Belvedere Resources Ltd.
TSX VENTURE : BEL

Belvedere Resources Ltd.

September 08, 2009 19:04 ET

Belvedere Resources Limited: Private Placement to Raise Up to C$1.5 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2009) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") announces that it is undertaking a private placement to raise C$ 1.5 million at C$ 0.08 per common share with no warrants attached for a maximum of 18.75 million shares. The Private Placement will be a Brokered Private Placement. The agent, London stockbrokers Ocean Equities Ltd., will undertake the engagement on a best efforts basis. Subject to the policies of the TSX Venture Exchange, a fee of 6% will be paid to Ocean Equities on the funding of the issue. Ocean Equities will be reimbursed for all of its reasonable costs, charges and other out of pocket expenses incurred in the Private Placement. The net proceeds will be applied to the general working capital of the Company, and to develop the gold assets.

Corporate Update

Subsequent to the voluntary bankruptcy of Finn Nickel (Belvedere's Nickel production subsidiary) on 17th July, 2009, the company has undergone a restructuring and is now solely focused on its gold properties.

Belvedere has three principle gold properties in a newly developing gold district in Central Finland. The Kiimala, Hirsikangas and Rantasalmi properties are well advanced with 5-20,000 metres of drilling on each property area. All projects are large open pit targets and sub-crop along strikelengths of 1.5-5 km. Belvedere's target is to develop a minimum resource of 500,000 oz's of gold on each property.

Belvedere to date has announced over 300,000 oz's of gold resources (as detailed below). Resource updates are being completed on a number of key projects in order to convert historical data into formal resource categories, and to reflect additional drilling data completed by Belvedere that has not yet been included into any of the figures below.

A drill programme, for resource estimation purposes, is scheduled to start on the Kiimala Property in October 2009.



Gold Resources

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Property Prospect Category Tonnes Aug/t Cu% Co% Au oz's
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Rantasalmi Osikonmäki East Inferred 3,020,000 1.65 160,100
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Rantasalmi Osikonmäki West Historical 90,000 4.86 14,000
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Rantasalmi Pirilä Historical 150,000 8.9 43,000
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Kiimala Ängesneva (K1) Historical 1,200,000 1.54 59,400
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Kiimala Vesiperä (K3) Historical 300,000 2.5 24,100
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Kuusamo Haarakumpu Historical 900,000 0.46 0.34
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Kuusamo Kouvervaara Historical 1,580,000 0.4 0.1 20,300
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Notes:

- The Historical Resource Estimates for Haarakumpu and Kouvervaara are contained in the "Technical Report on the Kuusamo Properties" - filed on Sedar 17th November 2006. These estimates are not classified according to NI43-101 requirements, and at best can be considered equivalent to Inferred Resources. These resource estimates are historical in nature and should not be relied upon.

- Rantasalmi Gold Project, Finland - filed on Sedar 30th October 2006. This contains the Inferred Mineral Resource for Osikonmaki East.

- The Historical Resource Estimate for Osikonmaki West is reported in the GTK report M06/3233/-92/1/10 and dated 1992. This estimate is not classified according to NI43-101 requirements, and at best can be considered equivalent to an Inferred Resource. This resource estimate is historical in nature and should not be relied upon.

- The Historical Resource Estimate for Pirila is reported in the GTK report M19/3233/-86/1/10 and dated 1986. This estimate is not classified according to NI43-101 requirements, and at best can be considered equivalent to an Inferred Resource. This resource estimate is historical in nature and should not be relied upon.

- The Historical Resource Estimates for the various Kiimala Properties were first announced by Belvedere in a press release on 3rd March, 2005. The source of these are the Geological Survey of Finland "FINGOLD Database", which was first published in 1999, and has been maintained and updated since. The original source documents and dates for the estimates for Angesneva and Vesiperai are identified within the database. The estimates are not classified according to NI43-101 requirements, and at best can be considered equivalent to Inferred Resources. These resource estimates are historical in nature and should not be relied upon.

Forward Looking Statement:

Some of the statements contained herein may be forward-looking statement, which involve known and unknown risks and uncertainties. Without limitation, statements regarding future plans and objectives of the Company (including statements relating to future resource targets) are forward looking statements that involve various degrees of risk. It is important to note that the Company's actual results could differ materially from those in such forward-looking statements. This statement is prepared by Dr. Toby Strauss, who is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release.

BELVEDERE RESOURCES LTD.

David Pym, CEO; Suite #404, Vancouver World Trade Centre, 999 Canada Place, Vancouver. BC. V6C 3E2, Canada

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this release.

Contact Information

  • Belvedere Resources Ltd.
    David Pym
    CEO
    (604) 844-2838
    or
    Belvedere Resources Ltd.
    Toby Strauss
    COO
    (604) 844-2838
    Website: www.belvedere-resources.com