Belvedere Reserves New Ground In Finland in two separate areas

Posted on Wednesday August 11, 2004

  • Kuusamo: 178 sq Km reserved in the highly prospective Iron Oxide Copper Gold Kuusamo area following its recent drilling
  • Rantasalmi: 45 sq Km reserved in Rantasalmi area in SE Finland adding significant gold resources to Belvedere’s asset portfolio

Belvedere has reserved several prospective areas in Finland as part of a continued expansion of its exploration activities in Finland.

Kuusamo: After excellent results from its first drilling campaign on its cluster of Iron Oxide Copper Gold (IOCG) properties in the Kuusamo area, Belvedere has staked four further reservations over areas of high potential. They cover several priority target areas identified by the airborne geophysics and a review of the structural controls on mineralization in the belt. The main areas covered are the Suonna magnetite breccias in the Western area of the Kuusamo belt, which are associated with heavy potassic calcic alteration systems in sericite scapolite schists. These deposits have been evaluated for Iron ore, but not previously assayed for gold or base metals. Over 1700 m of drill core is being re-logged and 400 m has been sent for re-assay for potential gold mineralization. These deposits were identified as high priority due to the association of higher-grade gold with magnetite, identified in the recent drilling campaign at Säynäjävaara and in outcrop occurrences in the area. The Haarakumpu area includes two historical copper cobalt gold occurrences and several airborne geophysical targets. Previous exploration reports are being re-compiled to evaluate the economic potential of the occurrence at Haarakumpu.

Rantasalmi: Two reservation areas in the Rantasalmi area of SE Finland are in theprocess of being finalised. They cover the gold occurrences of Osikonmäki and Pirilä discovered by the Geological Survey of Finland in the mid 1980’s. The deposits have recently become vacant and contain significant historically identified gold resources. The Osikonmäki deposit is open in alldirections and occupies part of a 3 km long mineralised shear system. The structural setting is very similar to Bjorkdal in Sweden, one of the largest gold mines in Europe which has recently re-commenced production. The Pirila deposit is a small high-grade deposit, well defined by current drilling. Various resource estimates have been carried out on both deposits by the Geological Survey of Finland and previous workers, and are listed below. Osikonmaki Historical Resource: 2.2 Mt 3.1 g/t Au (220,000 ozs) including an indicated resource of 300,000 tons 5.5 g/t Au (53,000 ozs). Resource estimates as high as 4.1 Mt 3g/t Au (400,000 ozs) have been quoted but appear more indicative of exploration potential. Pirila Historical Resource: 1.3 Mt 6 g/t Au (250,000 ozs) including an indicated resource of 100,000 tons @ 7.5 g/t Au (24,000 ozs).

The resource figures are taken from the Geological Survey of Finland gold database and have not been independently verified by Belvedere. Drill density suggests the indicated resource figure appears comparable with CIMM equivalent.

BELVEDERE RESOURCES LTD

Andrew Aylwin, President
For further information, please contact:
Andrew Aylwin: 011-44-7779-128125 or Steve Cuthill: 1-604-408-0550

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