Belvedere Resources Ltd.
TSX VENTURE : BEL

Belvedere Resources Ltd.

August 03, 2012 18:15 ET

Belvedere Announces Redemption of Preference Shares

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 3, 2012) - Belvedere Resources Ltd. ("Belvedere") (TSX VENTURE:BEL) announces that Jinchuan Group Limited ("Jinchuan") has redeemed a second tranche of preference shares under the terms of an agreement (the "Agreement") originally announced in a news release dated July 7, 2009 wherein US$7,675,605 of debt was converted into preference shares. The Agreement was subsequently amended in two further agreements announced in news releases dated April 20, 2011 and March 28, 2012.

Under this tranche, Jinchuan has redeemed 479,726 preference shares and, in consideration, Belvedere has paid a total of US$545,327.95 to Jinchuan. After the redemption of the 479,726 preference shares Jinchuan holds 6,716,153 preference shares in Belvedere.

BELVEDERE RESOURCES LTD.

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

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

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