PANAMA CITY, Panama, March 7 /CNW/ -- Bellhaven Copper and Gold, Inc. (TSX-Venture: BHV) ("Bellhaven" or the "Company") is pleased to announce that it has signed a definitive Exploration and Development Agreement with Empire Minerals Corp. (OTC: EMPL) for collaboration on the highly- prospective Cerro Chorcha Copper Property in Panama. The agreement includes cash and stock payments to Bellhaven of USD$6 Million in addition to a USD$15 Million spending commitment over three years to develop the Cerro Chorcha Copper Property. Upon signing the agreement Empire exercised an option to acquire 65% of Cuprum Resource Corporation (previously a wholly owned subsidiary of Bellhaven Copper and Gold) and thus acquired a 65% interest in the Cerro Chorcha Copper Property (provided it meets the schedules and requirements incorporated into the agreement).

At the signing ceremony held in conjunction with the PDAC Convention in Toronto, Mr. Pini Althaus, Chairman and CEO of Empire, stated, "We are extremely excited to have the opportunity of working on Cerro Chorcha, which has the earmarks of a world-class copper deposit. Empire will be looking to hit the ground running immediately, and in the coming days we will be working with our partners at Bellhaven to define a drilling and exploration program to commence shortly."

Mr. Julio Benedetti, President and CEO of Bellhaven, had this to say at signing:

"We are very pleased at the terms of this agreement and are confident that it will allow us to move forward with all speed in developing the resource at Cerro Chorcha. The terms reflect both the quality of the resource and the seriousness of Empire's commitment to ensure that the full potential of the property is realized. Having put together a new geologic model and identified new targets for exploration and the upcoming drill program, both Bellhaven and Empire are very enthusiastic about the prospects of this resource and the partnership to develop it."

The Agreement includes the following payment and expenditure schedule:

Payment Schedule

1. Within fifteen (15) days of the date of signing of this Agreement Empire will pay Bellhaven US$500,000 in cash, and issue US$4,000,000 worth of common shares of Empire's common stock. The issuance of the Empire common shares will be in accordance with a mutually agreed to schedule, formula and procedure.
2. At the first anniversary of the Effective Date Empire will pay Bellhaven a further US$500,000.
3. At the second anniversary of the Effective Date Empire will pay Bellhaven a further US$500,000.
4. At the third anniversary of the Effective Date Empire will pay Bellhaven the final US$500,000.

1. First Phase: By the end of the twelfth (12th) month after the Effective Date, as funding is required by the Work Plan and Budget, Empire shall have funded a minimum of US$2,000,000 of Exploration and Development Work. The Parties have agreed that this will likely be in quarterly installments of US$500,000 unless otherwise agreed to by the parties.
2. Second Phase: By the end of twenty-four (24) months, as funding is required by the Work Plan and Budget, Empire shall have funded a cumulative total of US$9,000,000 of Exploration and Development Work.
3. Third Phase: By the end of thirty-six (36) months, as funding is required by the Work Plan and Budget, Empire shall have funded a cumulative total of US$15,000,000 of Exploration and Development Work.

Bellhaven Copper and Gold Inc. is a Panama-based mineral exploration company with a portfolio of gold and copper properties in the Republic of Panama. The company has issued 20,793,151 shares and has no debt. For more information, please visit the web site at www.bellhavencg.com or call Miguel Villahermosa toll free at 1-866-599-5930.

On behalf of the board of directors,
Julio C. Benedetti, President, CEO
BELLHAVEN COPPER AND GOLD, INC.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact:
Julio Benedetti, +1-507-226-3967, or investors, Miguel Villahermosa, 866-599-5930, both of Bellhaven Copper and Gold Inc. Web Site: http://www.bellhavencg.com

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