Belvedere Resources Ltd.
TSX VENTURE : BEL

Belvedere Resources Ltd.

August 16, 2011 16:02 ET

Belvedere Engages Investor Relations Firm

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 16, 2011) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere" or the "Company") is pleased to announce that it has engaged Humbercrest Capital of Toronto to provide investor relations services to the Company. Humbercrest Capital was founded by Michael Joyner and provides strategic counsel to small and medium cap companies, primarily in the resource sector.

Effective August 16, 2011, Humbercrest Capital will provide services to the Company at the base rate of $5,000 per month. Humbercrest will also be granted 400,000 options to purchase common shares in Belvedere (the "Options"). The Options are to be granted by Belvedere within 30 days of the effective date of the agreement with Humbercrest at an exercise price per share being set at the current market price of the Belvedere common shares. The Options will vest as follows: 25% three months after the date of the grant and an additional 25% each three month period thereafter until the Options granted to Humbercrest are 100% vested. Belvedere will also reimburse Humbercrest for any pre-approved expenses. Belvedere has engaged Humbercrest for an initial period of one year with renewable one year terms thereafter. The primary focus of the planned investor relations campaign is to introduce Belvedere to a wider audience within the North American investment community including investment advisors, sell side analysts and certain institutional investors.

Except for the investor relations agreement and the Options to be granted pursuant thereto, Belvedere is not aware of Humbercrest having any other interest, directly or indirectly, in Belvedere or its securities, or any right or intent to acquire such an interest. Belvedere and Humbercrest are arm's length entities and, with the exception of the investor relations agreement, are not parties to any other agreement or arrangement.

About Belvedere:

Belvedere Resources Limited is a mining company incorporated in British Columbia 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. The Company has a number of advanced gold projects in close proximity to the Hitura mine.

Forward Looking Statement:

Some of the statements contained herein may be forward-looking statements, 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

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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