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