Reserves & Resources
Belvedere has announced over 1,000,000 oz's of gold resources to date as detailed below. The company is rapidly adding new gold resources to it's inventories and converting and expanding it's historical resource base into NI 43-101 compliant categories. The company now has 266,000 oz's of gold in indicated resource categories and 269,000 oz's in inferred categories. Currently over 500,000 oz's remain in the historical categories, the majority at the Kopsa gold deposit. Current drilling at Kopsa is expected to convert the shallower portion of the deposit into NI 43-101 compliant resources in Q3 2010. Further resource updates are being completed on the Osikonmaki deposits in 2010 to reflect additonal drilling data completed by Belvedere which has not yet been included into any of the figures below.
GOLD RESOURCES
| Property | Prospect | Category | Tonnes | Au g/t | Cu % | Co % | Au oz's |
|---|---|---|---|---|---|---|---|
| Hirsikangas | Indicated | 3,002,000 | 1.23 | 119,000 | |||
| Hirsikangas | Inferred | 2,673,000 | 1.27 | 109,000 | |||
| Rantasalmi | Osikonmäki East | Inferred | 3,020,000 | 1.65 | 160,100 | ||
| Rantasalmi | Osikonmäki West | Historical | 90,000 | 4.86 | 14,000 | ||
| Rantasalmi | Pirila | Historical | 150,000 | 8.9 | 43,000 | ||
| Kiimala | K 1 (Ängesneva) | Indicated | 3,185,000 | 1.19 | 147,000 | ||
| Kiimala | K 3 (Vesiperä) | Historical | 300,000 | 2.5 | 24,100 | ||
| Kopsa | Historical | 25,000,000 | 0.57 | 0.15 | 458,000 | ||
| Kopsa (Included in above) | Historical | 1,100,000 | 1.9 | 67,000 | |||
| Kuusamo | Haarakumpu | Historical | 900,000 | 0.46 | 0.34 | ||
| Kuusamo | Kouvervaara | Historical | 1,580,000 | 0.4 | 0.1 | 20,300 |
- The Historical Resource Estimate for Haarakumpu and Kouvervaara are contained in Technical Report on the Kuusamo Properties - filed on Sedar 17th November 2006. This estimate is not classified according to NI43-101 requirements, and at best can be considered equivalent to an Inferred Resource. This resource is historical in nature and should not be relied upon.
- Rantasalmi Gold Project, Finland - filed on Sedar 30th October 2006. This contains the Inferred Mineral Resource for Osikonmäki East.
- The Historical Resource Estimate for Osikonmäki West is reported in the GTK report M06/3233/-92/1/10 and dated 1992. This estimate is not classified according to NI43-101 requirements, and at best can be considered equivalent to an Inferred Resource. This resource is historical in nature and should not be relied upon.
- The Historical Resource Estimate for Pirila is reported in the GTK report M19/3233/-86/1/10 and dated 1986. This estimate is not classified according to NI43-101 requirements, and at best can be considered equivalent to an Inferred Resource. This resource is historical in nature and should not be relied upon.
- The Historical Resource Estimates for the various Kiimala Properties were first announced by Belvedere in a press release on 3rd March, 2005. The source of these are the Geological Survey of Finland “FINGOLD Database”, which was first published in 1999, and has been maintained and updated since. The original source documents and dates for the estimates for Ängesneva, Vesiperä and Ängeslampi are identified within the database. The estimates are not classified according to NI43-101 requirements, and at best can be considered equivalent to Inferred Resources. These resources are historical in nature and should not be relied upon.
- “Technical Report on the Arkala, Kopsankangas and Susineva Properties” filed on Sedar 6th September 2002. The Historical Resource Estimates for Kopsa are not classified according to NI 43-101 requirements, and at best can be considered equivalent to an Inferred Resource. These resources are historical in nature and should not be relied upon.