Belvedere Completes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2011) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere" or the "Company") announces that it has completed its recently announced Private Placement for gross proceeds of $3,000,000 through the sale of 12,500,000 Units at a price of $0.24 per Unit. Each Unit consists of one common share of Belvedere and one-half of a common share purchase warrant of Belvedere. Each whole warrant will entitle the holder to purchase one additional common share of Belvedere at an exercise price of $0.40 per share until July 28, 2012. The agent for the Private Placement was London stockbrokers Ocean Equities Ltd. The net proceeds will be applied to the general working capital of the Company and to develop gold assets within the Company. 

The securities are subject to a hold period and may not be traded until May 29, 2011, except as permitted by Canadian securities legislation and the TSX Venture Exchange.

The subscription for 2,080,000 Units by Harry Dobson, a director and officer of Belvedere, constitutes a related party transaction for the purposes of Multilateral Instrument 61-101. As neither the fair market value of the securities issued to, or the consideration paid by, Mr. Dobson exceeds 25% of Belvedere's market capitalization, the transaction with Mr. Dobson is exempt from the formal valuation and minority approval requirements imposed by Multilateral Instrument 61-101. As the Company wishes to close Mr. Dobson's subscription concurrently with the subscriptions of all of the other subscribers to the Private Placement, this news release is being issued less than 21 days before the closing. Mr. Dobson abstained from voting on the approval of his subscription by the Board of Directors of Belvedere.

A finders fee of $125,040 was paid by Belvedere to Ocean Equities Ltd. The $125,040 represents 5% of the funds raised, excluding amounts paid by Mr. Dobson for the Units that he subscribed for. Ocean Equities Ltd. will be reimbursed for all of its reasonable costs, charges and other out of pocket expenses incurred in the Private Placement. 

BELVEDERE RESOURCES LTD.

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