Update on Gold Exploration in Finland

Belvedere has received the assay results from its Kouvervaara Iron Oxide Copper Gold (IOCG) deposit at Kuusamo in Finnish Lapland. The deposit had been previously appraised as a cobalt deposit with an historical resource of 1.58 Mt @ 0.1% Co and 0.4ppm Au. Due to the negative correlation of cobalt and gold, the discovery of a gold rich zone between the upper and lower cobalt zones was found late in the history of the exploration of the deposit and had not been systematically evaluated. Belvedere assayed 340 samples totalling 670m of old core, which had been previously assayed for base metals but not for gold. These assays give a completer picture of the deposit as only the garnet bearing gold “host” rock had been assayed for gold. A further 147 samples were re-assayed for gold to crosscheck the low gold values at a more accurate detection limit.

The samples over 1 g/t Au are presented below (by 50 g fire Assay)

The results of these assays confirm that the gold is mainly concentrated in the garnet bearing “host” unit, which lies between an upper and lower sulphide-rich cobalt copper horizon. All of the historical data for Kouvervaara (best intersection 12m 4.1 g/t Au) has been digitised. With this gold assaying completed, it will now possible to complete the evaluation of the gold cobalt copper mineralisation. This mineralisation has already been defined on 25m sections down to 50m vertical in the main zone along a 350m strike and remains open at depth and along strike. Drill targets have been identified to test the depth and strike extents of the known mineralization and to confirm some of the historical intersections. The plan is to drill these targets in the spring. The historical data for Belvedere's other Kuusamo properties at Saynajavaara (best intersection 25m 4.5 g/t Au) Ollinsuo (best intersection 14m 3.3 g/t Au), Honkilehto and Iso-Rehvi, (best intersection 7.7m 8.2 g/t Au) are expected to have been digitised by the end of January. After this digitised information has been evaluated, a work program on these properties including pitting and drilling will be instigated in the Spring. (All historical information is based on technical reports from the Geological Survey of Finland who discovered and developed the deposits to their present level)

Antinoja Au, Cu Property

As notified in the Nov 24th news release, a 12.5 kilometre ground and magnetic and Induced Polarisation (IP) geophysical survey has been completed this week by JVX Ltd of Ontario, Canada on the quartz vein hosted Orogenic gold prospect at Antinoja. The
results are being currently assessed. Once this assesment has been completed, a further program of exploration will be undertaken in the spring to include pitting, bedrock sampling and drilling to follow up known geochemical anomalies and any resultant geophysical anomalies.

Kopsangangas Au, Cu Property

A 15 kilometre ground magnetic and IP geophysical survey will be completed this week, on the western portion of the Kopsa Intrusive Related Au, Cu deposit. This extends the existing surveys a further 1 km to the west into the Panhandle area of the intrusion identified as a structurally high priority target area. The original survey proved successful in outlining the known mineralization at Kopsa, drilled by Belvedere in 2003. Again these results are currently being assessed. An exploration program of pitting, bedrock sampling and drilling will be undertaken over previously identified structural, geophysical and geochemical targets and any resultant anomalies from the new geophysical surveys.

Working Capital

Following the private placement at the end of last year that raised a net C$ 950,400, Belvedere has sufficient funds to carry out its gold exploration programs in 2004.

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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