT
PANAMA CITY, March 18 /PRNewswire-FirstCall/ -- Bellhaven Copper & Gold, Inc. (TSX: BHV) ("Bellhaven" or the "Company") is pleased to announce that it has received the second of four USD $500,000 cash installments from Dominion Minerals Corp. (Pink Sheets: DMNM) ("Dominion") arranged through an option agreement that will allow Dominion to acquire an interest in Bellhaven's Cerro Chorcha Copper Property. In addition to the cash payment, Dominion issued 1,333,334 of its shares in accordance with the option agreement. Dominion has also met the first year's work commitment by spending USD $2.1 million on the property. To date, Dominion has paid USD $1 million cash and issued 2,666,668 million shares to Bellhaven.
According to the agreement, Dominion will expend no less than USD $7 million in work at Cerro Chorcha over the course of the next year (March 2008-March 2009). The 2008 exploration budget at Cerro Chorcha includes plans for a phase 2 drill program set to begin April 2008. Results from the recently completed (and highly successful) phase 1 drill program are being analyzed to re-calculate the NI 43-101 resource which has been outlined at Cerro Chorcha.
Julio Benedetti, Bellhaven's President and CEO, had this to say:
"We are very pleased with the results of the most recent drill program at Cerro Chorcha and highly anticipate a very strong phase 2 program (set to begin in April). Likewise, we have established an excellent working relationship with our partners Dominion Minerals, and look forward to the continued success of our coordinated efforts in developing the resource at Chorcha."
About Bellhaven Copper & Gold
Bellhaven Copper and Gold is one of Panama's leading exploration companies. 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. Pini Althaus, President, CEO DOMINION MINERALS CORP.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Bellhaven Copper & Gold
CONTACT: Julio Benedetti, Corporate, +1-507-226-3967, or MiguelVillahermosa, Investor Relations, 1-866-599-5930
Web site: http://www.bellhavencg.com/
Source: PRNewswire-FirstCall
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