Mr. Patrick Highsmith reports

BELLHAVEN ANNOUNCES CLOSING OF NON-BROKERED FINANCING

Bellhaven Copper & Gold Inc. has oversubscribed the $1.7-million non-brokered private placement financing announced on Feb. 15, 2013. The company has raised $1.8-million through the issuance of 15,652,173 units at a price of 11.5 cents per unit.

Pursuant to the agreement and private placement announced on Oct. 26, 2011, Iamgold Corp. has been the largest shareholder in Bellhaven, and it has certain rights that include maintaining its equity position in the company. Iamgold has chosen to exercise that right and subscribed for 2,173,913 units of this offering.

Each unit consists of one common share and one-half of one common share purchase warrant of Bellhaven. Each full warrant entitles the holder to acquire one common share of the company's stock for 15 cents for a period of 36 months following this closing date. The warrants are also subject to acceleration terms governing their exercise. In addition to the statutory hold period expiring June 22, 2013, most of the securities issued pursuant to the offering will be subject to an escrow period of 24 months from this date, subject to acceleration in certain circumstances. The securities will be released from escrow if, after the initial four-month hold period, the company's stock trades above 50 cents for 20 consecutive days. The Iamgold securities are not subject to escrow, but will be subject to the statutory hold period expiring June 22, 2013.

Patrick Highsmith, Bellhaven's chief executive officer, commented on the financing: "We are very pleased to close this financing and welcome on board-quality new investors. The extended hold period and other terms of this financing align the interests of new investors, current shareholders and the company as a whole. It is also significant that Iamgold reaffirmed its strategic position in Bellhaven by joining this financing. The infusion of cash from quality long investors and the backing of strategic partners enable us to focus on execution; and we are doing just that."

The proceeds of the offering will be used for exploration and general working capital purposes. The company has paid a finder's fee in regard to a portion of this private placement in the amount of 6 per cent in cash and 6 per cent in finders' warrants of the proceeds resulting from introduction of the parties. The holder of each warrant will be entitled to purchase one common share of the company's stock for 11.5 cents for a period of up to 36 months from today's date. The finders' warrants are non-transferable while the underlying shares are subject to the statutory hold period expiring June 22, 2013.

We seek Safe Harbor.