Belvedere intersects 2.25 % Nickel over 20.93 metres at North Hitura

Vancouver, British Columbia, January 17th, 2008. Belvedere Resources Ltd. BEL:TSX-V (“Belvedere”) is pleased to announce assay results from recent and ongoing diamond drilling at the company’s 100% owned Hitura Nickel Mine, in Central Finland. Drilling has been focussed in two areas: in North Hitura, where all mining is currently taking place, and in mid and south Hitura as part of an extensive exploration program to develop new areas for mining.

David Pym (CEO) comments “The excellent intersects in the NE-arch area of the North Hitura mine are well above the mine average of 0.6 % Ni and demonstrate there is high grade potential to the North Hitura ore-bodies. The new results will be incorporated into an updated Resource/Reserve estimate which is expected soon. Access to this area is planned from the VT3 ramp, which is already under development and the company expects mining of the high-grade area in the second half of 2008.

In addition, there have been several significant intersections of Nickel mineralisation outside of the known resource areas from the first phase of the exploration programme on the Middle and South Hitura intrusions, which demonstrate the potential of these areas to host further resources”

North Hitura: The exploration drilling at North Hitura has been focusing on the NE-arch area, drilling downwards from the 500m level. The high-grade zone has been intersected by several drillholes, suggesting a minimum strike length for the zone of approximately 40 metres and extending downdip for at least 50 metres. The zone remains open at depth.

Mid & South Hitura: The drilling at Mid- and South Hitura has to date been focused on drilling fans in 50 metre spaced profiles from an exploration drift on the 225m level. Drilling is directed eastwards into Middle Hitura and westwards into South Hitura. The true thicknesses of these intersections are unknown at present, although are likely to be in the range of 70 – 100 % of the intersection.

The drilling was undertaken by Nivalan Timanttikairaus Oy of Finland, providing 30 mm diameter core. A company geologist logs the core, and marks the sample intervals based on sulphide mineralisation and lithology. Sample lengths are typically between 0.20 metres and 6 metres in length. Core samples are split in half on site, with half being crushed in a cone crusher. A 500g sub sample is milled using a ring mill. 200mg of the milled sample is dissolved in HNO3 and assayed for Ni and Cu by AAS at the Hitura Mine Laboratory, as has been the practice for many years. Approximately 5% of samples are sent to Labtium Oy of Finland (Accredited Laboratory) for check assays, and are subject to the typical Labtium Oy QA/QC procedures. The remaining half core and crushed sample is retained on site for verification and reference purposes. The drillhole plans and sections will be available on the company’s website http://www.belvedere-resources.com/

This statement is prepared by Dr. Toby Strauss, who is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release.

BELVEDERE RESOURCES LTD.
David Pym, CEO
Suite #404, Vancouver World Trade Centre
999 Canada Place, Vancouver. BC.
V6C 3E2, Canada

For further information, please contact David Pym (CEO) or Toby Strauss (COO) at +1-604-844-2838 or visit www.belvedere-resources.com

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