Belvedere Resources Ltd.
TSX VENTURE : BEL

Belvedere Resources Ltd.

January 18, 2012 12:17 ET

Belvedere Resources Ltd.: Further High Grade Gold Drill Results and Commencement of Bulk Metallurgical Testing at Kopsa, Finland

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 18, 2012) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") is pleased to announce the final drill results from a 4,300m programme of resource delineation drilling at its 100% owned Kopsa gold project. In addition large scale bulk metallurgical tests have commenced to follow up on the successful bench scale tests in 2011. The Kopsa gold, copper project is being evaluated as an open pit satellite mining operation to be processed at the Hitura Nickel mine and mill, which lies only 15 km away.

Highlights

  • Individual assays of high grade gold include:.
    • 0.82 m @ 47.5 g/t Au (BelKopDD 102)
    • 1.50 m @ 44.7 g/t Au (BelKopDD 101)
    • 1.83 m @ 37.7 g/t Au (BelKopDD 102)
    • 1.25 m @ 34.1 g/t Au (BelKopDD 100)
  • Infill results in the high-grade part of the main zone continue to deliver good results e.g.
    • 60.89 m @ 2 g/t Au 0.20% Cu (BelKopDD 100)
    • 57.89 m @ 1.82 g/t Au 0.24% Cu (BelKopDD 101B)

David Pym (CEO) comments "With the completion of this final phase of drilling, and the commencement of the bulk metallurgical sampling, the project is now moving into the evaluation phase. During this phase the necessary studies will be completed to determine Kopsa's suitability as a satellite mining project utilising the nearby Hitura Mill…"

Hole From To Interval Au ppm Cu ppm Au GM
BELKOPDD088 39.44 47.60 8.16 1.30 2556 10.64
BELKOPDD089 7.21 12.61 5.40 1.37 2783 7.39
BELKOPDD090 12.73 22.40 9.67 1.79 1827 17.29
BELKOPDD091 30.91 45.11 14.20 1.62 2219 22.99
BELKOPDD091 71.61 80.62 9.01 0.77 1156 6.92
BELKOPDD092 12.65 59.62 46.97 1.01 1920 47.56
BELKOPDD094 10.13 13.40 3.27 1.39 2353 4.53
BELKOPDD095 5.25 51.76 46.51 1.24 1131 57.78
BELKOPDD096 79.09 84.21 5.12 0.83 589 4.26
BELKOPDD096 97.31 121.60 24.29 0.88 1732 21.47
BELKOPDD097 29.90 43.20 13.30 1.38 2756 18.30
BELKOPDD097 52.25 58.87 6.62 1.90 2018 12.55
BELKOPDD097 70.70 83.20 12.50 1.04 1091 13.00
BELKOPDD099 17.30 34.84 17.54 0.65 1613 11.42
BELKOPDD099 40.36 81.42 41.06 1.27 1066 52.00
BELKOPDD100 39.74 97.63 57.89 1.82 2351 105.55
BELKOPDD101 12.27 74.11 61.84 1.84 1813 113.93
BELKOPDD101B 12.12 73.01 60.89 2.00 1977 121.73
BELKOPDD102 18.98 73.49 54.51 2.49 1844 135.48
BELKOPDD104 46.60 50.17 3.57 1.27 7937 4.52
BELKOPDD106 24.85 38.27 13.42 1.28 3440 17.14

Table 1: Intersections using a 0.5 g/t Au cut-off with a grade thickness greater than 3 gram meters. No top cut is applied. Maximum grade is 47.5g/t Au over 0.82m, one of seven individual samples over 15 g/t Au (0.5 oz/t). Intersections are estimated to be 85 - 100% of true width. Note 101B is a duplicate of drillhole 101.

About Kopsa

Kopsa belongs to the Intrusive Related style of deposits similar to the Fort Knox style of deposits in Alaska, and is one of a number of similar deposits Belvedere is developing in the region. Gold copper mineralization is associated with quartz veins and shearing and is hosted in a Proterozoic aged Tonalite Intrusion. The recent drill programme consisted of 4,320 metres over 44 holes, and is focused on, shallow near surface mineralisation in the main zone. Mineralisation in the Main Zone occurs largely between surface and 100m vertical, has a true thickness between 20 and 70m and dips shallowly to the south. It has now been delineated over a strike length of 650 metres, and remains open in all directions. Further mineralised zones have been intersected to the north and south of the Main Zone, and remain targets for future follow-up drilling.

The drilling was undertaken by Drillcon SMOY of Finland, providing 42 mm diameter core. Samples are comprised of half diamond core. Intersections are estimated to be 85% - 100% of true width. No top cuts are applied with the highest individual assay being 22.0 g/t gold over 1.08 metres. Core samples are sawn in half on site, prepped and assayed by 30g fire assay with an AAS finish at the internationally accredited laboratories of ALS Chemex in Finland. The quality assurance-quality control (QAQC) program of Belvedere consists of the insertion of certified standards of known gold content every 20 samples, with blanks at the beginning of each batch. In addition, ALS Chemex inserts a number of blanks and standards into the analytical process. Standards, blanks and duplicates make up approximately 15% of the samples assayed. The remaining half core is retained on site for verification and reference purposes. The locations of the drillholes are provided in the table below.

hole_ID x y z Depth azimuth dip
BELKOPDD087 2561334 7075235 111.0 68.65 22 50
BELKOPDD088 2561324 7075207 111.9 95.30 20 50
BELKOPDD089 2561383 7075214 112.6 62.70 20 50
BELKOPDD090 2561310 7075236 111.2 83.60 20 50
BELKOPDD091 2561270 7075201 112.1 110.50 20 50
BELKOPDD092 2561235 7075170 113.3 80.95 20 50
BELKOPDD093 2561250 7075221 111.1 83.75 20 50
BELKOPDD094 2561341 7075263 110.9 59.65 20 45
BELKOPDD095 2561465 7075145 113.0 89.62 20 50
BELKOPDD096 2561359 7075027 112.7 143.45 20 50
BELKOPDD097 2561381 7075099 113.1 86.40 20 50
BELKOPDD098 2561429 7075008 112.8 50.50 20 50
BELKOPDD099 2561435 7075089 112.7 86.40 20 50
BELKOPDD100 2561460 7075066 114.0 101.65 20 50
BELKOPDD101 2561394 7075204 112.0 82.58 200 45
BELKOPDD101B 2561392 7075200 113.0 101.35 200 45
BELKOPDD102 2561354 7075209 112.2 77.40 200 60
BELKOPDD103 2561796 7075136 105.7 55.45 20 45
BELKOPDD104 2561775 7075079 106.3 83.40 20 45
BELKOPDD104A 2561775 7075079 106.3 13.50 20 45
BELKOPDD105 2561748 7075122 106.2 59.60 20 45
BELKOPDD106 2561725 7075067 107.0 74.30 20 45

About Belvedere:

Belvedere Resources Limited is a Canadian incorporated mining company with a focus on nickel and gold in Finland. The company produces approximately 5 million pounds (2250 t) of nickel per annum in concentrate from the Hitura Nickel Mine, and has a considerable portfolio of advanced gold properties in Finland which are rapidly being moved along the development pipeline 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 (including statements relating to future resource and production targets) 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.

The technical aspects of this statement have been prepared under the supervision of Pekka Lovén (MSc), who is acting as an Independent Qualified Person in compliance with National Instrument 43-101 with respect to this release. The data supporting this news release has been provided in a Surpac database and has been verified against the original laboratory assay certificates. The Qualified Person has not undertaken any independent sampling of the drill core.

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 the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this release.

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