Belvedere Mining Oy Initiates Voluntary Bankruptcy Proceedings

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 23, 2015) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") regretfully announces that Belvedere Mining Oy, a 100% owned subsidiary of Belvedere, has decided to initiate voluntary bankruptcy proceedings. Belvedere Mining Oy's main assets include the Hitura nickel mine and processing plant, and the Kopsa gold property. The majority of the gold assets of the group are held by Belvedere Resources Finland Oy.

Belvedere management have worked relentlessly over the last 9-12 months in an attempt to secure new funding and negotiate with major creditors and other parties to enable Belvedere Mining Oy to continue to exist through this prolonged downturn in metal prices. These initiatives have all proved unsuccessful and as there is no foreseeable way for the Company to generate revenues in the short term or to re-capitalise; the board of Belvedere Mining Oy has instructed management to initiate proceedings for voluntary bankruptcy immediately.

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