Belvedere Resources Ltd.: Private Placement Increased

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 12, 2011) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") announces that, further to the news release of January 11, 2011, the private placement announced to offer 10,416,667 units (the "Units") in order to raise up to C$2,500,000 at C$0.24 per Unit has been increased to offer up to 12,500,000 Units in order to raise up to C$3,000,000 at C$0.24 per Unit. Each Unit consists of one common share of Belvedere and one-half of a common share purchase warrant of Belvedere. Each whole warrant will entitle the holder to purchase one additional common share of Belvedere at an exercise price of $0.40 per share for a period of 18 months following the closing date. All other terms of the offering are unchanged. The agent, London stockbrokers Ocean Equities Ltd., will undertake the engagement on a best efforts basis. The net proceeds will be applied to the general working capital of the Company and to develop gold assets within the Company.

The completion of the private placement is subject to acceptance by the TSX Venture Exchange.

BELVEDERE RESOURCES LTD.

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