Bellhaven Adds Gold at the El Limon Target at the La Mina Project, Colombia Denver, Colorado December 27, 2012. Bellhaven Copper & Gold Inc. (TSX-Venture: BHV) ( Bellhaven or the Company ) is pleased to report drill results from eight recent holes at the La Mina Project in Colombia (Figures 1 and 6). The first five holes tested new soil geochemical targets associated with the El Limon mineralized porphyry, north of the Middle Zone resource. Two additional holes undercut known historical mine workings on the west side of Middle Zone (an area known as the Adit Target), and finally one hole filled a gap in the deeper portions of the Middle Zone. The program added much needed information at El Limon, where a 2011 drill hole (LMDDH- 21) encountered 67m of 0.25 g/t Au. Two of the El Limon holes confirmed significant widths of alteration and mineralization within 300m of the Middle Zone resource. The Adit Target is a newly realized structure exhibiting higher-grade silver vein-type mineralization that may transition to gold-rich veins at depth. For maps showing the location of the drill holes, as well as the corresponding geologic cross sections highlighting the gold-copper intercepts, please use the following link: http://media3.marketwire.com/docs/bell1227.pdf. Patrick Highsmith, Bellhaven s CEO, commented on the latest drilling: We have improved upon the best intercept at the El Limon porphyry, but these results don t satisfy our short-term goal for the second half of 2012 of adding near-surface higher-grade mineralization around Middle Zone. There may still be resource additions at El Limon, but they are likely to come from deeper in the system. The first test of the Adit Target confirmed the presence of higher-grade silver in epithermal veins; and these veins may be indicative of deeper porphyry or gold vein mineralization. In the course of executing our systematic exploration plan, it was important to test these shallow targets that adjoin our known resources. However, early in 2013 we turn our attention to the new Garrucha discovery and the un-drilled Cristalina target. As 2012 comes to an end, Bellhaven has just added some drill holes between La Cantera and Middle Zone, the results of which will be released in January. In early 2013, the technical team will incorporate the new ZTEM geophysical data and proceed with testing new targets at La Garrucha and Cristalina. The table below summarizes the significant intercepts from these drill holes. There were no significant intervals in drill holes LME-1086 through -1089.
Page 2 Table 1 Significant New Drill-Hole Results for La Mina Gold-(Copper) Project, Colombia Drill Hole From To Intercept Au Cu (%) Ag AuEq Prospect LME-1084 117.34 196.29 78.95 0.31 0.10 2.1 0.41 El Limon 236.22 281.94 45.72 0.37 0.11 2.0 0.54 El Limon 207.26 208.78 1.52 0.17 0.27 448.0 0.56 El Limon LME-1085 33.52 53.94 20.42 0.23 0.19 4.0 0.53 El Limon LME-1090 530.58 548.70 18.12 0.34 0.30 1.2 0.81 Middle Zone LME-1092 358.00 360.00 2.0 0.42 0.08 299.0 0.55 Adit Target NOTE: Intercepts calculated using a 0.40 g/t AuEq cut-off grade. AuEq = gold equivalent. AuEq calculated assuming a long-term gold price of US $1200/oz and a long-term copper price of US $2.75/lb. No adjustment has been made for metallurgical recoveries or net-smelter returns as these remain uncertain at this time. AuEq formula: AuEq g/t = Au g/t + [(Cu% x 22.0462 x 2.75)/(1200/31.1035)] g/t;ag values are not included. Gold and copper grades capped at 5 g/t Au and 2% Cu, respectively. Intercepts reported as down-hole lengths and may not represent true thicknesses. Discussion of the Drill-Hole Results The El Limon holes (LME-1084 to -1088) added considerable understanding of the complex intrusive rocks and breccias at El Limon (Figure 1). The geologists noted significant alteration over long intervals in these holes, but the intensity of mineralization remains lower than at Middle Zone and La Cantera. The two El Limon holes with significant mineralized intervals (LME-1084 and -1085) are oriented N45W and collared approximately 100m apart on the west side of a previously noted gold and copper soil anomaly (Figures 2 and 3). The gold intercepts in those holes coincide well with the soil anomalies. While these intercepts improve upon the previously reported mineralization in LMDDH-021 (see Company news release dated April 20, 2011), later drill holes (LME-1086, -1087, and -1088) collared to the southwest did not improve upon the grade and thickness of the El Limon mineralization. The reported high-grade silver interval in LME-1084 (1.5m at 448 g/t Ag) is associated with veinlets and brecciation including molybdenite, chalcopyrite, and possibly scheelite. This style of mineralization has been reported from the Middle Zone and La Cantera mineral systems and is thought to post-date the Au-Cu porphyry mineralization. Based on the strong alteration observed in LME-1084, drill holes LME-1086, LME-1087, and LME-1088 were collared approximately 50m to the southwest. LME-1086 was drilled parallel to LME-1084; while LME-1087 was drilled at S45E (towards the Middle Zone) from the same platform as LME-1086. These holes encountered anomalous gold near surface, but the grade did not persist to depth (Figure 4). The geologists collared LME-1088 on the same platform but
Page 3 directed it S45W (Figure 5). Although this hole delivered anomalous metal values and thus helped to explain the soil anomaly, the overall intercept was below cutoff grade. Two holes, LME-1089 and LME-1092, were the first to test an area west of the Middle Zone resource known to have historical gold workings (Figure 6). These workings reportedly included extensive development along a northeast-trending adit. The exact extent of the adit is unknown, and the entrance is now collapsed. However, locally acquired information indicates that it was in operation periodically from the 1920 s to about 1970. Miners describe gold-rich shear zone oriented close to N45E. Soil anomalies in Au, As, Cu, Ag, Pb, and Sb confirm a northeasterly trend as well. Hole LME-1089 was drilled from the NW side of the Adit Target at a bearing of S45E (cross section to be completed after receipt of assays for LME 1091). Hole LME-1092 was drilled due north from the SE side of the adit (Figure 7). These holes encountered several narrow intervals of veining, including silver assays ranging from 37 to 299 g/t and zinc assays approaching 1% over short intervals. Gold was also anomalous over a number of intervals. The veins in this area are geochemically similar to the high-grade silver veins encountered elsewhere on the project. Hole LME-1090 is located at the same collar as LME-1092, but plunges N45E into a deep part of Middle Zone (Figure 8). It was positioned to fill a gap in the block model for this area. Results confirm the lithological transition from older volcanic rocks to the copper-rich X1 unit in this area. It exhibits a significant interval at depth, supported by high copper. Table 2 - Drill Hole Location Data from this news release for La Mina Gold-(Copper) Project, Colombia Hole Number East UTM Coordinate North UTM Coordinate Elevation (m.a.s.l.) Azimuth (degrees) Plunge (degrees) Total Length (metres) Prospect LME-1084 419026.66 655487.08 1986.53 315-55 333.75 El Limon LME-1085 419026.95 655593.22 1917.00 315-50 353.56 El Limon LME-1086 418981.98 655450.14 1994.02 315-51 284.98 El Limon LME-1087 418984.24 655447.90 1993.80 135-65 181.35 El Limon LME-1088 418981.84 655448.59 1994.04 225-51 152.70 El Limon LME-1089 418694.04 655043.48 1793.81 135-51 297.18 Adit Target LME-1090 418797.95 654904.12 1774.21 045-64 596.79 Middle Zone LME-1092 418796.72 654905.36 1773.63 000-48 446.53 Adit Target m.a.s.l. = metres above sea level Laboratory Methodology and Quality Assurance After logging, cutting, and sampling on site at the La Mina camp, Bellhaven employees transport the core samples to the sample preparation laboratory in Medellin, ALS Colombia Ltda. The lab
Page 4 prepares sample pulps for analysis according to industry standard methodologies and ships the pulps to ALS Laboratories in Lima, Peru and La Serena, Chile. The copper, silver and multielement analyses are performed by a four-acid digestion and ICP-AES finish at the ALS Lima lab. The gold is determined by fire assay of a 30-gram sample with an atomic-absorption finish in Lima or La Serena, depending on laboratory workflow. Check samples are sent separately by Bellhaven to the SGS Laboratory in Lima, Peru, where they are analyzed by the same methods as listed above for ALS. The ALS Minerals laboratory in Lima, Peru is registered to ISO 9001:2008 and has received ISO 17025:2005 accreditation for certain specific methods, such as fire assay/aa gold. The SGS laboratory in Lima, Peru, has also received accreditation to ISO/IEC 17025 for certain relevant methods. In addition to the internal QA-QC program used by these accredited laboratories, Bellhaven also maintains an independent QA-QC program that includes the use of certified standard reference materials, blanks, as well as field and pulp duplicates. The quality control data associated with these results falls within acceptable ranges for all relevant parameters. This news release has been prepared under the supervision of Mr. Thomas J. Drown, P.Geo. Mr. Drown has more than 25 years relevant experience and is a British Columbia Professional Geoscientist. He is 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. About Bellhaven Bellhaven Copper & Gold Inc. is a Canadian-listed (TSX-V: BHV) exploration company exploring for gold and copper in Panama and Colombia. The Company s objective is to be a leader in responsible gold and copper development in Panama and Colombia. Bellhaven will focus 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 porphyry gold-(copper) project in the Middle Cauca belt of Colombia. In July 2012, the Company increased the mineral resource inventory at the La Mina Project by 60% with the announcement of an inferred resource at Middle Zone. The total La Mina resource now includes 1.6 Moz gold and 419 million pounds of copper (or 2.55 Moz gold equivalent) contained in 79.87 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 Company is currently seeking to grow these resources through ongoing exploration on the La Mina concession. For more information regarding Bellhaven, please visit our website at www.bellhavencg.com On behalf of the board of directors, R. Patrick Highsmith
Page 5 Chief Executive Officer BELLHAVEN COPPER & GOLD INC. Corporate Communications: Contact in Panama: Nico Wells Julio Benedetti, President/Director North America: +1-303-470-8700, ext 24 Int l No: +507-226-3967 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. 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.