Drilling intersects 13.65 metres averaging 1.11 % Nickel at Valkeinsenranta Finland

Belvedere Resources Ltd is pleased to announce that Finn Nickel Ltd. (Suomen Nikkeli Oy), a Finnish company in which Belvedere holds a 45% interest, has reported further drill results from at its 100% owned Valkeisenranta nickel copper deposit in south east Finland.

Belvedere’s CEO David Pym comments “The Phase 1 drill programme at Valkeisenranta is now completed and has been very successful in demonstrating the potential of the deposit. Nickel sulphide mineralisation has been intersected over a vertical extent of at least 280 metres and remains open at depth. The focus for 2007 will be to delineate a resource figure on the deposit and commence a scoping study.”

A copy of the Finn Nickel news release is provided below in its entirety. Finn Nickel is an unlisted Finnish company.

Drilling intersects 13.65 m @ 1.11 % Ni at Valkeisenranta, Leppävirta

Finn Nickel Ltd (Suomen Nikkeli Oy) is pleased to announce further drill results from the ongoing drill program at their 100% owned Valkeisenranta magmatic sulphide Ni-Cu deposit at Leppävirta, eastern Finland. Five deep drillholes targeting the depth extensions of the known deposit have now been completed, totalling 2,600.05 meters. All assays have now been returned.

The new results further support a significant nickel-copper discovery in Finland. Mineralisation outlined to date starts at a vertical depth of 120 meters and continues pipe-shaped downwards to at least 400m vertical depth. The mineralisation remains open along plunge to the north-east.

The following table shows the weighted ore intersects from this drill programme.

• NiSF% is a calculated figure based on the assumption that all of the Ni is in pentlandite and the sulphur content of the sulphide fraction is 37,5 %.

Drill hole R494 intersected 13.65 m 1.11 % Ni within the net-textured ore at a vertical depth of 330 – 342 m. This intersect is approximately 50 vertical metres deeper than the 49.65 m 1.36% Ni intersected in R492. The net-textured ore has now been intersected over a vertical extent in excess of 170 metres. Drill hole R495 intersected 25.80 m of the mineralised zone, however this zone is cut by 5.35 m of younger, barren pegmatite. The best part was 4.00 m @ 1.06 % Ni.

Geological modelling is still ongoing, but it appears from the initial modelling that R494 clipped the southern boundary of the higher-grade net-textured ore, and R495 intersected mainly disseminated ore in the footwall to the south of the net-textured ore.

Drillhole R493 deviated off course and missed the targeted downplunge extension of the net-textured ore. R493 did however intersect a short massive sulphide unit (1.25 m @ 1.94 % Ni) that will provide a good contact for downhole geophysical surveys that are currently being carried out. Drillholes R460B and R492 were reported on in an earlier press release.

Drilling at Valkeisenranta is not yet of a sufficient density to permit a mineral resource estimate. However, on completion of the ongoing drilling campaign, Finn Nickel Ltd shall prepare a new mineral resource estimate according to the JORC code and will complete a scoping study regarding the potential mining of the deposit.

The Valkeisenranta nickel deposit (previously known as the Rytky deposit) was discovered in 2000 by the GTK. It is located 45 km south of the city of Kuopio, and only 900 m SE of the exhausted Kotalahti Nickel Mine which produced 12.4 million tons of ore at 0.72 % Ni and 0.27 % Cu between 1959 and 1987. Finn Nickel Ltd have three other 100 % owned properties in the area, and have recently been awarded new claim reservations totalling 16km2, around the old Kotalahti mining area, Valkeisenranta area and Särkiniemi area.

The drilling and surveying of holes has been contracted to Suomen Malmi Oy (SMOY). Core diameter in holes R460B and 495 was 42 mm and in holes R492-494 is was 37 mm.3D survey has been carried out on all holes using a Reflex Maxibor instrument. The core logging, sample preparation and assaying have been contracted out to the Geological Survey of Finland (GTK). Core samples are sawn in half, prepped and assayed at the Geological Survey of Finland (GTK) Laboratory. The remaining half core is retained for verification and reference purposes. Half-core samples are crushed and split into sub-samples by riffle splitter. A sub-sample is then milled and assayed by utilizing an aqua regia digestion of a 15 g sub sample, followed by analysis by ICP-AES. The GTK laboratory has been accredited since 1994 according to the SFS-EN ISO/IEC 17025 standard to perform chemical analyses of geological samples. The quality system of the laboratory complies with the requirements of the Standards Council of Canada (CAN-P-1579) “Guidelines for Accreditation of Mineral Analysis Testing Laboratories”. The quality assurance-quality control (QAQC) program of the GTK inserts into every batch of 50 samples, two standards, one blank and three laboratory duplicates. Standards, blanks and duplicates make up approximately 12% of the samples assayed. The holes were drilled at dips of between 45° – 69°, and the mineralisation at Valkeisenranta is approximately vertical. Therefore, the true thicknesses of the intersects are believed to be between 36 – 71% of quoted intersects.

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 potential mineralisation and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements in this release include statements regarding the preparation of future mineral resource statements and scoping studies regarding the potential mining of the deposit and any inference of the exploration potential of the deposit and/or area in relation to the Thompson Nickel Belt or the Kotalahti Mine. 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, a Director of both Finn Nickel Ltd and Belvedere Resources Ltd., who is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this press release.

BELVEDERE RESOURCES LTD. David Pym, CEO
For further information, please contact:
David Pym: +358-9-25166334
Steve Cuthill:+1-604-408-0550
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.