New Indicated Resource totalling 1.54 Mt averaging 0.71 % Nickel Calculated for Valkeisenranta, Finland

Posted on Wednesday February 28, 2007

Finn Nickel Ltd (Suomen Nikkeli Oy), a Finnish company in which Belvedere holds a 45% interest, (and has recently signed a Memorandum of Understanding to acquire the remaining 55%), has reported a new Indicated Mineral Resource estimate for its 100% owned Valkeisenranta nickel deposit in south east Finland.

Belvedere’s CEO David Pym comments “Management is pleased with Finn Nickel’s rapid advancement of the project to an NI 43-101 compliant resource, so soon after the completion of the last drill programme. Further drilling is planned in the spring to investigate the extents of the mineralisation.”

A copy of the Finn Nickel news release is provided below in its entirety. Finn Nickel is an unlisted Finnish company.
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New Indicated Resource totalling 1.54 Mt averaging 0.71 % Nickel Calculated for Valkeisenranta

Finn Nickel Ltd (Suomen Nikkeli Oy) is pleased to announce that a new NI 43-101 compliant mineral resource estimate has been prepared on it’s 100% owned Valkeisenranta Nickel deposit, eastern Finland. The new ore resource statement combines three ore types and contains a higher grade portion of 0.85 Mt averaging 0.95% Nickel.

Indicated Mineral Resource of Valkeisenranta

The classified ore bodies start at the +120m level and continue downwards to at least the +400m level, maintaining their stratigraphic position near the contact of the intrusion. Mineralisation remains open both upwards and downwards, and westwards along strike.

Several small sized mineralised bodies (six separate bodies in the near vicinity of the main ore bodies and consisting of above mentioned ore types) were also modelled. However, the drilling density is not yet sufficient to consider these bodies as inferred mineral resource and they are considered as exploration potential at this stage of the project.

The Valkeisenranta nickel deposit (previously known as the Rytky deposit) was discovered in 2000 by the Geological Survey of Finland. It is located 45 km south of the city of Kuopio, and only 900 m SE of the exhausted Kotalahti Nickel Mine.

The Leppävirta area is one of the richest nickel districts in Finland, with similarities to the Thompson Nickel Belt, Manitoba. Outokumpu Oy’s Kotalahti nickel Mine 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 43 km2, 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). Drilling with T56 bit provides 45 mm diameter core. 3D surveying 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.

Ore Resource Statement:
The ore resource for Valkeisenranta is effective from 27th February, 2007, and has been prepared by Markku Meriläinen of Outokumpu Technology Oyj, acting as an independent “Qualified Person”. The ore resource was calculated using block modelling, made up of 5m x 5m x 5m parent blocks, with sub-blocks of 1.25m x 1.25m x 2.5m constrained by lithology and a 0.3% Ni grade envelope. The grades inside the blocks were calculated using an elliptical inverse distance squared method, with a maximum range of 50 metres. An average specific gravity of 3.00 was assigned for all blocks.

For these calculations the drill holes are spaced closely enough and the geological framework is known with a reasonable level of confidence to allow the grade and geological continuity to be considered as confirmed (central parts of the bodies between drill holes) and the rest of the volumes as assumed. The following main criteria’s are considered in the resource classification:_

•Stratigraphic control of ore and rock type is well known
•Magmatic lamination – layering observed and measured from ore and rock types
•Geophysical bore hole surveys (Mise-a-la-masse and TEM) support the grade continuity between the mineralised intersections.
•All the holes are surveyed by using a Maxibor instrument

Helsinki 28th February 2007
More information: Vesa-Jussi Penttilä, CEO and Chairman of Finn Nickel Ltd.
Phone: +358-400-388080
Email: vesa-jussi.penttila@nikkeli.fi
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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 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: +44-7931-371869
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.