Belvedere Announces the results of its Summer Drilling at Kopsankangas

Following the news release on June 9th, Belvedere is pleased to report the assay results from the nine holes drilled in June and July on its Kopsankangas gold copper project.

Belvedere has completed a 1,044 metre diamond drill programme on their Kopsankangas claim within the Kopsa intrusive related gold copper deposit. The drill holes were aimed at extending the higher grade gold copper mineralisation outlined in previous drilling, 300 metres northwards along the co-incident geophysical induced polarisation (“IP”) anomaly to the northern margin of the intrusion. A total of nine holes were drilled from 52 to180 metres in length. Holes 3, 4, 5, 6, 11 and 10 were drilled on 50 metre sections north from the central zone with 5, 6 & 11 being drilled on the same section in the northern IP anomaly. Holes 7, 8 & 9 were aimed at extending the central zone mineralisation south (Hole 7) and eastwards (Hole 8 & 9). The two other strong IP
anomalies within the Kopsa intrusion to the east and south of the central zone were not drill tested in this campaign.

The best results are in Holes 8 & 9 on the eastward extensions of the central zone of mineralisation drilled in February by Belvedere. Large zones of + 1g/t Au, were encountered in both holes. The best intersection is 9.4 m 2.25 g/t Au, 0.25 % Cu encountered in Hole 8. It is worth noting from 30.4m, Hole 8 intersects 46.5m 1.1 g/t Au, 0.14% Cu. This continues the intersections encountered earlier by Belvedere in Holes 1 & 2 in the central zone a further 50m eastwards. The drilling was also successful in delineating a new zone of mineralisation in the northern IP anomaly encountered in Hole 6 of 16.9 @ 1.65 g/t Au, 0.12 % Cu. The mineralisation between the northern and central zones encountered in holes 3 & 4 is sporadic reflecting the low values seen in the IP in that area. These assay results confirm Belvedere’s model that gold copper mineralisation at Kopsa is hosted by predominantly 2nd order vertical quartz veins and sulphide disseminations within stacked (generally) shallow dipping sheets within the Kopsa intrusion. These encouraging assay results confirm previous assessments of the prospect as a large tonnage low grade gold copper deposit. The large intersections of low grade gold copper mineralisation occurring in two sheets from surface to a vertical depth of 80 metres present a readily bulk mineable open pit target. Belvedere’s efforts are concentrated in developing higher grade zones within the large
low grade envelope such as that encountered in the central IP anomaly to enhance the economic potential of the deposit. To this end, an independent assessment of these assay results is being carried out to determine a revised inferred resource for this central zone.

Over one third of the intrusion remains to be explored. The potential for substantially increasing the total
tonnage remains high.

Weighted average assays above 1 g/t are listed below

All intersections are in downhole metres and the true thickness generally represents 75-90% of the downhole intersection, depending on the local dip of the mineralised sheet. The maximum assay is 1.3m @ 9.25 g/t Au and no upper cut is applied.

Drill & Assay Methods:

A track mounted Hagby Onram 1000 diamond drill rig was used to drill T76 core with a wireline system, yielding 57.5 mm diameter core. Orientation marking was carried out to allow measurement of vein and fracture directions using the ballmark system. Core was cut in two with a diamond saw and half sent for assay to the
internationally accredited laboratories of the Geological Survey of Finland, the other half being maintained on site as a permanent record. Samples were crushed and analysed for gold by a 50g Pb fire assay with an ICP finish (method 705P). Base metals were analysed for 14 elements by Aqua Regia digestion followed by ICP
finish (method 510P).

The results of the companies drill programme have been reviewed, verified (including sampling and analytical data) and compiled by the Company’s geological staff (which includes a “qualified” person for the purposes of NI 43-101. Standards of disclosure for Mineral Projects).