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 1,800,000 units at a price of $0.55 per unit to clients of Middlemarch Partners Ltd, which is acting as
portfolio manager. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one share until Nov 24th, 2004 at a price of 80 cents per share.

The shares issued are subject to a four month hold period expiring March 24th, 2004.

The net proceeds of C$ 950,400 from the private placement will be applied to general working capital and to the following projects:

Antinoja Property:

Numerous gold copper bearing boulders have been reported historically within the claim area with 6 boulders grading between 25grams per tonne (g/t) gold (Au) (0.8 oz/t) and 176 g/t Au (5.7 oz/t). The source of the high-grade boulders has yet to be located. It should be noted, that the majority of known mineralized occurrences and mines in Finland have been located through boulder tracing. A 12.5 line kilometre ground magnetic and Induced Polarisation (IP) geophysical survey has been commissioned to locate new and extend known gold bearing structures within the Antinoja claim area.

Kopsankangas Property:

The recent successful drilling campaign demonstrated the potential for a large tonnage low-grade gold copper intrusive related deposit at Kopsa. Geological modelling and structural interpretation of the partially defined upper mineralized envelope continues to further define the controls to mineralization on the property. Once the modelling is completed more drilling is planned to develop the project further.

A 15 line kilometre ground magnetic and Induced Polarisation (IP) geophysical survey has been commissioned to extend existing geophysical surveys westwards over the “panhandle” area. The survey aims to detect any continuations of the known gold copper mineralization a further kilometre westwards into the “panhandle” area a 1000 m long x 100 m wide fault bounded elongate lobe of the Kopsa intrusion identified by Belvedere’s geologist as a likely host for further mineralization.

Kuusamo Property:

Compilation of past data on several gold, copper, cobalt occurrences within Belvedere’s recently expired reservation area continues. The most promising occurrences have been claimed or are under claim application at Ollinsuo (best intersection 14m 3.3 g/t Au), Kouvervaara (best intersection 12m 4.1 g/t Au), Säynäjävaara (best intersection 25m 4.5 g/t Au) and Iso-Rehvi (best intersection 7.7m 8.2 g/t Au). The mineralization is of the Iron Oxide Copper Gold type that varies from small to giant world class deposits, such as Oympic Dam in South Australia and Candelaria in Chile. Data compilation of the Kouvervaara deposit, evaluated historically as a cobalt resource, reveal the deposit has yet to be evaluated as a gold deposit. Sporadic reassaying for gold by the Geological Survey of Finland revealed its gold potential with 23 diamond drill intersections ranging from 2-12 m in thickness with highest gold assays of 2m 16.2 g/t Au and best intersection of 12m 4.1 g/t Au. (All information is from past reports and have not been independently verified by Belvedere).
Over 2/3rds of mineralised samples at Kouveraara have yet to be assayed for gold. Coarse rejects from sulphide bearing samples totalling 988 m of drill core have been despatched for gold fire assay. These assay results are due back in early December.

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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