Bellhaven Announces Strategic Investment by IAMGOLD IAMGOLD Acquires 10.2% Stake in Bellhaven

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/26/11 -- Bellhaven Copper & Gold Inc. (TSX VENTURE: BHV) ('Bellhaven' or the 'Company') is pleased to announce a strategic investment by IAMGOLD Corporation ('IAMGOLD') pursuant to which IAMGOLD will subscribe for eleven million units of Bellhaven at C$0.55 per unit, thereby providing IAMGOLD with a 10.2% equity interest in Bellhaven (the 'Subscription Agreement'). Closing of the Subscription Agreement is subject to regulatory approvals.

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

'The strategic investment by IAMGOLD represents a major milestone in the progress of Bellhaven as a pioneer of gold and copper exploration in Colombia. IAMGOLD is one of the world's premier gold mining companies with a successful track record of advancing projects worldwide into production in an efficient and responsible manner. This investment represents a strong endorsement of the quality and potential of Bellhaven's La Mina gold-(copper) project in Colombia. We welcome IAMGOLD as a major shareholder in Bellhaven.'

'The private placement will build our treasury to approximately $9.6 million, allowing us to ramp-up the exploration programs at La Mina.'

Subscription Agreement

Under the terms of the Subscription Agreement, the units are being offered on a non-brokered private placement basis for aggregate gross proceeds of $6,050,000. Each unit is comprised of one common share of the Company and one-half of one common share purchase warrant. Each full share purchase warrant will entitle IAMGOLD to acquire one common share of the Company at a price of C$0.65 for a term of 36 months from the date of issuance. If IAMGOLD were to exercise the 5,500,000 common share purchase warrants for an equivalent number of common shares of Bellhaven, it would own 15,550,000 common shares of Bellhaven or 14.59% of the outstanding common shares. The warrants will not be listed for trading. The units are subject to a mandatory four-month holding period.

The Subscription Agreement contains the following material conditions: (1) no less than 80% of the subscription amount be committed, exclusively, to the development of the La Mina Project, in Colombia; (2) IAMGOLD and Bellhaven agree on a technical program to be conducted at the La Mina Project, in Colombia, to be funded, at least partly, by the subscription amount, and Bellhaven agrees to provide such information relating to the technical program as may be requested by IAMGOLD from time to time; (3) IAMGOLD and Bellhaven agree on a social responsibility program to be conducted at the La Mina Project, in Colombia, and (4) Bellhaven grants IAMGOLD the right (but not obligation) to subscribe to any future financing of Bellhaven (on terms applicable to other subscribers), with a view to enabling IAMGOLD to maintain its percentage interest (assuming the exercise of the common share purchase warrants being subscribed for) in the total outstanding common shares of Bellhaven from time to time.

Closing of the Subscription Agreement is expected to occur on or about mid November, 2011 and is subject to certain conditions, including receipt of all necessary regulatory and stock exchange approvals including the receipt of listing approval by the TSX Venture Exchange.

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 flagship project is the 100%-controlled La Mina porphyry gold-(copper) project in the Middle Cauca belt of Colombia. In September, 2011, Bellhaven announced its first NI 43-101 compliant resource for the La Cantera prospect at La Mina containing 1.0 Moz gold and 1.6 Moz gold equivalent contained in 40.56 Mt of inferred resources averaging 0.77 g/t gold, 0.31% copper, and 1.26 g/t gold-equivalent at La Cantera (based on 0.30 g/t Au cut-off grade), making La Cantera one of the highest grade porphyry gold prospects in the Americas. La Cantera is one of twelve prospects identified to date at the La Mina project.

Other important projects controlled 100% by Bellhaven include Pitaloza and three 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.

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.

Paul Zweng, CEO/Director

Corporate Contact in North America

1-808-377-1947
pzweng@bellhavencg.com


Bellhaven Copper & Gold Inc.

Julio Benedetti, President/Director

Corporate Contact in Panama

Int'l No: 507-226-3967
www.bellhavencg.com