C$ 2 Million Private Placement Completed. Update on Gold Exploration in Finland

Belvedere Resources Ltd (the “Company”) has received regulatory approval for its recently announced private placement. The Company has issued a total of 2,857,150 Common Shares at a price of $0.70 per Common Share. A finder’s fee of 5% totaling C$100,000 will be paid in connection with this private placement. The shares issued are subject to a four month hold period expiring February 4th, 2005.

The gross proceeds of C$ 2,000,005 from the private placement will be applied to general working capital and to the following projects:

Kuusamo Area: Iron oxide copper gold properties, Northern Finland

At Kouvervaara and Säynäjävaara, phase 1 of the exploration program will see a minimum of 1,000 metres drilled before the end of this year. The purpose of this drilling is to define further high grade gold zones and continue definition of the down dip extension to the mineralization. Also, further Time Domain Electromagnetic “TEM” and magnetic ground geophysics is being completed on the Iso-Rehvi, Honkilehto and Haarakumpu project areas.

Ostrobothnian Area: Orogenic gold properties, Central Finland

Drilling started last week at Kopsa. A total of 500 metres is planned to evaluate new IP anomalies in the Panhandle area at Kopsa. Also, further drilling is planned in the central zone to infill grade blocks to 50 metre sections. Geological modelling indicates the presence of three main mineralized sheets, of which most of the drilling has been concentrated on the central sheet. Drilling is aimed at developing the first 50 vertical metres and will also test the southern and northern sheets. At Antinoja, further evaluation of the recent drilling results will be done (see drilling results below)

Rantasalmi Area: Orogenic gold properties, Southeast Finland

Following the acquisition of the Osikonmäki and Pirilä gold properties, the data from more than 16,000 metres of diamond drilling is being validated and reassessed. Geological modelling and resource evaluation will begin as soon as the dataset is complete.

Drill Results from continuing exploration in the Kuusamo area:

Ollinsuo: The first hole was aimed at a small undrilled EM conductor west of the main Ollinsuo mineralization. Semi-massive pyrrhotite and minor copper mineralization was intersected but no significant gold or cobalt. The main target zone in the second hole for the down plunge extensions at Ollinsuo was not reached due to faulting and loss of the drill string. However, several intersections of gold mineralization were encountered as part of the larger cobalt copper zone. Other intervals of low grade cobalt mineralization without significant gold above 1 g/t are not reported here.

Suonna: Epigenetic magnetite biotite breccias, at Suonna previously drilled for Iron ore were assayed for gold. No significant gold was detected in the assaying. This is consistent with many other Iron Oxide Copper Gold districts where “barren” mineralization often accompanies paying zones. Two airborne EM anomalies remain to be evaluated in the area.

Drill results from continuing exploration in the Ostrobothnian area:

The central Antinoja claims were pitted on a rough 200×100 m grid to expose bedrock and gather the basal till sample. Several gold anomalies were detected in bedrock and basal till. Best results were 3.97 g/t Au in a bedrock sample and 3.94 g/t Au in a till concentrate sample. The anomalous samples are generally associated with the Northwest trending structure identified in the geophysics. Five shallow drill holes were aimed to intersect areas of interest identified in the bedrock sampling and to confirm past drilling results. Results were disappointing with low-grade gold mineralization associated with broad zones of copper mineralization. No significant gold assays were recorded with the best assay being 0.65m @ 1.25 g/t Au, 1.1% Cu in ANT002. Results are still being evaluated to determine whether the poor results are a function of drill direction, as NT001 could not duplicate gold intersections in the central area drilled by previous workers.

*All drilling and sampling is supervised by a qualified person under the terms of NI 43-101. Core is cut with a diamond saw and half core is sent to ALS Chemex laboratories in Sweden for processing with the remainder kept as a permanent record.

BELVEDERE RESOURCES LTD.

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

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