Belvedere Resources Ltd.
TSX VENTURE : BEL

Belvedere Resources Ltd.

October 13, 2010 12:32 ET

Belvedere's Extends Reserve Base at Hitura Nickel Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 13, 2010) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") is pleased to announce an updated Resource and Reserve Estimate for its 100% owned Hitura Nickel Mine, Finland.

Highlights:

  • Life of Mine based on 2P Reserves extended to January 2013
  • Potential Life of Mine including Measured and Indicated Resources extended to end of 2016

The Qualified Person responsible for the Independent Technical Report has determined that the Hitura Mine has NI 43-101 compliant Mineral Reserves and Resources as follows:

Category Tonnes Ni % Cu %
           
Proven Reserves 972,000 0.69   0.24  
Probable Reserves 350,000 0.62   0.23  
Total Mineral Reserves 1,322,000 0.67   0.24  
           
Measured Resources 1,336,000 0.71   0.23  
Indicated Resources 1,086,000 0.60   0.20  
Total Measured and Indicated Resources 2,422,000 0.66   0.22  
           
Inferred Resources 615,000 0.67   0.29  

Hitura Reserves and Resources (May 31st, 2010)

Based on the 2P Reserves alone, the Life of Mine can now be extended to January 2013. Historically about 95% of Measured and Indicated Resources are converted to Reserves at Hitura. Consequently, there is potentially a further 4 years Mine Life to the end of 2016 with no further exploration requirements, solely development drilling. Mineralisation is known to extend below current and planned production levels in North Hitura, as well as in the relatively unexplored Mid- and South Hitura areas, and good potential exists for further resources to be delineated.

David Pym (CEO) comments "These updated Resource and Reserve Figures, combined with the recently approved Environmental Permit further demonstrates Belvedere's belief in the long term future of Hitura as a producing Nickel Mine, as well as a possible site for future gold production".

Ore Resource Statement:

The ore reserve and resource estimate for Hitura is effective from 31st May, 2010, and has been prepared by Markku Merilainen of Outotec Oyj, acting as an independent "Qualified Person". The ore resource was calculated using block modelling, made up of 5m x 5m x 5m parent blocks, with sub-blocks of 2.5m x 2.5m x 2.5m constrained by a 0.47% Ni grade envelope. The grades inside the blocks were calculated using a combination of ordinary Kriging and an inverse distance squared method, depending on the quality of the variograms associated with the different ore zones. The maximum search distance was 200m for all estimations. The distance between the drilling profiles used for constructing the grade envelopes, varies from 6 m to 25 m but the most frequent one is 12.5 m. The minimum of 3 and maximum of 15 composites were used to estimate the block grade. An average specific gravity of 2.7 was assigned for all blocks.

The Technical Report supporting this press release will be filed and available on www.sedar.com within the required 45 day period.

About Belvedere: Belvedere Resources Limited is a Canadian incorporated mining company with a primary focus on gold, nickel, copper and cobalt in Finland. Production has restarted at the Hitura Nickel Mine. In addition, the company has a considerable portfolio of advanced gold properties in Finland and plans to use the extensive mining experience developed in the company to rapidly progress these 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 production rates, life of mine, conversion of resources to reserves and exploration potential) 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. This statement is prepared by Dr. Toby Strauss, who is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release.

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.

Contact Information

  • Belvedere Resources Ltd.
    David Pym
    CEO
    +1-604-844-2838
    or
    Belvedere Resources Ltd.
    Toby Strauss
    COO
    +1-604-844-2838
    www.belvedere-resources.com