Belvedere Closes Hitura Nickel Mine Acquisition



    Exchange: TSX V Symbol: BEL

    VANCOUVER, June 25 /CNW/ - Belvedere Resources Ltd. (the "Company") is
pleased to announce that it has now completed the acquisition of the Hitura
Nickel Mine from Outokumpu Mining Oy.
    Hitura is an operating mine and concentrate facility which currently
produces 2,200 tonnes per annum of nickel metal in concentrate. As of December
2006 Hitura had remaining reserves of 919,000 t @ 0.61% nickel, and remaining
resources (Measured + Indicated) of 1.7 Mt @ 0.71% nickel. The Hitura mine
business has been acquired from Outokumpu Mining Oy as a going concern with
all personnel and equipment including a 650,000 tonnes per annum capacity
mill. In exchange Outokumpu has received 7,482,843 Belvedere shares with half
warrants attached. Of those shares, 35% will have a 4 month hold with the
remainder subject to an eight month hold. Each whole warrant is exercisable at
$1.33. The warrants are non-transferable and valid for two years from the date
of issue. In addition Belvedere has issued 4,809,972 shares equivalent to the
cash on balance at time of signing ((euro)3.214 million). Those shares will be
subject to a four month hold and have no warrants attached.

    BELVEDERE RE

SOURCES LTD. David Pym, CEO The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. %SEDAR: 00005717E

For further information:

For further information: David Pym: +44-7931-371869; Toby Strauss:
+353-87-9870344; Steve Cuthill: (604) 513-0007

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BELVEDERE RESOURCES LTD.

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