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Belvedere Announces Plans to Restart the Hitura Nickel Mine and the Signing of an Offtake Agreement for Hitura Mine Concentrate
Posted on 1270621762
April 7th, 2010 Exchange: TSX V Symbol: BEL
Belvedere Announces Plans to Restart the Hitura Nickel Mine and the Signing of an Offtake Agreement for Hitura Mine Concentrate
Vancouver, British Columbia, April 7th, 2010. Belvedere Resources Ltd. BEL:TSX-V ("Belvedere") is pleased to announce that it's wholly owned subsidiary Belvedere Mining Oy has signed a fixed price sales agreement with Jinchuan Group Ltd for the sale of the nickel, copper and cobalt concentrate from the Hitura mine. The sales agreement is denominated in Euros and has a duration of 18 months from the commencement of deliveries. Deliveries are expected to start in August of this year.
David Pym CEO states "....The completion of a sales agreement with Jinchuan is one of the major milestones on the road back to production. Belvedere has taken advantage of the recent upswing in Nickel prices to lock in a price which will allow the mine to safely return to production with no pricing downside risks...."
The Hitura Nickel mine and associated mill has been on care and maintenance since December 2008. Recently completed studies indicate that the majority of existing developed stopes and underground workings remain in good condition. The current plan calls for some refurbishment of the mill, and some underground development to improve accessibility to the stopes. Development works are expected to start in May with full production planned to start in August.
About Belvedere:
Belvedere Resources Limited is a Canadian incorporated mining company with a focus on nickel and gold in Finland. The company owns the fully permitted Hitura Nickel Mine and Mill, currently on care and maintenance, and has a considerable portfolio of advanced gold properties in Finland which are rapidly being moved down the development pipeline towards production
Forward Looking Statement:
Some of the statements contained herein may be forward-looking statement, 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 David Pym (CEO) or Toby Strauss (COO) at +1-604-844-2838 or visit www.belvedere-resources.com
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 the contents of this release.