Belvedere Signs New Off-take Agreement

Posted on Friday May 23, 2008

Vancouver, British Columbia, Belvedere Resources Ltd. BEL: TSX-V (“Belvedere” or the ‘Company’) is pleased to announce that it has signed a new off-take agreement for its nickel concentrate with Jinchuan Group in China. This will replace the Company’s existing off-take agreements which expire at the end of June 2008. Belvedere welcomes the opportunity to commence a partnership with Jinchuan Group which has shown considerable interest in Belvedere’s product and has followed the Company’s development since the initial move into production in June 2007.

Effective July 1, 2008 Belvedere’s nickel concentrate will be sold at prevailing LME rates resulting in a material increase in revenues, margins and cash flows. All of the Hitura mine’s production to date has been subject to a fixed price agreement paying considerably less than current LME pricing levels.

David Pym, CEO, commented;
“This agreement is extremely important for the Company as it signifies the end of the fixed price legacy off-take agreement acquired with the purchase of the Hitura Mine. Previously approximately 80% of nickel production was subject to a fixed price agreement paying considerably less than current LME pricing levels. The new agreement should contribute substantially to revenues allowing management to fast track their development projects in the Kotalahti area”

About Belvedere:
Belvedere Resources Ltd. is a publicly-listed resource company engaged in the business of nickel production and exploring, discovering and developing mineral wealth in Finland. Belvedere currently produces 2,500 tonnes annually of payable nickel metal in concentrate from its 100% owned Hitura Nickel Mine in Western Finland, and its 100% owned Särkiniemi Nickel Mine in Eastern Finland.

Forward Looking Statement:
Some of the statements contained herein may be forward-looking statement, which involve known and unknown risks and uncertainties. Without limitation, statements regarding future revenues, mining rates, drilling plans and exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. It is important to note that the Company’s actual results could differ materially from those in such forward-looking statements.

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.

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

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

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