Belvedere Resources Limited: Hitura Mine Operational Update

Belvedere Resources Limited: Hitura Mine Operational Update 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/28/13 -- Belvedere
Resources Limited (TSX VENTURE:BEL) ("The Company") announces further
cost cutting initiatives at the Hitura nickel mine as a response to
continued permitting delays to the open pit cutback, in a difficult
operational environment of low nickel prices, a stronger euro, and
lower grades and recoveries at the mine.  
Cost cutting initiatives include: (1) the suspension of the
underground development contractors. Development being carried out by
Belvedere employees remains unaffected; (2) underground exploration
drilling has been curtailed and (3) management has started
co-operation consultations with employee representatives. This will
allow the Company the flexibility to commence temporary lay-offs or
suspensions if conditions do not improve in the coming months. The
employee consultations will affect all employees at the mine. They
are not binding but are a necessary first step under Finnish law
before any suspensions or lay-offs can occur.   
David Pym CEO comments: "Permitting delays and resultant
uncertainties around the open pit, have severely affected operational
flexibility at the mine, and placed undue pressure on the underground
operations. The combination of low nickel prices, a stronger euro and
low grades in the current stopes makes for difficult operational
conditions. While the Company regrets initiating employee
consultations, management considers it prudent to keep all options
open, and to consider all cost saving initiatives at the mine to
preserve working capital. The Company wishes to stress that no
decision has yet been made on suspensions, lay-offs or changes to
nickel operations at the Hitura Mine. The Company remains focused on
delivering our first gold mine by the end of 2014, subject to
permitting and final feasibility studies. It is envisaged that the
Kopsa gold copper ore will be processed at the Hitura mill either
utilising the existing facilities or in a parallel circuit to the
nickel." 
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 of the Hitura
Mine and the future feasibility, permitting and development of the
Kopsa gold project, as well as the 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. 
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. 
Contacts:
Belvedere Resources Limited
David Pym
CEO 
Belvedere Resources Limited
Suite #404, Vancouver World Trade Centre, 999 Canada Place
Vancouver. BC. V6C 3E2, Canada
www.belvedere-resources.com 
Humbercrest Capital Inc.
Scott Findlay
+1 647 274 2536
 
 
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