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Belvedere Commences Follow-Up Drilling on Their Antikanperä


Belvedere Commences Follow-Up Drilling on Their Antikanperä Gold Discovery in Finland

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/09/13 -- Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") is pleased to announce that it has commenced a 2,000 metre diamond drill program on their 10 km(2) Antikanpera gold property to begin follow up on the Pontio gold discovery.

The Pontio prospect is a blind discovery made in 2012. It sub-crops under shallow peat cover and shows significant size potential, with a true thickness estimated to be approximately 60 metres. Five drillholes have so far defined mineralisation over a strike length of 250 metres. The deepest intersection to date is 50 metres vertically below surface. Mineralisation is associated with chalcopyrite and hosted by a steep east dipping dioritic dyke/sill in gneissic metasediments. Outcrop is minimal but grab and channel sampling of available outcrops has outlined a broad mineralised zone over a strike length of more than two kilometres. The outcrop samples indicate the existence of a number of parallel mineralised intrusions, some of which will be investigated in the current drill campaign. Results from the five Pontio drillholes announced on September 19th 2012 are re-presented below.

David Pym CEO states "The Pontio gold discovery is the most promising target intersected to date on the M2 geophysical trend on the Antikanpera gold property. Outcrop sampling and drilling have begun to outline what appears to be a significant new mineralised system only 35 km to the north of our Hitura nickel mine and mill facilities".


 
                                                                        Gram
HOLE_ID         From(m)     To(m) Interval(m)     Au g/t    Cu ppm    Metres
----------------------------------------------------------------------------
BELANP011         24.99     45.84       20.85       1.13       499      23.6
----------------------------------------------------------------------------
BELANP012          8.95     81.05        72.1       0.88       621      63.1
----------------------------------------------------------------------------
Including         59.24     78.02       18.78       1.34       583      25.1
----------------------------------------------------------------------------
BELANP013         19.14     81.18       62.04       1.08       614      67.1
----------------------------------------------------------------------------
Including         53.22     68.04       14.82       2.29      1220      33.9
----------------------------------------------------------------------------
BELANP014          25.3      32.2         6.9       1.01       704       7.0
----------------------------------------------------------------------------
BELANP014         38.26     43.15        4.89       0.95       280       4.6
----------------------------------------------------------------------------
BELANP014         54.12     78.18       24.06       1.44       498      34.6
----------------------------------------------------------------------------
BELANP015           5.5     12.61        7.11       0.63       367       4.5
----------------------------------------------------------------------------
BELANP015         18.87     21.84        2.97       1.85      1043       5.5
----------------------------------------------------------------------------
BELANP015         27.01      50.7       23.69       1.44       668      34.0
----------------------------------------------------------------------------
Including         27.01     36.07        9.06       2.32       729        21
----------------------------------------------------------------------------
BELANP015         73.29     77.14        3.85       0.83       482       3.2
----------------------------------------------------------------------------

Table 1: Intersections using a 0.5 g/t Au cut-off. No top cut is applied. Maximum grade is 15.35 g/t Au over 0.35 m, one of four individual samples over 5 g/t Au. Intersections are estimated to be 70-90% of true width.


 
Hole_ID                  x         y         z   azimuth       dip    length
----------------------------------------------------------------------------
BELANP011          2548106   7121756    85.055     269.1        45     85.85
----------------------------------------------------------------------------
BELANP012          2548141   7121755    85.468       271        45    119.45
----------------------------------------------------------------------------
BELANP013          2548143   7121807    86.859       271        45     90.65
----------------------------------------------------------------------------
BELANP014          2548140   7121709    85.658       271        45     83.25
----------------------------------------------------------------------------
BELANP015          2548131   7121853    85.275       269        45     89.15
----------------------------------------------------------------------------

Table 2: Details of drillhole locations

The drilling was undertaken by Drillcon SMOY of Finland, providing 42 mm diameter core. Samples are comprised of half diamond core. Intersections are estimated to be 70-90% of true width. No top cut is applied. Maximum grade is 15.35 g/t Au over 0.35 m, one of four individual samples over 5 g/t Au. Core samples are sawn in half on site, prepped and assayed by 30g fire assay with an AAS finish at the internationally accredited laboratories of ALS Chemex in Finland. The quality assurance-quality control (QAQC) program of Belvedere consists of the insertion of certified standards of known gold content every 20 samples, with blanks at the beginning of each batch. In addition, ALS Chemex inserts a number of blanks and standards into the analytical process. Standards, blanks and duplicates make up approximately 15% of the samples assayed. The remaining half core is retained on site for verification and reference purposes.

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 statements, which involve known and unknown risks and uncertainties. Without limitation, statements regarding future plans and objectives of the Company (including statements relating to future drilling and interpreted continuity of the new mineralised zones) 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.

Qualified Person

The technical aspects of this statement have been prepared by Dr Toby Strauss (CGeol), Chief Operating Officer of Belvedere Resources Ltd, who is acting as a Qualified Person in compliance with National Instrument 43-101 with respect to this release. Dr Strauss has verified the data supporting this press release. Verification included checking the data to the original Laboratory certificates, examining photographs of the core, reviewing sampling procedures and reviewing the geological interpretation.

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 release.

Contacts: Belvedere Resources Ltd. David Pym CEO +1-604-844-2838

Belvedere Resources Ltd. Toby Strauss COO +1-604-844-2838

Belvedere Resources Ltd. Suite #404, Vancouver World Trade Centre, 999 Canada Place Vancouver. BC. V6C 3E2, Canada www.belvedere-resources.com

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