Belvedere Resources Limited: Disclosure Clarification

Belvedere Resources Limited (TSX VENTURE:BEL) ("The Company") announces as a
result of a review by the British Columbia Securities Commission (BCSC), we are
issuing the following news release to clarify our disclosure.


The issues identified by the BCSC involve the 2012 progress report and the
September 2012 Corporate Presentation titled Investor Update and the Company
website as detailed below. The Company retracts this presentation in its
entirety and an updated presentation has been placed on the Company website. The
Company retracts the 2012 progress report and has removed it from the Company
website. The Company has clarified its disclaimer on the website in accordance
with the issues identified below. The Company takes these issues very seriously
and new systems have been put in place to make sure that the Company's current
and future disclosure complies fully with NI 43-101. 


Technical Disclosure Issues 

1. Non-Compliant Disclosure of Mineral Resources 

In its corporate presentation of September 2012, and on the Company's 2012
progress report which were available on the Company website, a number of issues
were identified with the way in which the Company reported mineral resources
that are contrary to NI 43-101:  


a) Inferred mineral resources were added to other categories of resources. 

b) The Company failed to disclose each category of mineral resources or mineral
reserves separately. 


c) The Company disclosed resources solely in the form of metal content.

The summary resources table which detailed the categories, tonnages and grades
of the mineral resources for each project was inadvertently missing from the end
of the September 2012 corporate presentation. 


2. Restricted Disclosure 

In both the corporate presentation of September 2012 and the 2012 progress
report, the Company had added historical estimates to its current mineral
resources, giving the impression that it was treating them as current resources.
Subsequent to the dates of these reports, an NI 43-101 compliant resource
estimate was announced for the Kopsa Au-Cu project (News Release, 29th October,
2012). The remaining historical resources are such a minor component of the
Company's resource base that all references to historical resources have now
been removed from the Company's disclosures. Consequently, the misleading
historical figures have now been replaced or removed, and all Company
disclosures (website, presentations etc) have been checked and replaced with the
updated figures compliant with the requirements of NI 43-101. 


3. Qualified Person 

On its website, 2012 progress report and corporate presentation, the Company
failed to properly identify, and disclose the relationship to Company, of the
qualified person who approved, prepared or supervised the preparation of the
technical information. The Company has now added the relationship of the
Qualified Person to the Company and states that the qualified person prepared
and approved the technical information contained within the relevant website and
other disclosures. 


For purposes of clarity, the Company retracts all previous references to its
gold resources from the aforementioned disclosures, and replaces them with the
following summary resources table, detailing the categories, tonnages and grades
of the mineral resources listed above, as well as the titles and dates of the
relevant supporting Technical Reports. 


To see the resource table, please select the following link:

http://media3.marketwire.com/docs/bel_800.jpg 

Relevant Technical Reports



--  "Mineral Resource Estimate of the Rantasalmi Gold Project in Finland"
    filed on SEDAR October 19th, 2011, prepared by Alexandra Akyurek (CSci,
    MSc MIMMM) acting as an Independent Qualified Person according to NI 43-
    101. 
    
--  "Kopsa Gold-Copper Deposit, Central Ostrobothnia, Finland" filed on
    SEDAR 29th October 2012, has been prepared under the supervision of
    Pekka Loven (MSc), MAusIMM(CP) #301822, who is acting as an Independent
    Qualified Person in compliance with NI 43-101. The results were first
    disclosed in a press release dated 29th October, 2012. 
    
--  "Hirsikangas Gold Deposit, Central Ostrobothnia, Finland." filed on
    SEDAR 30th November, 2009, prepared by Thomas Lindholm MSc (FAusIMM)
    acting as an Independent Qualified Person according to NI 43-101. 
    
--  "The Kiimala Property, Central Ostrobothnia, Finland." filed on SEDAR
    October 12th, 2011, prepared by Hannu Makkonen PhD (EurGeol) acting as
    an Independent Qualified Person according to NI 43-101. 



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 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.


Qualified Person Statement: The technical contents of this news release have
been prepared and approved by Dr. Toby Strauss (CGeol), a person qualified under
the terms of National Instrument 43-101. Toby Strauss is an Officer and a
Director of the Company.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Belvedere Resources Ltd.
David Pym
CEO


Belvedere Resources Ltd.
Suite #404, Vancouver World Trade Centre, 999 Canada Place
Vancouver. BC
V6C 3E2, Canada
www.belvedere-resources.com


Humbercrest Capital Inc.
Scott Findlay
[phone]