Belvedere to Suspend Nickel Mining Operations at Hitura Nickel Mine

Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") announces that in
response to continuing low nickel prices, it is suspending mining operations at
the Hitura Nickel Mine. Further to the January 28th News Release, when the
Company started co-operation consultation with employee representatives, the
Company has now initiated a 2 week notice period for the commencement of
temporary lay-offs of up to 60 of the 69 persons employed at the Mine. The
layoff period will continue for up to 90 days per employee. Key staff will
continue to be employed to manage the care and maintenance of the mine and mill
facilities during the suspension.


David Pym CEO comments, "The continuing weakness in the nickel prices, in
conjunction with permitting delays, has left the company with little option but
to suspend nickel operations and commence temporary lay-offs. During the lay-off
period the company will continue to concentrate on the metallurgical,
environmental and engineering studies involved with assessing the viability of
processing the nearby Kopsa gold copper ores through the Hitura mill."


About Belvedere: 

Belvedere Resources Ltd. 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.


Forward Looking Statement:

Some of the statements contained herein may be forward-looking statements, which
involve known and unknown risks and uncertainties. Without limitation,
statements regarding 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. 


BELVEDERE RESOURCES LTD.

David Pym, CEO; Suite #404, Vancouver World Trade Centre, 999 Canada Place,
Vancouver. BC. V6C 3E2, Canada


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


Belvedere Resources Ltd.
Toby Strauss
COO
[phone]
www.belvedere-resources.com