Bellhaven Receives Assays for First Two Drill Holes at its High-Sulphidation Epithermal Gold Prospect at Bejucosa, Panama

PANAMA, REPUBLIC OF PANAMA -- (Marketwire) -- 03/07/11 -- Bellhaven Copper & Gold Inc. (TSX VENTURE: BHV) ('Bellhaven' or the 'Company') is pleased to announce receipt of the assay results for the first two drill holes completed at the Bejucosa high-sulphidation epithermal gold-(copper) prospect at its 100%-owned Pitaloza project located in the Herrara Province of Panama. The program was designed to test for gold-(copper) mineralization occurring over a 500 m by 800 m area of silicic-altered rocks defined in outcrops and trenches as well as by geophysical surveys (see press releases of April 13, June 3, July 8, July 28, August 3, and December 21, 2010).

The first two holes confirmed the presence of massive silica-pyrite bodies over 100-m in width associated with advanced-argillic alteration. Gold and copper values were low, with the best gold grade consisting of 0.54 g/t over 1.88 m in DDH-BJ-001 (230.12-232.00 m). The widest interval occurred higher in the hole, consisting of 19.95 m @ 0.19 g/t gold (0.10 g/t cut-off grade). The second hole, DDH-BJ-002, returned similar gold grades but noticeably higher quantities of copper: (1) 7.62 m @ 0.24 g/t Au and 0.31% Cu (18.29-25.91 m) and (2) 8.16 m @ 0.16 g/t Au and 0.68% Cu (355.09-363.25 m).

For a map showing the location of the two drill holes, please use the link the following link: http://media3.marketwire.com/docs/Bejucosa%20Drill-Hole.pdf

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

'Naturally our preference was for the first two holes ever drilled at Bejucosa to have yielded high-grade intercepts over considerable widths, but that did not happen. We are encouraged by discovering substantial thicknesses of the type of altered rock we were seeking-massive to vuggy silica impregnated with substantial quantities of sulphide. We are also encouraged by portions of the second hole returning copper grades of 0.31-0.68%.'

'We are now waiting for assays from DDH-BJ-003 and -004. We just collared our fifth hole at Bejucosa, DDH-BJ-005. Once completed, we will move the drill rig approximately one kilometer to the north to the Caracucho prospect where Cyprus Minerals in 1994 cut 30.79 m of 0.77 g/t gold in Hole 2 and 38.72 m of 1.17 g/t gold in Hole 3 at shallow depths. The longest hole drilled by Cyprus did not exceed 42 m, so it is currently unknown how far these mineralized zones extend to depth. We look forward to continuing our drilling at Bejucosa and to starting the drilling program at Caracucho.'

Table 1. Drill-Hole Data, Bejucosa Au-(Cu) Prospect, Pitaloza, Panama.

---------------------------------------------------------------------------
               East UTM  North UTM                                    Total
                  Coord      Coord  Elevation   Azimuth    Plunge    Length
Hole Number     (meters)   (meters)  (m.a.s.l) (degrees) (degrees)  (meters)
---------------------------------------------------------------------------
DDH-BJ-01       536,443    843,906        506       260       -50    306.32
---------------------------------------------------------------------------
DDH-BJ-02       536,565    843,717        453        70       -50    413.00
---------------------------------------------------------------------------

m.a.s.l = meters above sea level; Coord = Coordinate; All coordinates
are UTM WGS84 Zone 17N
Drill-hole locations are unsurveyed and determined by hand-held GPS.

ALS Colombia Ltda. prepared the drill-core samples, producing the sample pulps in Bogota. The South American Central Lab of ALS Chemex in Lima, Peru, performed all assays pertaining to the drill-core samples highlighted in the text and table above. Gold was analyzed by fire assay on a 50-gram sample with an atomic-absorption finish. Copper was analyzed using four-acid digestion, ICP-AES. The Company maintains a QA-QC program regarding the preparation, shipping, and checking of all samples, including the use of certified standard reference materials, blanks, as well as field- and pulp duplicates.

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 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 800 m by 500 m area. 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.

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 one of 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 Pitaloza and other high-sulphidation epithermal gold-(copper) and porphyry copper prospects located on the Azuero Peninsula in Panama.

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
pzweng@bellhavencg.com


Bellhaven Copper & Gold Inc.

Corporate Contact in Panama

Julio Benedetti, President/Director

+507-226-3967
www.bellhavencg.com