Belvedere's Osikonmaki Prospect Delivers Further High-Grade Gold Intercepts

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2011) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") is pleased to announce results from the next 13 holes in the 5,000 metre programme of resource delineation drilling at its 100% owned Rantasalmi gold property. Over 3,000m of drilling has now been completed. Drilling is currently underway at one of the prospects on the East end of the three kilometre long Osikonmäki Shear Zone.

Highlights

• Important new high-grade hanging wall shears intersected in BELOSI044:
  • 14.18m @ 9.14 g/t Au from Bedrock Surface;
  • and 3.00m @ 9.56 g/t Au from 73m downhole.
• New "U Lode System" identified with BELOSI044 intersecting 17.92m @ 2.78 g/t Au
• U Lode System confirmed with BELOSI045 intersecting 7.89m @ 7.07 g/t Au

David Pym (CEO) comments "Osikonmäki continues to live up to expectations, with consistent intersections along the main shear system averaging between 1-3 g/t Au. The geological model is increasingly robust as demonstrated by the new discovery of the U lode system, inferred from some very sparse historical intersections and the confirmation of a high grade flat-lying near surface shear system in the hanging wall These hanging wall shears may prove to be extremely important to the overall economics of the project as they could reduce the overall waste to ore ratio significantly in any mining operation. The system remains open in all directions, and the geological model suggests there is excellent potential to discover further lode systems as the drilling continues along the shear zone."

Table 1: Significant intersections using a 1.0 g/t Au cut-off. No top cut is applied. Maximum grade is 39.6 g/t Au over 0.76m, one of six individual samples over 15 g/t Au (0.5 oz/t). Intersections are estimated to be 90% of true width.

This drill programme is focused on infilling previous drilling to 40 metre centres between the bedrock surface and 100 metres vertical. The Osikonmäki gold mineralization is associated with a 45 ° south dipping shear zone between 4 and 30 m thick. A series of higher grade chutes pitch at shallow angles across the plane of the main shear, plunging 20° to the ESE. The drill intersections in BELOSI 33, 34, 35 and 36 were targeted to intersect the main shear between the S and T lode systems. All holes intersected the main shear zone with BELOSI 33 and 36 failing to intersect any significant mineralisation. BELOSI 37, 38, 39, 40 and 41 were designed to infill gaps and test the margins of the main shear around the T lode system. BELOSI 42 was aimed at exploring the main shear eastwards. BELOSI 44 and 45 were targeted to test the U lode system predicted by the model and also to confirm historical intersections of hanging wall shear systems.

The drilling was undertaken by Drillcon SMOY of Finland, providing 42 mm diameter core. Samples are comprised of half diamond core. Intersections are estimated to be 90% of true width. No top cuts are applied with the highest individual assay being 39.6 g/t gold over 0.76 metres. Core samples are sawn in half on site, prepped and assayed by 30g fire assay with an AAS finish at the Internationally accredited laboratories of ALS Chemex in Finland. The quality assurance-quality control (QAQC) program of Belvedere consists of the insertion of certified standards of known gold content every 20 samples, with blanks at the beginning of each batch. In addition, ALS Chemex inserts a number of blanks and standards into the analytical process. Standards, blanks and duplicates make up approximately 15% of the samples assayed. The remaining half core is retained on site for verification and reference purposes.

About Belvedere:

Belvedere Resources Limited is a mining company incorporated in British Columbia with a primary focus on nickel, gold, cobalt and copper in Finland. The Company currently produces 2500t 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 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 drill results) 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.

Qualified Person

This news release was reviewed 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