Belvedere Resources Ltd.: Proposed Non-Brokered 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$1,091,500 through the issuance of up to 5,900,000 common shares of Belvedere
at a price of C$0.185 per share. 


The subscribers of the private placement are investment funds managed or
controlled by Baker Steel Capital Managers LLP ("Baker Steel"). Belvedere has
agreed to grant Baker Steel the right to have a nominee appointed to the
Belvedere board or to nominate one director for election to the Belvedere board
provided that investment funds managed or controlled by Baker Steel hold at
least 14.9% of the issued and outstanding common shares of Belvedere.


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


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

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