Belvedere Resources Ltd. - Private Placement Closed. C$ 16.5 million raised.



    Exchange: TSX V Symbol: BEL

    VANCOUVER, April 18 /CNW/ - Belvedere Resources Ltd. (the "Company") is
pleased to announce that it has closed its recently announced private
placement (News Releases 23rd March and 26th March, 2007). Due to significant
oversubscription the private placement has been further increased to C$
16.5 million for the issuance of 13,200,000 common shares at C$ 1.25 per
common share. There are no warrants attached to the shares. The shares issued
are subject to a four month hold period, expiring on 18th August, 2007. A
finder's fee totalling C$ 811,350 (4.92 % of total) will be paid to London
stockbrokers, Ocean Equities Ltd.
    The issue of Common Shares is subject to TSX Venture Exchange approval.
    The net proceeds will be applied to fast track the development of a
number of advanced nickel projects in the Finn Nickel portfolio, and to the
general working capital of the Company. Finn Nickel is a Finnish company 45%
owned by Belvedere. On 23rd March Belvedere signed a Final Agreement to
acquire the remaining 55% of Finn Nickel, as well as Outokumpu Mining Oy's
Hitura nickel mine.

    
    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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