Vancouver, B.C. - November 13, 2012 - Westhaven Ventures Inc. (TSX-V:WHN) is pleased to announce that drilling has commenced on its Shovelnose gold property, located approximately 30 km south of Merritt, British Columbia. The program will consist of approximately 600 metres of drilling to test a number of target areas, including the Tower Zone, where drilling last fall identified a broad alteration system.
In 2011, Westhaven drilled 7 holes, totaling 606 metres of diamond drilling. Gold mineralization was encountered across all seven of the holes. Drill Hole 11SH-007 on the Tower Zone intersected 0.21 g/t Au over 55.8 metres starting from surface. This alteration zone is interpreted as evidence of a significant mineralized alteration system within the property. Prospecting conducted in 2011 uncovered a heavily veined, pyrite flooded siliceous rock that returned 6.8 g/t gold. This sample was located 300 metres south of a previously reported rock sample that returned 119.0 g/t gold and 271 g/t silver.
“Westhaven is eager to follow up on last fall’s first ever drill campaign. The focus of this program will be on a prominent magnetic feature located between the MIK and Tower Zones, which has an associated 1400 metre long soil anomaly. We interpret this to be an important feature and a potential host of the widespread mineralization we see on surface and in the drilling we have done to date.” stated Shaun Pollard, Westhaven’s CFO and Director.
2012 Shovelnose Drill Program
The Tower Creek valley, interpreted to host a prominent structural feature between the Tower and Mik zones, has been identified as a priority target to be tested during the current program.
The Tower Creek valley has an associated 1400 metre long soil anomaly indicative of an epithermal vein style pathfinder system (arsenic, antimony and mercury). The current program is designed to test four to seven potential gold targets at strategic locations along the Tower Creek structure.
Shovelnose Gold Property Overview
The 16,412 ha Shovelnose gold property is a Au-Ag epithermal-style exploration target that covers prospective stratigraphy in the southern Spences Bridge Gold Belt (SBGB), a 110 km northwest-trending belt of felsic to intermediate volcanic rocks of the Cretaceous Spences Bridge group. Westhaven is currently working to earn up to a 70% interest in the property from Strongbow Exploration Inc., a TSX-V listed company. Please refer to the Company’s Filing Statement dated June 27, 2011 for further information about the Company, the Qualifying Transaction and the Shovelnose property. A copy of the Filing Statement is available under the Company’s profile at www.sedar.com
Private Placement Update
The Company is pleased to announce it has closed the first tranche of its non-brokered private placement (the “Private Placement”) previously disclosed by the Company on October 9th, 2012. The first tranche of the Private Placement raised gross proceeds of $221,420 through the issuance of 1,703,231 share units of the Company (the "Share Units"), each Share Unit consisting of one common share (a "Share") and one common share purchase warrant (a "Warrant"), at a purchase price of $0.13 per Share Unit. Each Warrant is exercisable into Shares at a price of $0.20 per Share, expiring in two years from the date of issue. In connection with the Private Placement, the Company paid finder's fees of $6,448. Insiders of the Company subscribed for an aggregate 887,000 Share Units.
The securities issued in connection with this financing are subject to a hold period of four months and one day from the date of issue. The private placement is subject to final approval by the TSX Venture Exchange. The net proceeds from the private placement will be used for working capital and advancing exploration on both the Shovelnose and Ben gold projects.
In addition to the aforementioned non-brokered private placement announced on October 9th, 2012, the Company wishes to announce a non-brokered private placement of up to 1,350,000 flow-through Units (the “Units”). The Units are being offered at a price of $0.18 per unit. Each FT Unit will consist of one flow-through common share and one non-transferable, non flow-through warrant (the “NFT Warrant”). Each NFT Warrant will entitle the holder to purchase one non flow-through common share at a price of $0.23 for a period of two (2) years from the closing date of the private placement. The Company may pay up to 8% in finder's fee payable in cash in connection with part of this private placement offering. The transaction is subject to regulatory approval.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
Gareth Thomas, Director
About Westhaven Ventures Inc.
Westhaven Ventures Inc. is a Canadian based exploration company focused on the acquisition and exploration of prospective resource properties. Westhaven is focused on advancing its Shovelnose gold and BEN projects in British Columbia. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please contact Gareth Thomas at 604-681-5558 or Shaun Pollard at 604-681-5521 or visit Westhaven’s website at www.westhavenventures.com
Qualified Person Statement
V.A. Tanaka, P.Geo., who is a Qualified Person within the context of National Instrument 43-101 has read and takes responsibility for this release.
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.