Belvedere Resources Ltd.: Osikonmaki East Hanging Wall Gold Zone Extended to 200m Down-Plunge

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 17, 2012) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") is pleased to announce results of the final three drill holes for Phase 2 of the 2012 drill programme at the Osikonmaki East prospect on the Rantasalmi property. The Rantasalmi property is held by Belvedere's majority owned subsidiary BR gold which owns the Rantasalmi and Kiimala properties in JV with REBgold Corporation (TSX VENTURE:RBG).

Highlights

• BELOSI098 intersects 16.7m @ 2.2 g/t Au extending the HW zone to 200m down-plunge from surface
• BELOSI096 intersects 12.6 m @ 1.6 g/t Au defining up-dip limits to HW zone

Two holes BELOSI 96 and 98 were drilled in the eastern end of the Osikonmäki shear zone aimed at extending the high grade hanging wall zone discovered in 2011. BELOSI 097 was drilled to investigate one of the anomalies resulting from the recent geophysical survey and though it intersected shearing and sulphides did not contain significant gold. More drilling needs to be completed in this area given the lode nature of the mineralization and the size of the geophysical anomaly.

David Pym (CEO) comments, "Since its discovery in 2011 the HW zone has continued to extend in size. BELOSI098 was important as it proved the continuity of the zone east of a late granite dyke which cuts the zone. The HW zone, though still open in all directions is now of similar dimensions to the S, T and U lodes which comprise the bulk of the mineralization outlined to date, and will be an important contributor to expanding the current resource, particularly as it is of higher average grade then the other lodes."

HOLE_ID	FROM (m)	TO (m)	Interval (m)	Au g/t	Cu ppm	GT
BELOSI096	29.73	36.16	6.43	0.77	298	5
BELOSI096	51.72	55.57	3.85	0.75	146	2.9
BELOSI096	61.11	73.7	12.59	1.65	274	20.8
incl.	61.11	65.77	4.66	1.43	295	6.7
incl.	69.59	73.25	3.66	3.71	456	13.6
BELOSI098	108.13	124.81	16.68	2.21	490	36.9
incl.	108.13	112.07	3.94	5.03	780	19.8
incl.	119.41	124.81	5.4	2.84	682	15.3

Table 1: Intersections using a 0.5 g/t Au cut-off with a grade thickness (GT= grade x thickness) greater than 2 gram metres. No top cut is applied. Maximum grade is 16.05 g/t Au over 0.97m, one of four individual samples over 5 g/t Au. Intersections are estimated to be 70-90% of true width. BELOSI 97 returned no significant intercepts, although did contain anomalous levels of gold.

HoleID	Easting	Northing	Elevation	Depth	Azimuth	Dip
BELOSI096	3564360	6883177	117.27	83.15	173	60
BELOSI097	3564400	6883391	114.63	70.3	0	55
BELOSI098	3564440	6883085	115.75	137.55	0	55

Table 2: Details of drillhole locations

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 70-90% of true width. No top cuts are applied with the highest individual assay being 5.15 g/t gold over 0.95 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 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.

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 2200t 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.

About the Joint Venture with REBgold (TSX VENTURE:RBG)

REBgold Corporation has the right to earn up to a 50% interest in a special purpose joint venture company which holds the Kiimala and Rantasalmi projects by contributing expenditures of C$6 million over a 4 year period. If REBgold proceeds with and completes the feasibility study it will increase its stake in the projects to between 55% and 75% depending on the level of Belvedere's contribution to the study. A further 5% can be earned if REBgold's bioleaching technology can lead to a material improvement in the project economics. REBgold currently owns 14% of the project.

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 (including statements relating to future drilling and interpreted continuity of the new mineralised zones) 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.

Qualified Person

The technical aspects of this statement have been prepared by Dr Toby Strauss (CGeol), Chief Operating Officer of Belvedere Resources Ltd, who is acting as a Qualified Person in compliance with National Instrument 43-101 with respect to this release. Dr Strauss has verified the data supporting this press release. Verification included checking the data to the original Laboratory certificates, examining photographs of the core, reviewing sampling procedures and reviewing the geological interpretation.

BELVEDERE RESOURCES LTD.

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