Belvedere Commences Drilling on Their Rantasalmi Gold Property in Finland

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 1, 2011) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") is pleased to announce that it has commenced a 3,000 metre diamond drill program on their Osikonmaki prospect; one of three drilled gold occurrences on their 100% owned Rantasalmi gold property. The aim of the programme is to bring the Osikonmaki East inferred resource (currently 160,000 oz's of gold from 3.02 Mt @ 1.65 g/t Au using a 0.5 g/t gold cut-off - NI 43-101 Technical Report "Rantasalmi Gold Project, Finland" dated December, 2005, and filed on SEDAR 30th October, 2006.) into the indicated category and to extend the current resource along strike and down dip.

David Pym CEO states "…the Osikonmaki deposit represents an excellent opportunity for developing further open-pit accessible gold ounces for the company in Finland. The orientation of historical drilling, while indicating exploration potential, has proved problematic for resource calculations. In essence the deposit needs to be re-drilled in the correct orientation. The shear zone typically assays between 1and 4 g/t gold over significant widths and occurs from surface making it a natural development target for the company.."

The Osikonmaki deposit is hosted in a south dipping shear complex cutting a Proterozoic aged tonalitic intrusion. The shear complex averages 20-80m true thickness over a strike length of at least three kilometres. Two occurrences have been drilled to date, Osikonmaki East and Osikonmaki West, on the eastern and western extents respectively of the drilled portion of the shear zone. The deposit has been extensively drilled in the past, but interpretation of the deposit remained difficult due to more than 16,000 metres of historical drilling having been conducted down-dip of mineralization, or vertical. Belvedere has undertaken two limited drilling campaigns, totaling 1,700 m in 24 holes in the past, to establish the structural model and the correct orientation of the deposit. Typical intersections, which approximate true thickness, from Belvedere's previous drilling are represented below.

HOLE_ID	From (m	)	TO (m	)	Interval (m	)	Au g/t	Grade Thickness
BELOSI002	36.63		48.56		11.93		1.39	16.5
BELOSI003	34.99		50.55		15.56		1.56	24.3
BELOSI004	141.56		175.55		33.99		2.27	77.2
BELOSI005	37.89		68.33		30.44		0.67	20.4
BELOSI006	45.68		49.97		4.29		4.67	20.0
BELOSI008	6.2		13.05		6.85		1.80	12.3
BELOSI009	19.47		32.68		13.21		0.86	11.4
BELOSI010	25.6		30.26		4.66		2.25	10.5
BELOSI010	35.4		56.25		20.85		1.10	23.0
BELOSI011	63.36		85.65		22.29		1.10	24.6
BELOSI012	5.5		18		12.5		2.15	26.9
BELOSI013	23.82		34.65		10.83		1.91	20.6
BELOSI014	26.64		47.38		20.74		2.29	47.4
BELOSI015	11.4		15.01		3.61		3.71	13.4
BELOSI016	27.36		34.49		7.13		1.35	9.6
BELOSI018	44.25		69.97		25.72		2.38	61.2
BELOSI020	5.82		16.51		10.69		1.20	12.8

The scientific and technical information contained in this news release was prepared under the supervision of Dr Toby Strauss, who is a "Qualified Person" as defined under National Instrument 43-101.

About Belvedere:

Belvedere Resources Limited is a Canadian incorporated mining company with a primary focus on nickel, gold, cobalt and copper in Finland. The company currently produces 2500t of nickel in concentrate/year from the Hitura nickel mine in Central Finland and a number of advanced gold projects in close proximity to the mine. The company plans to use the extensive mining experience developed in the company to rapidly progress these towards production.

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 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.

BELVEDERE RESOURCES LTD.

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