Belvedere Commences Spring Drilling

• Belvedere Historical Resource Exceeds 1 Million Ounces

• Drilling Commences on its Kuusamo and Rantasalmi Properties

• Increases Land Position in Central and Northern Finland

Belvedere has substantially increased its gold property portfolio at minimal cost in 2004. An update to the current historical resource status is shown below.

*These refer to historical resource estimates derived from extensive diamond drilling and for the purposes of reporting are considered roughly equivalent to inferred resources under the CIMM resource category definitions.

Belvedere will concentrate in 2005 on advancing its Kopsa and Rantasalmi projects to Indicated Resource status as per CIMM standards. Belvedere will commence in March its spring drill program by drilling 500 metres at its Iso-Rehvi property in Kuusamo. This will be followed by a 1,000 metre drill programme at Rantasalmi. Both these programmes are designed to consolidate and develop further resources at Kuusamo and Rantasalmi.

Rantasalmi Area: Orogenic gold properties, Southeast Finland

Data compilation and validation has been completed on the Osikonmäki and Pirilä gold deposits that comprise the Rantasalmi Property. The first part of a scoping study has been finished with preliminary block modelling of both deposits completed by AMC Consultants. Based on the modelling, Belvedere plans a drilling programme in April to verify continuity and grade in key areas allowing the deposits to be brought up to indicated resource status under the CIMM standard. Oriented core will be used to understand better the hosting structures to mineralization. Further drilling is aimed at increasing the resource base for the
deposits.

Regional data is also being evaluated, with till and boulder geochemistry indicating several other sources of gold mineralization in the district not yet detected in bedrock drilling.

Ostrobothnian Area: Orogenic gold properties, Central Finland

Kopsa: The Geological Survey of Finland is completing a key structural study of the Kopsa deposit and surrounding areas. The results will be applied to define controls on higher grade mineralized zones at Kopsa. The resulting target zones will be added to the model and drill tested later in the year.

Kuusamo Area: Iron oxide copper gold properties, Northern Finland

Kouvervaara & Säynäjävaara: Geological modelling and preliminary resource calculations using the results from the latest drilling are being completed at Kouvervaara and Säynäjävaara.
Iso Rehvi: Drilling will start on March 9th on the Iso-Rehvi gold copper cobalt prospect at Kuusamo. This property was not drilled in last year’s programme as there were no rigs available. Belvedere has completed magnetic and Time Domain EM (TEM) ground geophysics over the claim areas at Iso-Rehvi. The existing mineralization was detected in the survey and further similar anomalies outlined in the northern part of the claim area. A 500 metre drill programme is planned to verify the structure and grades in the existing mineralization and to investigate areas with similar geophysical features to the north. Historical data indicates gold is associated with broad zones of low grade copper gold mineralization and high grade gold values are commonly associated with the margins of the copper mineralization. Best historical gold intersections in drill holes are 2 metres at 16 g/t,
gold and 1metre at 14 g/t, gold.
Haarakumpu: TEM, magnetic and gravity ground geophysical surveys have been completed in the Haarakumpu and Haarakumpu West areas. The surveys aimed to delineate boundaries to known copper cobalt mineralization at Haarakumpu and to investigate other airborne geophysical anomalies to the west. The Haarakumpu West target shows a combined magnetic and TEM anomaly covering an area of 800 metres by 300 metres and is coincident with a weak gravity anomaly. It has been identified as a high priority for drilling.

New Reservations:

Belvedere has staked further reservations in Central and Northern Finland over prospective areas for gold mineralization. Data compilation and assessment has begun on these projects. Vesiperä Reservation: Vesiperä is some 40 km north of Kopsa. The reservation areas are approximately 18 sq km and cover a 5 km strike of known gold mineralizations that are associated with a major crustal shear zone some 100km long. They contain five drilled gold occurrences in close proximity known as Vesiperä, Ängeslampi, Pöhlölä, Ängesneva, Tiitola and Kiimala. Belvedere believes the area has excellent potential for developing further resources.
Jerisjarvi Reservation: This 18 sq km reservation covers a prospective Iron Oxide Copper Gold area in Western Lapland.
Pomokaira Reservation: This 36 sq km reservation covers an area of regional gold till nomalies associated with an area of structural interest in a very prospective area 50 km to the east of the 2 Million oz Suurikuusiko gold deposit owned by Riddarhyttan Resources AB.

BELVEDERE RESOURCES LTD.

Andrew Aylwin, President
For further information, please visit http://www.belvedere-resources.com or contact:
Andrew Aylwin: 011-44-7779-128125
Steve Cuthill: 1-604-408-0550

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