Belvedere awarded Environmental Permit for Luikonlahti Mine and Concentration Plant

    Exchange: TSX V Symbol: BEL

    VANCOUVER, Oct. 16 /CNW/ - Belvedere Resources Ltd. BEL:TSX-V
("Belvedere") is pleased to announce that the Eastern Finland Environmental
Permit Authority has today granted an environmental permit for mining and ore
concentration at Belvedere's Luikonlahti Mill complex in eastern Finland.
    The mill was purchased by Belvedere in October 2007, and when
re-commissioning is completed, will form the nucleus of the Kotalahti
Production Centre in Central Finland. The central mill allows ore to be
developed from a number of nearby deposits for low capital expenditures. The
first of these projects, the Hautalampi Mine, is scheduled to open in the
second half of 2009. A large portion of the underground development is already
in place, allowing mining to start soon after dewatering is completed. Mining
is planned to commence utilizing Belvedere's existing personnel and equipment.
    David Pym CEO comments "This permit is one of the last steps required
prior to opening the Hautalampi Mine, Belvedere's third mine in Finland. The
high value of the copper and cobalt by-products and modest capital
requirements, make this a robust project even at current commodity prices."

    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 2,500 tonnes annually
of 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
statements, which involve known and unknown risks and uncertainties. Without
limitation, statements regarding 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.


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: David Pym (CEO) or Toby Strauss (COO) at (604)
844-2838 or visit

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