Belvedere Resources Ltd.
TSX VENTURE : BEL

Belvedere Resources Ltd.

May 23, 2013 11:54 ET

Belvedere to Suspend Nickel Mining Operations at Hitura Nickel Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 23, 2013) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") announces that in response to continuing low nickel prices, it is suspending mining operations at the Hitura Nickel Mine. Further to the January 28th News Release, when the Company started co-operation consultation with employee representatives, the Company has now initiated a 2 week notice period for the commencement of temporary lay-offs of up to 60 of the 69 persons employed at the Mine. The layoff period will continue for up to 90 days per employee. Key staff will continue to be employed to manage the care and maintenance of the mine and mill facilities during the suspension.

David Pym CEO comments, "The continuing weakness in the nickel prices, in conjunction with permitting delays, has left the company with little option but to suspend nickel operations and commence temporary lay-offs. During the lay-off period the company will continue to concentrate on the metallurgical, environmental and engineering studies involved with assessing the viability of processing the nearby Kopsa gold copper ores through the Hitura mill."

About Belvedere:

Belvedere Resources Ltd. 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.

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 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.

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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