Belvedere produces 969 tonnes of nickel in concentrate in the first 4 months of operations



    Exchange: TSX V Symbol: BEL

    VANCOUVER, Nov. 13 /CNW/ - Belvedere Resources Ltd. BEL:TSX-V
("Belvedere") is pleased to announce that during the last four months it
produced 969 tonnes of nickel in concentrate.
    Belvedere is also pleased to provide an update on its activities since
entering nickel production in June 2007.

    
    Significant milestones since June 2007:

    -   Commissioning of the Sdrkiniemi West Open Pit
    -   Smooth transition of the Hitura Mine operations to Belvedere
    -   Hitura North mine deeps programme initiated with 1.5 M euro
        ($2.2 M CAN) decline extension
    -   A 3.5 M euro ($5.0 M CAN) exploration project initiated on the Hitura
        Mid and South Intrusions
    -   Successful blending of Sarkiniemi and Hitura ores to make a combined
        concentrate
    -   Securing a separate offtake agreement for Sarkiniemi West - exposing
        those ores to LME pricing
    -   Additional mill and concentrate facilities acquired, to form the
        nucleus of the Kotalahti production centre
    -   Definition drilling commenced on Sarkiniemi East and Hautalampi
        projects
    

    David Pym, CEO, states;

    "We have comfortably met our targets in the first four months of
operations with production totalling over 969 tonnes of nickel in concentrate.
The successful transition from exploration company to producer is largely
thanks to the hard work and professionalism of our Finnish production team who
have supported the operation throughout, and competently managed all
operational challenges. Existing production is running smoothly and we are
well on the way to commissioning a second production centre in the Kotalahti
area and initiating the second phase of production growth."

    Nickel Production

    During the last four months Belvedere has produced 969 tonnes of nickel
in concentrate. The bulk of the nickel has come from the Hitura mine but
importantly around 22% of the total has come from the Sarkiniemi West
satellite operation. Sarkiniemi West open-pit ore will continue to be milled
at Hitura till the end of January. Underground production is scheduled to come
on stream in Q2 2008.

    
    Mill Feed

    -------------------------------------------------------------------------
    Ore Milled at Hitura Jun 25th to Oct 31st, 2007          Tonnes     % Ni
    -------------------------------------------------------------------------
    Hitura Mine                                             183,896     0.62
    -------------------------------------------------------------------------
    Sarkiniemi Mine                                          38,159     0.87
    -------------------------------------------------------------------------
    Total                                                   222,055     0.66
    -------------------------------------------------------------------------


    Concentrate Produced
    -------------------------------------------------------------------------
                                                     Hitura Mill
    Concentrate Produced             ----------------------------------------
    Jun 25th to Oct 31st, 2007       Wet tonnes    Ni (t)    Cu (t)    Co (t)
    -------------------------------------------------------------------------
    Hitura Mine                          10,113      760       197        33
    -------------------------------------------------------------------------
    Sarkiniemi Mine                       2,830      209        48         9
    -------------------------------------------------------------------------
    Total                                12,943      969       245        43
    -------------------------------------------------------------------------
    

    Concentrate is delivered to Norilsk Nickel - Finland's Harjavalta
refinery. The mixed concentrate is subject to different payables; the
Sarkiniemi concentrate is subject to nickel LME market price, while the Hitura
concentrate is locked into a legacy offtake agreement until the end of June
2008.

    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 2,200 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 statement,
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 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 (CEO) or Toby Strauss (COO) at (604)
844-2838 or visit www.belvedere-resources.com

Organization Profile

BELVEDERE RESOURCES LTD.

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