Belvedere Announces Mineral Resource Estimate for Kopsa

Belvedere Announces Mineral Resource Estimate for Kopsa Gold-Copper
Project, Finland 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/29/12 -- Belvedere
Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") is pleased to announce
a maiden Indicated Resource of 223,000 oz's of gold for their Kopsa
gold property. The Kopsa project is the first of a number of
satellite gold projects that Belvedere is developing with the
intention of processing through their 100% owned nearby Hitura mill.
Permitting and bulk metallurgical testing is well advanced and the
feasibility study is intended to be completed in the first half of
David Pym CEO comments "Belvedere is in the fortunate position of
having a number of outcropping gold projects within trucking distance
of their existing 750,000 tpa mill facilities at the Hitura nickel
mine. This gives the company the potential ability to commence gold
production onsite at Hitura for very modest capital requirements.
Kopsa lies only 13 km from the mill and though it is of modest grade
and size, with 70% of the Indicated Resource within 50m of surface,
is well suited for the commencement of gold production for the
The Qualified Person responsible for the Independent Technical Report
has determined that the existing data can support the following
Mineral Resource Estimate (according to the JORC code) based on a
cut-off grade of 0.4 g/t Au.  

29th  October 2012 Mineral Resource Estimate (0.4 g/t Au cutoff)            
Resource Category         Tonnes     Au g/t       Cu %  Au Ounces     g/t(i)
Indicated Resource     6,680,000       1.04       0.15    223,000       1.28
Inferred Resource      1,800,000       0.76       0.18     43,000       1.03
(i) The gold equivalence is based on a $1,200 /oz Au price and a $6,000     
 /tonne Cu price                                                            

The mineralisation remains open along strike and to depth but this
resource estimate is based solely on the Main Zone area and has so
far been defined over an area of approximately 700 m by 200 m with a
maximum thickness of about 50 metres. The Main Zone mineralisation
strikes towards 105 degrees, and dips roughly 20 degrees to the SSW.
In the north, the mineralisation comes to bedrock surface, part of
which outcrops at the "Kopsa Outcrop". The maximum depth for the
model is about 125 metres vertical from surface.  
Mineralisation has been intersected in other areas including the
North and South zones which indicate significant potential for more
mineralisation outside of the Main Zone and are not included in the
current resource estimate.  
Economic studies will be based on the current Indicated Resource and
the company is targeting 30-50,000 oz's per annum production over a
mine life of 5-7 years, during which time the company will continue
to advance other projects in the area, with the objective of
expanding and extending gold production at the Hitura mill. The
Company cautions that until a positive feasibility study has been
completed there is no certainty the proposed operation will be
economically viable.  
Full details are provided in the NI 43-101 Technical Report
supporting this press release which has been filed and available on 
Mineral Resource Statement: 
The mineral resource estimate for Kopsa is effective from 29th
October, 2012, and has been prepared by Pekka Loven and Markku
Merilainen of Outotec (Finland) Oy. The Technical Report supporting
the mineral resource estimate has been prepared under the supervision
of Pekka Loven (MSc), MAusIMM(CP) #301822, who is acting as an
Independent Qualified Person in compliance with National Instrument
43-101 with respect to the Technical Report and this release.  
The mineralisation was modelled as 10 separate high grade domains and
one low grade domain. The mineral resource was calculated using block
modelling to a maximum vertical depth of approximately 125 metres
(Z=-15), made up of 10m x 10m x 5m parent blocks (with sub-blocks of
10m x 5m x 5m) constrained by the modelled wireframes. The block
model was rotated to an azimuth of 105 degrees to better fit the
geometry of the body.  
Block grades were estimated using a cigar shaped search ellipse and
the inverse distance squared method. The major axis of the ellipse
was horizontal towards 105 degrees with a maximum range of 100m, and
25 m across strike. Estimates were based on 1m best-fit composites,
which have been top-cut to 20g/t in the high grade domains and 7 g/t
in the low grade domain. Blocks were estimated with a minimum of 5
and a maximum of 30 samples.  
Bulk density of the mineralisation was based on actual specific
gravity data collected during exploration. A total of 1674
measurements were taken from within the modelled mineralised zone,
giving an average bulk density of 2.73 tonnes/m3.  
A statement of "Consent of Qualified Person" relating to this press
release has been filed on Sedar. 
About Belvedere:  
Belvedere Resources Limited is a mining company incorporated in
British Columbia with a primary focus on nickel, gold, cobalt and
copper in Finland. The Company currently produces 2200t of nickel in
concentrate/year from the Hitura nickel mine in Central Finland. The
Company has a number of advanced gold projects in close proximity to
the Hitura mine. 
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 the future economics or
development of the Kopsa project, 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
David Pym, CEO; Suite #404, Vancouver World Trade Centre, 999 Canada
Place, Vancouver. BC. V6C 3E2, Canada 
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of the contents of this
Humbercrest Capital Inc.
Scott Findlay
+1 647 274 2536
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