Investec Bank plc Acquires Shares of Belvedere

LONDON, United Kingdom, Feb. 11 /CNW/ - Investec Bank Plc ("Investec") reports that on February 11, 2011, Investec acquired 19,094,286 common shares of Belvedere Resources Ltd. ("Belvedere") upon the conversion of an outstanding €2,000,000 convertible loan facility with Belvedere, as borrower, and Investec, as lender. The common shares acquired upon conversion of the loan represent 12.6% of  the issued and outstanding shares of Belvedere.

As a result of the foregoing, Investec now owns 19,094,286 common shares and 7,637,714 warrants of Belvedere, with each warrant entitling Investec to acquire one common share of Belvedere. This represents 12.6% of the issued and outstanding shares of Belvedere, or 16.8% on a diluted basis (assuming exercise of the warrants).

The securities were acquired for investment purposes. Investec will evaluate its investment in Belvedere from time to time and may, based on such evaluation of market conditions and other circumstances, increase or decrease shareholdings in Belvedere as circumstances require.

For further information and to obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the transactions hereunder, please see Belvedere's profile on the SEDAR website www.sedar.com.

SOURCE Investec Bank Plc

For further information:

Investec Bank plc
2 Gresham Street
London, United Kingdom
Telephone:  0044207 597 4000

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Investec Bank Plc

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