Belvedere Reports Annual Updated Resource Estimate and Commences 10,000 Metre UG Drilling Campaign at Hitura Nickel Mine, Fin...

Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") is pleased to announce
that it has produced its annual Resource statement for the Hitura Mine as
presented in the table below. 


David Pym (CEO) comments "Since the last resource update, the mines total
mineral reserves have remained largely static as the development of new reserves
keeps pace with mining. Total 2P reserves remain at approximately three years of
production. Total M&I resources have decreased slightly by 0.4 Mt due to
cyclical fluctuations in exploration drilling. A new 10,000 metre resource
delineation drilling programme has commenced, to bring extensions to current
mineralisation into the resource base, and to test new areas for mineral
potential. " 


The Qualified Person responsible for the Independent Technical Report has
determined that the Hitura Nickel Mine has NI 43-101 compliant Mineral Reserves
and Resources, reported at a 0.54% Ni cut-off (and 0.3% Ni cut-off for the Open
Pit Extension) as follows:




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               Hitura Mine Mineral Reserve Estimate 1.12.2012               
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Mineral Reserve Estimate                           Tonnage  Ni %   Cu%    S%
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Proven Reserve                                     149,000  0.59  0.20  1.90
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Probable Reserve                                   487,000  0.60  0.26  2.04
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Probable Reserve (Open Pit, Cut-off 0.3% Ni)     1,020,000  0.38  0.13  1.64
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Total Mineral Reserve                            1,656,000  0.46  0.18  1.78
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                   Hitura Mine Mineral Resources 1.12.2012                  
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Measured Mineral Resource                          Tonnage  Ni %   Cu%    S%
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North Hitura (Cut-off 0.54% Ni)                     72,000  0.70  0.29  3.00
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Measured Mineral Resource                           72,000  0.70  0.29  3.00
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Indicated Mineral Resource                         Tonnage  Ni %   Cu%    S%
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North Hitura (Cut-off 0.54% Ni)                    749,000  0.64  0.23  3.54
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Middle Hitura (Cut-off 0.54% Ni)                   182,000  0.68  0.21  2.33
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Indicated Sub Total                                931,000  0.65  0.23  3.30
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Open Pit Extension (Cut-off 0.3% Ni)             1,604,000  0.42  0.13  1.33
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Indicated Mineral Resource                       2,535,000  0.50  0.17  2.05
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Total Mineral Resource (M + I)                   2,607,000  0.55  0.18  2.21
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Inferred Mineral Resource                          Tonnage  Ni %   Cu%    S%
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North Hitura (Cut-off 0.54% Ni)                    150,000  0.73  0.30  2.87
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Middle Hitura (Cut-off 0.54% Ni)                    22,000   0.6   0.2   2.2
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South Hitura (Cut-off 0.54% Ni)                    257,000   0.7   0.3   5.9
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W off set (Cut-off 0.54% Ni)                        28,000   0.7   0.2   3.2
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Inferred Mineral Resource                          457,000   0.7  0.29  4.56
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Mineral Reserve and Resource Statement:

The mineral reserve and resource estimate for Hitura is effective from 1st
December, 2012, and has been prepared by Pekka Loven and Markku Merilainen of
Outotec (Finland) Oy. The mineral resource and reserve estimates have been
prepared under the supervision of Pekka Loven (MSc), MAusIMM(CP) #301822, who is
acting as an Independent Qualified Person in compliance with National Instrument
43-101 with respect to this release. 


Mineral reserves are exclusive of mineral resources.

The underground mineral 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 open pit extension mineral resource was calculated using block modelling,
made up of 5m x 5m x 10m blocks, constrained by a 0.35% Ni grade envelope. Three
separate groups of wireframe solids were constructed representing the east,
central and west mineralised bodies. The grades inside the blocks were
calculated using an inverse distance squared method, with different search
ellipsoids for each body. The maximum search distance was 200m for all
estimations. The minimum of 3 and maximum of 20 composites were used to estimate
the block grade. An average specific gravity of 2.65 g/cm3 was assigned for all
blocks. 


The calculation of Reserves is based on the ongoing profitable mining operations
at the Hitura Mine. The key economic criteria that have been used for the
calculation of reserves are based on the preceding 12 months of production at
the mine, through to end of December 2011. The operating cost for this period
was EUR 36.7/tonne of ore. Belvedere has an offtake agreement in place with
Jinchuan Group Ltd for a 2 year period ending in February 2014. For the purpose
of calculating reserves a nickel price of $20,323 has been used. 


The open pit optimization and conversion of the Open Pit Resources to Reserves,
was done using Surpac software. Optimisation was based on NSR calculated
according to nickel grades and recoveries of the different ore types (65% for
normal ore and 57% for the fine grained ore).The costs used for calculations
were EUR 2.7/m3 overburden removal, mining costs of EUR3.5 /t (ore) and EUR3.2
/t (waste) and process and administrations costs of EUR11 /t. The pit is
designed with 20m ramps, and an overall slope angle of 50 degrees. Full details
are provided in the Technical Report. 


The Technical Report supporting this press release has been filed and available
on www.sedar.com. A statement of "Consent of Qualified Person" relating to this
press release has been filed on Sedar.


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 conversion of resources to reserves, exploration results,
and 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Belvedere Resources Ltd.
David Pym
CEO
Suite #404, Vancouver World Trade Centre
999 Canada Place, Vancouver. BC. V6C 3E2, Canada
www.belvedere-resources.com


Humbercrest Capital Inc.
Scott Findlay
[phone]