Belvedere Resources Ltd.: Private Placement to Raise Up to CAD $2.5 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 11, 2011) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") announces that it is undertaking a private placement to raise up to C$ 2.5 million through the issuance of 10,416,667 units (the "Units") at a price of 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. The agent, London stockbrokers Ocean Equities Ltd., will undertake the engagement on a best efforts basis. Subject to the policies of the TSX Venture Exchange, a fee of 5% will be paid to Ocean Equities on the funding of the issue. Ocean Equities will be reimbursed for all of its reasonable costs, charges and other out of pocket expenses incurred in the private placement. The net proceeds will be applied to the general working capital of the Company and to develop gold assets within the Company.

Directors and officers of Belvedere may acquire securities under the private placement. Any such participation would be considered a related party transaction as defined under Multilateral Instrument 61‐101 ("MI 61‐101"). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61‐101 as neither the fair market value of any securities issued to or the consideration paid by such persons will exceed 25% of Belvedere's market capitalization.

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