Belvedere Resources Ltd.

Belvedere Resources Ltd.

October 06, 2010 16:53 ET

Belvedere's Hitura Nickel Mine Outperforms Production Targets

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 6, 2010) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") is pleased to announce that the Hitura nickel mine, which restarted in July 2010, has consistently outperformed the planned ramp-up schedule. Milled tonnes for August were 42,837 t, and 42,173 t for September, which is equivalent to 93% of the full production rate of 45,000 t / month. The schedule called for full production in January 2011 (see news release July 28th, 2010).

Contained nickel tonnes in concentrate were 43% higher in August and 35% higher in September than planned. Despite higher mill throughputs, operating costs increased only slightly, being 3% higher in August and 9% higher in September than planned.

David Pym (CEO) comments "…Management is delighted with the performance of the Hitura Mine team, which continues to deliver excellent results. The faster than planned ramp-up has meant that the Hitura Mine is now delivering positive operating margins, well ahead of schedule …"

Note: Operating margin is calculated by attributing 100% of forecast revenues to each production month less operating costs in that month. Actual Revenues for each production month follow the terms of the offtake agreement and consist of a 90% payment on shipment with a further 10% payment on delivery plus 1 month.

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) 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.


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
    Belvedere Resources Ltd.
    Toby Strauss