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Investor Summary
Finland focussed - Why?
- Low country risk - Ranked number 1 in the world
- Excellent Infrastructure
- Highly prospective
- Under-explored - foreign exploration began 1995
Nickel Production
Belvedere's has re-acquired the Hitura Nickel mine and mill in February 2010. The underground mine restarted ahead of schedule in July 2010 and ramped up to planned production of 45,000t of ore / month two months ahead of schedule. The production plan is to produce 2300 t (5 million pounds) of nickel metal in concentrate during 2012. The mine has a profitable fixed price offtake agreement in place till February 2014 with upside participation to ensure a low-risk opening of the mine. The mine has approximately six years worth of production in M&I Resource categories or above. Exploration potential is excellent with drilling indicating that the orebodies continue vertically downwards below the current resource areas and in other orebodies in the Hitura complex.
Gold
Belvedere has four principle gold properties in a new gold district in Central Finland. The Kopsa, Kiimala, Hirsikangas and Rantasalmi properties are well advanced with 5-20,000 metres of drilling on each project area. All projects are large open pit targets and subcrop along strikelengths of 1.5-5 km. Belvedere is focussing on these projects with the aim of developing a minimum resource of 500,000 oz's of gold on each project area.
The properties currently have published resources containing 334,000 oz's of gold in the Indicatated and 353,000 oz's of gold in the Inferred categories and more than 500,000 oz's of gold in Historical Resources (Click here for the full resource statements and relevant technical reports). Updated NI 43-101 compliant resource statements are in the process of being completed on a number of projects.
Other Properties Belvedere has a number of other advanced exploration plays in Lapland and is developing a cobalt gold resource base at Kouvervaara, Haarakumpu and Säynäjävaara
Headline News
- Bulk Metallurgical Tests underway on Kopsa Gold Deposit
- Nickel Offtake agreement extended to February 2014
- 52% increase of Osi East Inferred Resource to 244,000 oz's gold, Maiden Indicated Resource of 68,000 oz gold -deposit open in all directions
- 2010 Net Income €3.3 million ($4.6 million CAD)
- €2 million euro loan converted to shares
- Metallurgical testing underway on Kopsa gold property
- Hitura mine outperforms production targets
Belvedere is investing heavily in exploration and development to secure the company’s long term growth prospects.
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