Belvedere Commences Open-Pit Expansion Studies at the Hitura Nickel Mine in Finland

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2011) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") is pleased to announce that Belvedere Mining Oy, its wholly owned subsidiary, has commenced a 4,200 metre diamond drill program to infill existing drilling on the edge of the old open pit at the Hitura Nickel Mine. Desktop studies from existing drilling indicate that extending the open pit to the south of its current margins could add significantly to the operating life of the mine. The infill drilling will enable a new resource statement to be completed on this part of the Hitura Nickel mineralisation, with the intention of allowing an investment decision to be made in H2 of 2011.

David Pym CEO states "…The possibility of reopening and extending the open pit is one of several options identified by the company that could both lower the overall cost base of the mine, and increase annual nickel production .." 

The target area for the open pit extensions covers the southern extensions of the east ores currently being mined at the 550 and 600 m levels and the continuation of the south ores, which were intermittently mined in the early years of mining at Hitura.

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