Bellhaven Ventures, Inc. Shareholder Update & Progress Report.

PANAMA CITY, Panama -- Bellhaven Ventures, Inc. (TSX VENTURE:BHV)

Dear Shareholders,

I am pleased to provide you with this quarterly update on Bellhaven Ventures. Let me start by thanking you, our shareholders, for your continued support.

Bellhaven Ventures is a Vancouver-based, junior exploration company with a focus on Panama. Our strategy is to acquire concessions with high gold and/or copper potential, add value with an initial drill campaign, and then take these opportunities to major mining companies for joint venture. In a typical deal, our partner would earn an interest in a concession by carrying exploration costs through to feasibility. In this way, we focus our resources on expansion of the property portfolio while our partners do the "heavy (financial) lifting." We explore in Panama, a country known for its rich endowment of copper and gold, and are currently evaluating an expansion into neighboring Colombia.

Bellhaven Ventures is listed on the TSX Venture Exchange (BHV). We have issued 21,143,151 shares and have traded to date in the CAN$.48 to $1.50 range. During 2006, we completed two successful financings raising a total of CAN $4.3M. We are grateful to PanAmerica Capital Group, Inc. and to Haywood Securities Inc. for sponsoring these share offerings.

Our annual meeting was held on September 12, 2006 where you, our shareholders, overwhelmingly approved the long-awaited acquisition of Cuprum Resources. Exchange approval of the transaction was granted on September 22, 2006. Shareholders also approved a proposed name change from Bellhaven Ventures to Bellhaven Copper & Gold, Inc., a reflection of our new emphasis on copper. A press release will be issued as soon as the name change is official.

Cuprum Resources, now a wholly-owned subsidiary of Bellhaven Ventures, controls the Cerro Chorcha porphyry copper deposit and surrounding (242 km2) concession block located in the headwaters of the Guariviara River, roughly 40 km northwest of the well-known Cerro Colorado porphyry copper deposit. Cerro Chorcha is host to an inferred mineral resource (NI 43-101 compliant category) of 134,924,000 tonnes at an average grade of 0.48 % Cu and 0.059 g/t Au (using a 0.2% Cu cut-off grade) or 70,464,000 tonnes at an average grade of 0.68 % Cu and 0.095 g/t Au (using a 0.4% Cu cut-off grade). This works out to an estimated 1.4 billion pounds of copper and 255,000 ounces of gold at a 0.2% copper cutoff grade. We consider these estimates to be both relevant and reliable. Peter Folk, P. Eng., prepared the Cerro Chorcha qualifying report and is responsible for ensuring that the geologic information reported here is accurate.

Importantly, we believe that there is excellent potential to increase the size of the Guariviara resource with additional drilling. The deposit is open in several directions and at depth. In addition, regional stream sediment sampling indicates excellent potential for additional porphyry copper discoveries on the surrounding 242 km2 concession block. And, we have identified a quartz-magnetite vein stockwork located near the center of the deposit that runs significantly higher grade in both gold and copper. Channel samples collected to date returned 61 meters of 1.89 % copper, 1.44 g/t gold and 23.28 ppm silver. These results indicate potential for a near-surface, gold and copper-enriched core to the Cerro Chorcha porphyry copper deposit.

Bellhaven's board of directors has approved CAN$1M for exploration expenditures at Cerro Chorcha. These funds will be used to explore the existing porphyry copper resource and to launch an exploration program on the surrounding concession block. A 1,500-meter drilling program will target the gold and copper-bearing vein stockwork located in the heart of the existing porphyry copper resource. Funds have also been set aside to drill an additional 1,500 meters at Cerro Pelado on the Rio Liri concession. Surface sampling and geologic mapping have combined to identify a gold-bearing, feeder vein stockwork at Rio Liri that may add significantly to the existing gold resource.

Bellhaven currently has four geologic teams working in four separate project areas: Cerro Chorcha, the Azuero Peninsula, Rio Liri, and the Veraguas Gold Belt. We will continue to release news of our exploration efforts on these concessions as it becomes available.

Since my last letter of May, 2006, we have hired an Investor Relations specialist and have opened a modest office in Vancouver. I welcome Miguel Villahermosa to the Bellhaven team and invite you to contact him with your comments and questions about the company (1-866-599-5930). Miguel plans to be in regular touch with you, our shareholders, and to launch an aggressive program of investor outreach. I will also be based in Vancouver where I will focus more of my time and effort on getting our story out and on attracting a joint venture partner.

Our web site is up and running (www.bellhaven-ventures.com) and you can reach us through our offices in Vancouver and Panama City or through Miguel's toll free number (1-866-599-5930). On the web site, you will find complete descriptions of each of our properties along with links to our technical reports and property maps. There are also photos of our social programs and of the communities where we work.

In closing, I thank you, our shareholders, for your continued support. During the third quarter, we completed the acquisition of a flagship property and increased our inferred mineral resource base by 1.4 billion pounds of copper and 255,000 ounces of gold. Cerro Chorcha will be our main focus going forward.

Our exploration program in Panama continues to meet with success, our land position is increasing, and our social programs are a source of pride for the company and its employees.

Regards,

Carl E. Nelson

President and CEO 

Bellhaven Ventures, Inc.

For more information contact Miguel Villahermosa, Investor Relations 1-866-599-5930.