Belvedere Resources Limited: Proposed Private Placement

Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") announces that it is
proposing to undertake a non brokered private placement to raise up to C$ 0.8
million through the issuance of up to 5,000,000 common shares of Belvedere at a
price of C$ 0.16 per share. 


The net proceeds from the private placement will be applied to the general
working capital of the Company and to develop mineral assets.


Directors and officers of Belvedere may acquire securities under the private
placement. Any such participation would be considered a related party
transaction as defined under Multilateral Instrument 61-101 ("MI 61-101"). The
transaction will be exempt from the formal valuation and minority shareholder
approval requirements of MI 61-101 provided that neither the fair market value
of any securities issued to nor the consideration paid by such persons will
exceed 25% of Belvedere's market capitalization, which is anticipated to be the
case.


The private placement is subject to acceptance and approval by the TSX Venture
Exchange.


BELVEDERE RESOURCES LTD.

David Pym, CEO; Suite #404, Vancouver World Trade Centre, 999 Canada Place,
Vancouver, B.C. 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 this release.


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


Belvedere Resources Ltd.
Steven Cuthill
CFO
[phone]
www.belvedere-resources.com