Update on Arkala, Kaskela, Kopsankangas and new gold reservations in Finland.

Following the completion of a private placement last September that raised over C$900,000, Belvedere Resources has acquired a number of gold properties in Finland. Apart from the Kopsankangas and Antinoja claims, it has added gold reservations at Vehka, Kuusamo and Antinoja.

Finnish Mining Claims and Reservations:

A claim or exploration license under Finnish Mining Law is valid for five years. It entitles the claimant to carry out exclusive exploration activities, up to and including test mining for metallurgical purposes, with or without the landholders’ permission. There are no expenditure commitments. They can be renewed for a further three years provided that the claimant can demonstrate the economic potential of the claim area. The
cost of a claim is approximately C$ 28 per hectare per annum. Appropriate compensation must be paid to the landholder for any damage incurred during exploration activities. A reservation, under Finnish Mining Law, is valid for one year. It enables the prospective claim holder to investigate larger areas of land and entitles the applicant to first priority in claiming an exploration licence within the reservation area. Geophysical and geological measurements can be taken. Drilling can be undertaken with the landholders’ permission. There are no expenditure commitments. A reservation costs one tenth that of a claim.

Gold claims:

Kopsankangas claim: In September 2002, a bedrock percussion drilling programme was completed on the Kopsankangas claim to define better the potential gold mineralization within the poorly explored southern margin of the Kopsa intrusion. A secondary goal was to check previous bedrock sampling by Baltic Minerals,
a subsidiary of Glenmore Highlands and to define the relationship of the geophysical IP anomalies to the mineralization. As the claim area is covered in 3 to14 metres of glacial till, either drilling or pitting was necessary to enable the bedrock to be sampled. To this end, 48 vertical drill holes, spaced 10-20 metres apart in three north trending lines were completed to sample the first five metres of bedrock. A composite sample for each hole was assayed for gold and other elements. The holes were aimed at IP geophysical and glacial till anomalies, not covered by previous exploration. Some holes overlapped existing bedrock percussion
sampling for the purposes of verifying past results by previous workers.

The results of the Company’s drilling program have been reviewed, verified (including sampling, analytical and test data) and compiled by the Company’s geological staff (which includes a “qualified” person for the purpose of NI 43-101, Standards of Disclosure for Mineral Projects). The survey confirmed the prospectivity of the southern margin of the intrusion, with large low-grade gold envelopes being identified. Best results are along a north trending traverse aimed to investigate a large east
trending IP anomaly some 600 metres long which extends eastwards from the central portion of the Kopsa intrusion and has only been sporadically investigated by past work. The traverse consisted of 13 holes at 10m spacing. The five northernmost holes averaged 0.3 g/t gold, 0.1% copper over the strongest part of the IP anomaly. In all cases, gold mineralization was closely associated with IP geophysical anomalies. With large
areas of IP anomalies yet to be explored, this further expands the area of potential mineralization.
Values compare well with previous bedrock sampling completed by Baltic Minerals and give confidence in the results of their much larger sampling programme, which already defines large gold anomalous zones in the northern margin of the intrusion.
Assays are awaited from two diamond drill holes, which were completed at the end of January 2003. The purpose of these two 100 metre holes is to ascertain the principle directions of the gold vein systems in the central portion of the intrusion and to verify the continuity of mineralization partially defined by Baltic
minerals and Outokumpu in previous drilling. These assay results are expected mid March.

Antinoja claims: The 1 square kilometre Antinoja claim covers an occurrence 53 kilometres west of Kopsa which is one of several gold copper deposits, hosted in early Proterozoic metavolcanics associated with the margins of the Rautio batholith. Previous companies have completed exploration with the following results.
Twenty-nine shallow diamond drill holes totalling 2,051 metres have been drilled. The best intersection was 8.2 metres at 3g/t gold. There are at least thirty 1 to 8 m intersections grading in excess of 1 g/t gold.
Boulders in the area assay up to 129 g/t gold. (These results are from historical reports and have not been independently verified.) A reservation area totalling 38.5 square kilometres has also been granted. This includes a large area of gold and pathfinder element till anomalies unrelated to the main Antinoja mineralization.

Gold Reservations areas:

Vehka reservation A 32 square kilometre reservation area surrounding the Kopsa claim has been staked, which covers the Vehka gold, copper occurrence and large areas of anomalous gold, copper till and boulder geochemistry associated with the Kopsa structural trend.
Kuusamo reservation: A reservation totalling 65 square kilometres has been staked in the Kuusamo schist belt in Finnish Lapland. The reservation covers eight structurally controlled gold, copper, cobalt and uranium deposits. These are recognised as iron oxide copper gold type, a recently recognised style of deposit with variable size and characteristics from small to giant world class deposits such as Olympic dam in South Australia and Candelaria in Chile. The best known occurrence in this belt is owned by Outokumpu at Juomasuo. It has a published resource of 1 million tons at 7 g/t gold. This may not comply with NI 43-101
standards Two of the occurrences on Belvedere’s claim areas are at Ollinsuo and Kouvervaara. They have been diamond drilled to a shallow level by the Geological Survey of Finland. Best sections in each deposit are 14 metres at 3.3 g/t gold and 25 metres at 4.5 g/t gold respectively. Both deposits are open at depth.
(These results are from historical reports and have not been independently verified.)

Update on base metal exploration at Arkala and Kaskela;

Arkala claims: An independent report collating all the known lithological, geochemical and geophysical information for the Arkala VMS property has been completed by Dr. Jim Franklin, who is a “qualified” person for the purposes of NI 43-101. The report focuses on base metal distribution, footwall and hanging wall litho-geochemical indicators and highlights nine high priority drill target areas over a five kilometre strike length of the Mullikkorame formation, consisting of geochemical indicators combined with un-drilled EM conductors. Future exploration will be focused on these areas.
Down hole geophysics was completed in June 2002 on holes drilled in the 2000 exploration programme over the “Bite” zone in the central portion of the Arkala property. The surveys were completed and interpreted by independent Finnish geophysicists. Strong conductors are only intersected in the ADD 31 hole in the south bite zone. The upper conductor is modelled to lie mostly above the drill hole and corresponds to the previously unknown logged massive pyrite, pyrrhotite mineralisation encountered in the drill hole. A second conductor is measured at 300 m down hole. The downhole survey suggests the drill hole only clipped the
northern end of this conductor near the top and that it extends further to the south. No corresponding massive sulphide mineralization is encountered in the drill hole. This anomaly remains unexplained and remains a high priority target, particularly in light of the highly altered footwall type felsic metavolcanics encountered from 345 metres to the end of the hole at 375 metres.
Kaskela claims: Down hole geophysics was completed in June 2002 on selected drill holes drilled in the 2000/2001 diamond drilling campaign on the Kaskela massive sulphide horizon. The surveys were completed and interpreted by independent Finnish geophysicists. The surveys, in general, closely support the
geological interpretation, but are complicated by the “barren” pyrrhotite conductors to the south of the Kaskela horizon and non-homogeneity of the main conductor due to variations in sphalerite, pyrite, pyrrhotite contents. The data suggests that the Kaskela west lens plunges to the southwest and may be discontinuous, confirming the lack of massive sulphide encountered in KSKBEL 55. The survey also suggests the lack of
massive sulphides intersected at depth in KSKBEL 56 due to faulting, is a local phenomenon as the conductor is strong in that area. This means the depth extents of the Kaskela west lens remain essentially untested. In the Kaskela east lens the downhole survey suggests the conductor improves with depth, with the best conductive portions lying beneath the shallow drill holes completed in the first round of drilling. This confirms the results of the drilling and highlights the prospectivity of the depth extensions to the Kaskela East lens.

Belvedere Resources does not intend to commit any substantial exploration funds on the Arkala and Kaskela properties at this time while the zinc price remains depressed. It is, however, actively looking in Finland to increase its gold holdings. For further information on the company visit the website on www.belvedere-
resources.com

BELVEDERE RESOURCES LTD.
Andrew Aylwin, President
For further information, please contact:
Andrew Aylwin: 011-44-7779-128125
Griffin Philip: 604-408-0550

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