Belvedere Resources Ltd

Belvedere discovers new mineralised zone at the Hitura Nickel Mine

Vancouver, British Columbia, July 10th, 2008. Belvedere Resources Ltd. BEL:TSX-V (“Belvedere”) is pleased to announce further assay results from ongoing diamond drilling at the company’s 100% owned Hitura Nickel Mine, in Central Finland. The Hitura intrusive complex is 1.3 km long and consists of three tectonically separated intrusive bodies, Hitura North, Mid and South. All mining activities to date have been concentrated on the North Hitura intrusion. This phase of drilling has been focussed on the Mid Hitura intrusion as part of an extensive exploration program to develop new areas for mining in Mid and South Hitura.

Drilling Highlights – New Area (E Zone)
•R 196461.49m @ 0.59% Ni, 0.17% Cu
•R 196919.32m @ 0.69% Ni, 0.19% Cu

David Pym (CEO) comments “This new discovery in Mid Hitura underlines our belief in the development potential at Hitura. The new zone may indicate the continuity of mineralisation from North Hitura into Mid-Hitura of the very thick eastern ore zone which constitutes a large portion of the current reserve base of the mine. ”

Table 1: Assay results from exploration drilling at Mid Hitura

The drilling to date consists of fans drilled in profiles from an exploration drift on the 335m level. The drilling reported here (Table 1) is directed eastwards into Middle Hitura. The drilling has intersected two zones of mineralisation close to the western and eastern margins of the intrusion respectively. The western mineralised zone was previously known, but has now been better constrained. The eastern mineralised zone however, represents a new discovery and has so far been intersected in four profiles over a strike length of 100 metres at depths varying between 300 and 570 m below surface. Mineralisation remains open up to at least the 250 m level, downwards and along strike.
In addition, exploration drilling continues to be conducted on the depth extents of the North Hitura ore zones, and will be reported on in due course.

The drilling was undertaken by Nivalan Timanttikairaus Oy of Finland, providing 30 mm diameter core. A company geologist logs the core, and marks the sample intervals based on sulphide mineralisation and lithology. Sample lengths are typically between 0.20 metres and 6 metres in length. Core samples are split in half on site, with half being crushed in a cone crusher. A 500g sub sample is milled using a ring mill. 200mg of the milled sample is dissolved in HNO3 and assayed for Ni and Cu by AAS at the Hitura Mine Laboratory, as has been the practice for many years. Approximately 5% of samples are sent to Labtium Oy of Finland (Accredited Laboratory) for check assays, and are subject to the typical Labtium Oy QA/QC procedures. The remaining half core and crushed sample is retained on site for verification and reference purposes.

About Belvedere:
Belvedere Resources Ltd. is a publicly-listed resource company engaged in the business of nickel production and exploring, discovering and developing mineral wealth in Finland. Belvedere currently produces 2,400 tonnes annually of payable nickel metal in concentrate from its 100% owned Hitura Nickel Mine in Western Finland.

Forward Looking Statement:
Some of the statements contained herein may be forward-looking statement, which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralisation and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. It is important to note that the Company’s actual results could differ materially from those in such forward-looking statements.

This statement is prepared by Dr. Toby Strauss, who is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release.

BELVEDERE RESOURCES LTD.
David Pym, CEO
Suite #404, Vancouver World Trade Centre
999 Canada Place, Vancouver. BC.
V6C 3E2, Canada

For further information, please contact David Pym (CEO) or Toby Strauss (COO) at +1-604-844-2838 or visit www.belvedere-resources.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Belvedere Signs New Off-take Agreement

Vancouver, British Columbia, Belvedere Resources Ltd. BEL: TSX-V (“Belvedere” or the ‘Company’) is pleased to announce that it has signed a new off-take agreement for its nickel concentrate with Jinchuan Group in China. This will replace the Company’s existing off-take agreements which expire at the end of June 2008. Belvedere welcomes the opportunity to commence a partnership with Jinchuan Group which has shown considerable interest in Belvedere’s product and has followed the Company’s development since the initial move into production in June 2007.

Effective July 1, 2008 Belvedere’s nickel concentrate will be sold at prevailing LME rates resulting in a material increase in revenues, margins and cash flows. All of the Hitura mine’s production to date has been subject to a fixed price agreement paying considerably less than current LME pricing levels.

David Pym, CEO, commented;
“This agreement is extremely important for the Company as it signifies the end of the fixed price legacy off-take agreement acquired with the purchase of the Hitura Mine. Previously approximately 80% of nickel production was subject to a fixed price agreement paying considerably less than current LME pricing levels. The new agreement should contribute substantially to revenues allowing management to fast track their development projects in the Kotalahti area”

Forward Looking Statement:
Some of the statements contained herein may be forward-looking statement, which involve known and unknown risks and uncertainties. Without limitation, statements regarding future revenues, mining rates, drilling plans and exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. It is important to note that the Company’s actual results could differ materially from those in such forward-looking statements.

This statement is prepared by Dr. Toby Strauss, who is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release.

For further information, please contact David Pym (CEO) or Toby Strauss (COO) at +1-604-844-2838 or visit www.belvedere-resources.com

BELVEDERE RESOURCES LTD.
David Pym, CEO
Suite #404, Vancouver World Trade Centre
999 Canada Place, Vancouver. BC.
V6C 3E2, Canada

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Belvedere Reports 2007 Financial and Operating Results

For full version of this release please click here

Vancouver, British Columbia, Belvedere Resources Ltd. BEL:TSX-V (“Belvedere”) is pleased to announce that is has filed it’s audited consolidated financial statements and management discussion and analysis (MD&A) for the financial year ended December 31st, 2007 with the Canadian securities regulators. All results and filings are also available for review on SEDAR. All figures are reported in Euro’s.

Highlights
•Belvedere reports first revenues of €14.8 million from mining operations at the Hitura and Särkiniemi Nickel Mines in Finland started in June 2007
•Production for the first nine months of operations of 2,040 metric tons (mt) of nickel in concentrate, fully in line with managements target
•First operating profit recorded in Q4 2007 of €34,180
•Positive operating margins for first two quarters of operations

Revenues for 2007 totalled €14.8 million with operating costs totalling €15 million prior to depletion, depreciation, amortization and stock-based compensations resulted in an operating loss of € 0.2 million overall.

This loss was primarily due to heavy exploration and development investment in operations, in combination with Hitura production being sold under a legacy fixed price sales contract. This contract yielded an approximately 40% lower average nickel sale price compared to the Särkiniemi sales over the same period, lowering Hitura revenues for the period by approximately € 7 million. This sales contract will continue to negatively affect revenues for the first half of 2008 until it expires in June. Despite this handicap fourth quarter figures were in profit.

Net loss for the year ended December 31st, 2007 was €4.7 million or €0.07 per share, compared to a loss of €0.9 million or €0.03 per share reported for fiscal 2006.

Revenues for the quarter ended December 31, 2007 (Q4) of €7.7 million, (Q3 €6.8 million,) yielded a positive operating margin of € 0.58 million before depletion, depreciation and amortization and stock-based compensation. Overall the Company reported a small net profit of €34,000 or €0.01 per share, which compares with a loss of €3.6 million or €0.07 per share for the previous quarter and a loss of €0.6 million or €0.01 per share reported for the same period of fiscal 2006. Stock based compensation expenses caused the large increase in reported losses in the third quarter of fiscal 2007.

David Pym, CEO commented; “We are pleased to present our 2007 results generating maiden revenues from our two mines which commenced operation in June, fully in line with our original expectations. We remain strongly committed to growing our business further in 2008 when a new offtake agreement will come into effect, significantly increasing our revenues.”

Outlook for 2008:
•Belvedere is continuing to invest heavily in exploration and development to support rapid production growth. Investment is predominantly focussed on near mine resource development around the Hitura and Kotalahti Production Centres. Definition drilling will commence in the Pori area.
•Significant emphasis is being placed on developing our gold business, with a large programme of resource delineation drilling commencing in Q2, 2008.
•The fixed price agreement for the Hitura concentrate expires on June 30, 2008 and effective July 1, 2008, all of Belvedere’s base metal concentrate will be exposed to LME pricing.
•Subject to positive feasibility studies and permitting approvals, the second production centre in the Kotalahti district is scheduled to come on stream in 2009. The Luikonlahti mill will be commissioned with ore from the nearby Hautalampi deposit.
Further Details Presented Below:

Effective January 1, 2007, the Company changed its measurement and reporting currency from the Canadian dollar (“Cdn$”) to the Euro (“€”). For year ending December 31, 2006 and all prior reporting periods, the Company reported its financial statements in Canadian dollars so all comparative figures disclosed in these 2007 financial statements have been restated to the Euro.