Acquisition of 45% Equity Stake in Suomen Nikkeli Oy Completed

Belvedere Resources Limited (the Company) is pleased to announce that its wholly owned subsidiary, Belvedere Resources Finland Oy, has completed its acquisition of a 45% equity stake in Suomen Nikkeli Oy (Finn Nickel Ltd), as announced on 15 th May, 2006.

The Company announces that it has granted, subject to regulatory approval, incentive stock options to the following directors and employees of Suomen Nikkeli Oy (Finn Nickel Ltd): Vesa-Jussi Penttilä (55,000 options); Sakari Penttilä (15,000 options); Erkki Salo (15,000 options) and Lasse Lagus (15,000 options). The options give the right for the optionees to purchase 1 common share per share option, exercisable for five years at the price of C$ 0.60 per share.

BELVEDERE RESOURCES LTD. David Pym, CEO

For further information, please contact:
Belvedere Resources Ltd: +358-9-25166334
Steve Cuthill: +1-604-408-0550

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