Miliagros "Millie" Paredes Appointed COO in
Addition to her Current Role as President
VANCOUVER, Aug. 24, 2016 /CNW/ - Bellhaven Copper
& Gold Inc. (TSX-Venture: BHV) ("Bellhaven" or the
"Company") is pleased to announce the immediate appointment of
Dr. Paul Zweng to the position of
Chief Executive Officer and Chairman of the Board. Bellhaven also
is pleased to announce that Ms. Milagros
"Millie" Paredes will assume the role of Chief Operating
Officer and President effective immediately.
Ms. Millie Paredes,
Bellhaven's COO, President and Director, commented as
follows:
"We are delighted to have Paul return to Bellhaven in the CEO
and chairman roles. His technical, financial, and managerial
experience as well as proven track record bode well for our
success. I look forward to working with Paul towards building
positive outcomes for all of Bellhaven's stakeholders".
Dr. Paul Zweng, CEO and
Chairman, commented as follows:
"I am pleased to re-join Bellhaven in the role of CEO and
chairman. When I was interim CEO in 2010-2011 we generated
substantial share-price gains for Bellhaven's shareholders during a
strong bull market for commodities. The bull market for the
resource sector has re-emerged this year, and now is Bellhaven's
time to re-emerge as well. I envision the La Mina Project,
particularly its extraordinary La Garrucha gold-(copper) prospect,
driving this re-evaluation forward. Specifically,
re-starting the La Garrucha drilling program to follow up on its
last drill hole intersecting 271 m @ 1.03 g/t gold and 0.13% copper
has the potential to act as a major catalyst for share-price
appreciation. We want to put La Garrucha into a NI 43-101
resource as soon as possible so as to add it to La Mina's inferred
1.6 Moz gold resource base."
"I particularly look forward to working with Millie Paredes in her new role as COO and
president to advance the La Mina project. This advancement
involves organizing and managing safety and security, permitting,
drilling, exploration camp, numerous employees and consultants,
environmental and social community programs, and other logistical
feats. Millie has a history of success operating in
Colombia. She gets things done."
Dr. Zweng's work and educational background
Dr. Paul Zweng has blended a
technical and financial background in exploration and mining over
the past 30 years. Currently Dr. Zweng is a co-founder and member
of Sand & Gold, LLC, the general partner to The Toquepala Fund,
LP, a private investment partnership designed to invest in
early-stage exploration companies. The Toquepala Fund is
Bellhaven's largest shareholder.
Prior to forming The Toquepala Fund/Sand & Gold, Dr. Zweng
was a co-founder and co-manager of Resource Venture Advisors, LLC
and Resource Venture Partners, L.P. ("RVP"). RVP was a natural
resources fund making investments primarily in early-stage
exploration/development companies with projects located around the
world. During a portion of this time from May 7, 2010 to January 9,
2012, Dr. Zweng became interim CEO of Bellhaven Copper &
Gold, one of RVP's equity holdings. During this period
Bellhaven's share price rose 126.3% compared to gains of 7.2% and
13.1% for the XAU and HUI indices, respectively.
Dr. Zweng co-founded Antares Minerals, a TSX-V listed company
with projects in Argentina and
Peru, in late 2003 through the
acquisition of a shell company, Planet Ventures. Dr. Zweng hired
the initial management team and acquired its first mineral
projects, including the Rio Grande copper-gold project located in
Argentina. In March 2005, Antares acquired from Phelps Dodge the Haquira copper oxide project in
Peru and later discovered
copper-molybdenum-gold sulfide mineralization below the oxide at
Haquira East in February 2007. The
announcement in early January 2008 of
drill-hole AHAD-107, containing 943 m @ 0.65% copper, confirmed
that a major discovery had been made at Haquira. First Quantum
(TSX-FM) acquired Antares for C$650
million in December 2010.
Dr. Zweng was the COO and then President/CEO of QGX Ltd, a
TSX-listed company with mineral projects in Mongolia. When he joined QGX in early 2003,
its market capitalization was C$30
million. During his tenure, QGX developed the Baruun Naran
coking-thermal coal project into a 253
Mt resource with a positive pre-feasibility study (after-tax
NPV@10% of US$499 million). QGX at
this time also discovered Golden
Hills, the fourth largest copper deposit ever discovered in
Mongolia after Oyu Tolgoi,
Erdenet, and Tsagaan Suvarga. Kerry Group (Hong Kong) acquired QGX for C$265 million in September 2008—the same month
that Lehman Brothers failed.
Dr. Zweng was a Research Analyst and later Partner at Palo Alto
Investors, a hedge fund based in California from 1999 until late 2002. He was
featured twice in Barron's "Plugged In" column (31 Aug 1999; 6 Sept
1999). Dr. Zweng also was the winner of the last Wall Street
Journal "Heard in California"
stock-picking contest (Jan-Jun 2000:
+17.4%) before the contest was discontinued.
Dr. Zweng led BHP Copper's new business development efforts in
the Copperbelt of Africa from 1997
until 1999. These efforts led to BHP securing the Tenke Fungurume
project, one of the world's richest and largest copper-cobalt
deposits. [Freeport-McMoran Copper and Gold, Lundin Mining Company,
and the government of the Democratic
Republic of Congo (through Gecamines) commenced production
at Tenke Fungurume in March, 2009.]
From 1995 until 1997, Dr. Zweng was the Manager of Exploration
& Geology of BHP's copper-(gold-silver) mine, Tintaya,
Peru. He helped to grow Tintaya
into one of the world's largest copper skarn districts by
discovering over 150 million tonnes of high-grade ore, including
enough copper oxide ore to support the building of an SX-EW
operation (158 Mt @ 1.20% Cu). He led
BHP's exploration efforts in the discoveries of the Coroccohuayco
(92 Mt @ 3.10% Cu) and Antapaccay (520
Mt @ 0.72% Cu) deposits. [Tonnage and grade figures per
Xstrata Copper as of March 2008.]
He received two B.Sc. degrees with distinction in Geology and
Applied Earth Sciences (Mineral Economics) from Stanford University (California) in 1980, a M.Sc. degree in Geology
from Queen's University (Ontario)
in 1984 and a Ph.D. in Applied Earth Sciences (Ore Deposits) from
Stanford University.
About Bellhaven
Bellhaven Copper & Gold Inc. is a Canadian-listed (TSX-V:
BHV) exploration company exploring for gold and copper in
Colombia. The Company's goal is to be a leader in gold and
copper development in Colombia. Bellhaven focuses 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 gold-(copper)
porphyry deposit in the Middle Cauca belt of Colombia. The
total La Mina inferred resource now includes 1.6 Moz gold and 419
million pounds of copper (or 2.55 Moz gold equivalent) contained in
79.9 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 effective date for this inferred resource is
September 15, 2013. The average grade
of 1.0 g/t gold equivalent makes La Mina one of the highest grade
gold-(copper) porphyry deposits in the Americas. The Company
is currently seeking to develop and to grow these resources through
mine development and through ongoing exploration on the
La Mina concession. For more information regarding
Bellhaven, please visit our website at www.bellhavencg.com.
The scientific and technical information in this news release
was prepared under the supervision of Mr. Thomas J. Drown, P.Geo. Mr. Drown has more
than 25 years relevant experience and is a British Colombia
Professional Geoscientist. He has been 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.
On behalf of the board of directors,
Milagros "Millie" Paredes
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.
Gold equivalent grades have been calculated using the
following formula: AuEq = Au(g/t) + [Cu(%)} x {%Recoverable
Cu / %Recoverable Au} x {Net Cu Price/Net Au Price} x {%Payable Cu
/ %Payable Au x 22.0462 x 31.1035]. Metal recoveries are
estimates based on metallurgical results announced in Bellhaven's
news release dated Nov. 15,
2011. Net metal prices for gold and copper are the long-term
forward curve metal price minus refining charge. Metal prices
based on the long-term forward curve are as of May 8, 2013 (US$1482 for gold and $3.40/lb for copper). Metal refinery
charges and % payable metal by the smelter are estimates based on
third-party consultants. Metal prices, refinery charges and %
payable metal are not constant and are subject to change.
Mineral resources are not mineral reserves and do not have
demonstrated economic viability. There is no certainty that
all or any part of the mineral resources will be converted into
mineral reserves.
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.
SOURCE Bellhaven Copper & Gold Inc.