News Release

• Belvedere seeks an AIM listing before the end of the year.

• New IOCG Targets reserved in Finnish Lapland

• Results of recent drilling at Kuusamo

• Results of validation drilling at Rantasalmi

AIM listing

Belvedere Resources Ltd has set in motion the listing of its Ordinary shares on the AIM
market. It is hoped that the process of listing the shares will be completed before the end of
the year.

New IOCG Targets reserved in Finnish Lapland

Belvedere as part of its ongoing expansion in Finland has extended its ground position in West Lapland and the Kuusamo District over areas of high potential for Iron Oxide Copper
Gold (IOCG) deposits. Both areas also have significant Uranium potential.

Belvedere has reserved a further 91 sq km in West Lapland over a series of high potential IOCG targets. This complements the large geophysical and geochemical targets previously reserved at Kolvakero and Jerisjärvi.

Detailed geophysical interpretations, geological mapping and analysis of historical drill core in the area, have revealed a regional-scale, structurally-controlled (IOCG) type alteration
system, consisting of magnetite-amphibole-diopside-carbonate “skarn” alteration, predominantly associated with breccias and massive and semi-massive pyrrhotite-chalcopyrite-pyrite mineralization. Uranium occurrences are also noted in the area with several known outcrops within thereservation areas.

In the Kuusamo district, seven new claims totalling 3.8 sq km and one reservation area of 9sq km were applied for over known occurrences of gold-cobalt-copper mineralization or high priority undrilled targets based on Belvedere’s initial reconnaissance of their recently expired reservation area at Haarakumpu.

Kuusamo Drilling Results

Belvedere recently completed a 9 hole programme aimed at verifying high-grade gold intercepts at Iso Rehvi within the low-grade cobalt-copper mineralization (6 holes totalling 481m) and at regional geophysical targets to the west of Belvedere’s Haarakumpu cobaltcopper deposit (3 holes totalling 151m).
The drilling at Iso Rehvi was aimed at verifying historical high-grade gold mineralization within a large low-grade cobalt-copper envelope and investigating obvious geophysical
analogues on the claim area. Four holes targeted geophysical anomalies with two not reaching target due to unexpected till depths in one hole and poor recovery in another. All but one of the three geophysical targets were tested with no significant mineralization intersected. Two holes (ISR003 and ISR005) were aimed to extend high-grade gold intervals up and down plunge respectively of known mineralization. In both cases, gold-rich zones were intersected as part of a wider envelope of copper-cobalt mineralization. Though contiguous with previous intersections the gold grades are not of the same tenor as the
historical results from the central portion of the deposit. A coarse gold effect is presently being investigated.

At the Haarakumpu West and North target areas, airborne and ground geophysical anomalies to the west of the Haarakumpu cobalt-copper deposit were investigated. One shallow drill hole was drilled into each anomaly. All drillholes intercepted haematitic breccia zones at the contact between granite and metasediments. The rocks were extraordinarily clay altered and/or weathered to the end of the hole. No significant intersections were obtained
and the magnetic anomalies remain unexplained.

Rantasalmi Drilling Results

• Validation drilling on the Osikonmäki and Pirilä gold deposits is completed with gold mineralization being intersected at depths and widths consistent with the initial geological model and the historical data.
• Modelling incorporating the new drilling at Osikonmäki East has identified three plunging lodes within the main shear allowing better definition of grade and tonnage for the upcoming scoping study.
• This structural model can now be applied to the remaining 2.5km strike of the Osikonmäki shear to define further lodes such as the partially defined Osikonmäki West (90kt @ 4.86 g/t Au)