Bellhaven Copper & Gold (CVE:BHV), a Canadian exploration company operating in Panama and Colombia, received a 10.2% equity interest investment by IAMGOLD Corporation which will subscribe for eleven million units of Bellhaven at C$0.55 per unit.
In mid-October IAMGOLD (TSE:IMG) said it was going start investing in new companies that would complement its core strengths, established relationships with foreign governments and working experience in Africa and the Americas.
Bellhaven Copper & Gold’s CEO lauded the deal.
“The private placement will build our treasury to approximately $9.6 million, allowing us to ramp-up the exploration programs at La Mina,” said Paul Zweng, Bellhaven’s interim CEO and director.
The company’s flagship project is the La Mina porphyry gold-(copper) project in the Middle Cauca belt of Colombia. In September 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),
Bellhave says that 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.
IAMGOLD is a major mining company and has an annual production of close to 1 million ounces of gold per year from operations in North America, South America and Africa.
