Belvedere announces first results from its cluster of Iron Oxide Copper Gold properties at Kuusamo in northern Finland.

• Significant Gold Cobalt Copper mineralization intersected on its wholly owned Kouvervaara and Säynäjävaara properties.*

• Discovery of a large zone of mineralization down plunge at Kouvervaara, indicating good size potential and continuity for the deposit.

• Discovery of a new high grade gold mineralisation of 6.52m @ 9.51 g/t Au to the east of the main Säynäjävaara body in a high magnetite zone.

• A re-interpretation of the main Säynäjävaara body from detailed ground geophysics doubles the size of the previously defined mineralization.

Following Belvedere’s April 20th news release, Belvedere is pleased to give an update on its drilling from its Kouvervaara and Säynäjävaara gold properties in the Kuusamo district of Northern Finland. Assay results are still awaited from the adjacent property at Ollinsuo, some three kilometers from Kouvervaara and from its Antinoja property in Central Finland. These assay results are expected to be received before the end of July. High grade gold mineralization has been intersected on both properties as part of larger polymetallic intervals These include 5.78m 7.19 g/t Au and 8.88m 4.9 g/t Au (incl. 3.02m 11.18 g/t Au) at Kouvervaara and 6.52m 9.51 g/t Au at Säynäjävaara. The Kuusamo properties are poly-metallic. The cobalt contributes a substantial amount to the resource base. At current market rates,
approximately 250 ppm of cobalt is equal to 1 gram of gold. Demand is forecast to remain strong for cobalt. The historical resource figure at Kouvervaara of 1.58 Mt @ 0.1 % cobalt has a market value of approximately US$50 per tonne without taking
into account gold and copper credits. To evaluate the worth of the cobalt and copper deposits, a gold equivalent figure has been
calculated. The drilling consisted of six diamond drill holes at each property and was aimed at understanding the structural controls of the existing mineralization, verifying the continuity and grade of known mineralization and testing several Time Domain Electromagnetic (“TEM”) and magnetic geophysical anomalies identified in recent surveys.

Kouvervaara Property

Six holes totalling 636 metres were drilled. The first five holes
were targeted at gaps in the mineralization and to verify the continuity of the known gold cobalt copper zones. Existing mineralization was verified demonstrating confidence in the previous data, however the absolute cobalt, copper grades are locally variable suggesting a structural and/or lithological complexity to the upper zones of the deposit. The controls on gold mineralization, which is crudely associated with the base metal mineralization are stillbeing evaluated.

Säynäjävaara Property

Six diamond drill holes totaling 522 metres were drilled on the Säynäjävaara property. These holes were designed to verify existing mineralization (Say001), to test the new geological model (Say005 and Say006) and to investigate the eastern magnetic anomaly (Say002 and Say 003). Say004 was drilled to check the position of the interpreted controlling structure, which separates the eastern and western mineralization. TEM geophysics indicated two conductive zones dipping towards each other in a “synformal” shape. Previous drilling had only tested the northern conductive zone and drilled parallel to the southern zone with the possible exception of one hole which drilled down dip of the southern conductor (25m @ 4.5 g/t Au).

The results to date have validated Belvedere’s exploration model of re-examining suitable advanced exploration plays, at minimal cost, with the objective of increasing known resources through applying advanced geological and geophysical modelling.

BELVEDERE RESOURCES LTD
Andrew Aylwin, President
For further information, please contact:
Andrew Aylwin: 011-44-7779-128125
or 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.

Note: All aspects of the exploration programme are supervised by a qualified person in keeping with TSX guidelines. Drill core is logged and cut with a diamond saw. Half core is sent to ALS chemex in Sweden for processing. The rest of the core is stored as a permanent record. Due to a recognised coarse gold problem, the whole sample is crushed at the laboratory, a 50 g Au fire assay is taken. For all gold anomalous samples, a 500g rapid cyanide leach is applied and is used as the final gold value. This process has removed a wide margin of error evident in the fire assay repeats.

*All intersections are believed to represent 100-120% of the true width, except for the two marked
intersections in SAY005 which are believed to be drilled oblique to the northern conductor and are
interpreted to be up to 150% of true width.