Belvedere intersects 2.25 % Nickel over 20.93 metres at North Hitura



    Exchange: TSX V Symbol: BEL

    VANCOUVER, Jan. 17 /CNW/ - Belvedere Resources Ltd. BEL:TSX-V
("Belvedere") is pleased to announce assay results from recent and ongoing
diamond drilling at the Company's 100% owned Hitura Nickel Mine, in Central
Finland. Drilling has been focused on two areas: in North Hitura, where all
mining is currently taking place, and in Mid and South Hitura as part of an
extensive exploration program to develop new areas for mining.
    David Pym (CEO) comments "The excellent intersects in the NE-arch area of
the North Hitura mine are well above the mine average of 0.6 % Ni and
demonstrate there is high grade potential to the North Hitura ore-bodies. The
new results will be incorporated into an updated Resource/Reserve estimate
which is expected soon. Access to this area is planned from the VT3 ramp,
which is already under development and the Company expects mining of the
high-grade area in the second half of 2008.
    In addition, there have been several significant intersections of Nickel
mineralisation outside of the known resource areas from the first phase of the
exploration programme on the Middle and South Hitura intrusions, which
demonstrate the potential of these areas to host further resources"
    North Hitura: The exploration drilling at North Hitura has been focusing
on the NE-arch area, drilling downwards from the 500m level. The high-grade
zone has been intersected by several drillholes, suggesting a minimum strike
length for the zone of approximately 40 metres and extending downdip for at
least 50 metres. The zone remains open at depth.

    
    -------------------------------------------------------------------------
                                                                   Est. True
    Hole      From (m)    To (m)   Interval (m)   Ni %       Cu %  Thickness

    R-1850      26.90      49.22      22.32       1.45       0.36      17.10
    R-1871      64.40      84.88      20.48       1.10       0.36      10.24

    R-1920      68.05      77.69       9.64       1.14       0.38       8.35
    R-1931      95.09     116.02      20.93       2.25       0.36      12.00

    R-1915      51.52      59.80       8.28       0.82       0.26       8.15
    R-1915      80.90      93.96      13.06       0.90       0.31      12.86
    R-1916      55.60      65.24       9.64       0.83       0.24       8.74
    R-1916      97.87     107.36       9.49       0.75       0.23       8.60
    -------------------------------------------------------------------------

     Table 1: Assay results from exploration drilling in the NE-arch area
                               of North Hitura
    

    Mid & South Hitura: The drilling at Mid and South Hitura has to date been
focused on drilling fans in 50 metre spaced profiles from an exploration drift
on the 225m level. Drilling is directed eastwards into Middle Hitura and
westwards into South Hitura. The true thicknesses of these intersections are
unknown at present, although are likely to be in the range of 70 - 100 % of
the intersection.

    
    -------------------------------------------------------------------------
    Hole      From    To   Interval  Ni    Cu     Profile          Target
               (m)    (m)     (m)     %     %

    R-1854   297.88  308.18  10.30  0.52  0.12  x equals 3175  Middle Hitura
    R-1855   224.87  225.24   0.37  2.12  0.05  x equals 3175  Middle Hitura
    R-1855   234.97  235.20   0.23  0.84  1.34  x equals 3175  Middle Hitura
    R-1859   220.49  222.03   1.54  2.42  0.59  x equals 3175   South Hitura
    R-1865   127.10  128.57   1.47  0.65  0.09  x equals 3175   South Hitura
    R-1870     7.47   12.12   4.65  0.90  0.27  x equals 3175   South Hitura
    R-1870   149.24  151.45   2.21  0.58  0.29  x equals 3175   South Hitura
    R-1870   160.31  161.00   0.69  1.10  0.07  x equals 3175   South Hitura
    R-1870   162.34  163.96   1.62  0.74  0.24  x equals 3175   South Hitura

    R-1852   301.81  303.66   1.85  0.61  0.13  x equals 3225  Middle Hitura
    R-1857     2.14   10.37   8.23  0.76  0.14  x equals 3225   South Hitura
    R-1858   311.84  312.21   0.37  1.00  0.11  x equals 3225   South Hitura
    R-1861     8.77   11.00   2.23  1.06  0.26  x equals 3225   South Hitura
    R-1861    47.58   47.77   0.19  0.82  0.31  x equals 3225   South Hitura
    R-1869     3.05    4.60   1.55  0.51  0.10  x equals 3225   South Hitura
    R-1869    23.10   23.30   0.20  2.82  1.24  x equals 3225   South Hitura
    R-1869    23.30   25.20   1.90  0.56  0.20  x equals 3225   South Hitura

    R-1866    42.71   53.76  11.05  0.68  0.24  x equals 3275  Middle Hitura
    R-1866   290.55  290.85   0.30  2.37  0.10  x equals 3275  Middle Hitura
    -------------------------------------------------------------------------
      Table 2: Assay results from exploration drilling on Mid and South
                                   Hitura
    

    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 HNO(3) 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. The drillhole plans and sections will be available on
the Company's website http://www.belvedere-resources.com/

    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, which
involve known and unknown risks and uncertainties. Without limitation,
statements regarding potential mineralization 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 RE

SOURCES LTD. David Pym, CEO Suite No.404, Vancouver World Trade Centre 999 Canada Place, Vancouver. BC. V6C 3E2, Canada The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the contents of this news release.

For further information:

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

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BELVEDERE RESOURCES LTD.

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