Bellhaven Commences Drilling at its High-Sulphidation Epithermal Gold Prospect at Bejucosa, Pitaloza, Panama Applications for all Mineral Exploration Concessions Located within Panama's Azuero Peninsula Now in Progress

PANAMA, REPUBLIC OF PANAMA -- (Marketwire) -- 12/21/10 -- Bellhaven Copper & Gold Inc. (TSX VENTURE: BHV) ('Bellhaven' or the 'Company') is pleased to announce that the first drill hole at Bejucosa, one of three prospects at Bellhaven's 100%-owned Pitaloza project, is now under way. Bellhaven's 4,000-m drilling program is focused on testing feeder zones and massive silica exposed in trenching and outcrops at both the Bejucosa and Caracucho prospects. These targets have been identified by past exploration efforts, yielding substantial intercepts in excess of 1 g/t Au in select trenches (Bejucosa and Caracucho) and drill holes (Caracucho only-no prior drilling had occurred at Bejucosa). See press releases of April 13th, June 3rd, July 8th, July 28th, and August 3rd for more details.

The Company is also pleased to report that all of its applications for exploration concessions located within Panama's Azuero Peninsula, which previously had been submitted to the Department of Mineral Resources within the Ministry of Industry and Commerce, have been accepted and are now in process. Management believes its applications for mineral exploration concessions, as well as its request to extend for two years the previously granted mineral exploration concession known as Pitaloza, will be issued within the appropriate time frame.

Paul Zweng, Bellhaven's Interim CEO and Director, commented as follows:

'We are pleased to be drilling now at our first exploration project at Pitaloza in Panama. There are numerous targets at Pitaloza, so we expect to drill substantially more than 4,000 m in the weeks ahead. We will start drilling first at Bejucosa and then later move to Caracucho. Besides our drilling program, we are moving rapidly to initiate a number of new exploration programs at our other high-sulphidation epithermal prospects located on the Azuero Peninsula. We anticipate that these initiatives will substantially advance the other projects, producing additional drill-ready sites for 2011.'

'We are also pleased to receive the acceptance of our applications and concession extension from the Government of Panama. We look forward to the finalization of the process in the upcoming year.'

About the Pitaloza high-sulphidation epithermal gold project, Panama

The Pitaloza project, owned 100% by Bellhaven, hosts three high-sulphidation epithermal gold-(copper) prospects: Bejucosa, Cementerio, and Caracucho. High-sulphidation epithermal deposits host half of the known gold resources (80 Moz) in the Caribbean Basin and yield annual production in excess of 3 Moz of gold in Peru, alone.

The current fieldwork program at Pitaloza is directed toward the Bejucosa, Caracucho, and Cementerio prospects. At Bejucosa, hydrolytic alteration has been mapped over a 1000 m by 500 m area by previous workers. Bellhaven dug exploration trenches at Bejucosa in 2006 yielding the following results: Trench 1-52 m of 2.3 g/t Au; Trench 2-16 m of 1.8 g/t Au; Trench 3-12 m of 8.9 g/t Au, and Trench 4-34 m of 0.6 g/t Au. Trenches dug by Bellhaven in 2010 delivered 18 m of 4.4 g/t Au, 6 m of 1.6 g/t Au, and 10 m of 1.0 g/t Au, respectively, from Trenches A, B, and C (see press release of July 8, 2010).

Access to Pitaloza from Panama City is by the paved Pan-American Highway and then 10 km by unimproved dirt road. There is adequate water and labor in the area to service the project.

This news release has been prepared under the supervision of Mr. Thomas J. Drown, P.Geo., who serves as the qualified person as defined by National Instrument 43-101 responsible for ensuring that the geological information in this release is accurate.

About Bellhaven

Bellhaven Copper & Gold Inc. is a Canadian-listed (TSX VENTURE: BHV) exploration company exploring for gold and copper in Panama and Colombia. The Company's objective is to become among the best gold-copper companies operating in Panama and Colombia by discovering, acquiring, and developing high-quality resources in a safe and responsible manner to the benefit of all of its stakeholders.

The Company's principal assets include the La Mina porphyry gold-(copper) project in the Middle Cauca belt of Colombia, the high-sulphidation epithermal gold-(copper) and porphyry copper prospects located on the Azuero Peninsula in Panama, and the La Ventura prospect in the San Lucas gold belt in northeastern Colombia. In addition, Bellhaven controls 100% of the Cerro Quema gold-(copper) project also located on the Azuero Peninsula in Panama. The Company announced a letter of intent (LOI) with Pershimco Resources on January 4th, 2010, to develop Cerro Quema, whereby Pershimco can earn up to a 75% equity interest in the project, through payments and project spending of US$18.5 million, and can acquire an additional 10% interest for US$5 million.

For more information regarding Bellhaven, please visit our website at www.bellhavencg.com.

On behalf of the board of directors,

Paul L. Zweng, CEO & Director

BELLHAVEN COPPER & GOLD INC.

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. Readers are cautioned not to place undue reliance on 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.

Contacts:

Bellhaven Copper & Gold Inc.

Corporate Contact in North America:

Paul Zweng, CEO/Director

1-808-377-1947


Bellhaven Copper & Gold Inc.

Corporate Contact in Panama:

Julio Benedetti, President/Director

507-226-3967
www.bellhavencg.com