Belvedere Reports 2007 Financial and Operating Results

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Vancouver, British Columbia, Belvedere Resources Ltd. BEL:TSX-V (“Belvedere”) is pleased to announce that is has filed it’s audited consolidated financial statements and management discussion and analysis (MD&A) for the financial year ended December 31st, 2007 with the Canadian securities regulators. All results and filings are also available for review on SEDAR. All figures are reported in Euro’s.

Highlights
•Belvedere reports first revenues of €14.8 million from mining operations at the Hitura and Särkiniemi Nickel Mines in Finland started in June 2007
•Production for the first nine months of operations of 2,040 metric tons (mt) of nickel in concentrate, fully in line with managements target
•First operating profit recorded in Q4 2007 of €34,180
•Positive operating margins for first two quarters of operations

Revenues for 2007 totalled €14.8 million with operating costs totalling €15 million prior to depletion, depreciation, amortization and stock-based compensations resulted in an operating loss of € 0.2 million overall.

This loss was primarily due to heavy exploration and development investment in operations, in combination with Hitura production being sold under a legacy fixed price sales contract. This contract yielded an approximately 40% lower average nickel sale price compared to the Särkiniemi sales over the same period, lowering Hitura revenues for the period by approximately € 7 million. This sales contract will continue to negatively affect revenues for the first half of 2008 until it expires in June. Despite this handicap fourth quarter figures were in profit.

Net loss for the year ended December 31st, 2007 was €4.7 million or €0.07 per share, compared to a loss of €0.9 million or €0.03 per share reported for fiscal 2006.

Revenues for the quarter ended December 31, 2007 (Q4) of €7.7 million, (Q3 €6.8 million,) yielded a positive operating margin of € 0.58 million before depletion, depreciation and amortization and stock-based compensation. Overall the Company reported a small net profit of €34,000 or €0.01 per share, which compares with a loss of €3.6 million or €0.07 per share for the previous quarter and a loss of €0.6 million or €0.01 per share reported for the same period of fiscal 2006. Stock based compensation expenses caused the large increase in reported losses in the third quarter of fiscal 2007.

David Pym, CEO commented; “We are pleased to present our 2007 results generating maiden revenues from our two mines which commenced operation in June, fully in line with our original expectations. We remain strongly committed to growing our business further in 2008 when a new offtake agreement will come into effect, significantly increasing our revenues.”

Outlook for 2008:
•Belvedere is continuing to invest heavily in exploration and development to support rapid production growth. Investment is predominantly focussed on near mine resource development around the Hitura and Kotalahti Production Centres. Definition drilling will commence in the Pori area.
•Significant emphasis is being placed on developing our gold business, with a large programme of resource delineation drilling commencing in Q2, 2008.
•The fixed price agreement for the Hitura concentrate expires on June 30, 2008 and effective July 1, 2008, all of Belvedere’s base metal concentrate will be exposed to LME pricing.
•Subject to positive feasibility studies and permitting approvals, the second production centre in the Kotalahti district is scheduled to come on stream in 2009. The Luikonlahti mill will be commissioned with ore from the nearby Hautalampi deposit.
Further Details Presented Below:

Effective January 1, 2007, the Company changed its measurement and reporting currency from the Canadian dollar (“Cdn$”) to the Euro (“€”). For year ending December 31, 2006 and all prior reporting periods, the Company reported its financial statements in Canadian dollars so all comparative figures disclosed in these 2007 financial statements have been restated to the Euro.