Announces Private Placement

Belvedere Resources Ltd. (the “Company”) is pleased to announce that it has arranged a private placement through London stockbrokers, Ocean Equities Ltd of up to C$ 5.0 million at C$ 0.57 per common share, for a maximum issue of 8,771,930 common shares. The shares issued will be subject to a four month hold period. A finders fee will be payable to Ocean Equities in accordance with the policies of the TSX Venture Exchange.

The issue of the common shares are subject to regulatory approval.

BELVEDERE RESOURCES LTD. David Pym, CEO
For further information, please contact:
David Pym: +358-9-25166334
Steve Cuthill:+1-604-408-0550

*The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.