Belvedere increases reserves by 156% at the Hitura Nickel Mine

    Exchange: TSX V Symbol: BEL

    VANCOUVER, March 31 /CNW/ - Belvedere Resources Ltd. BEL:TSX-V
("Belvedere") is pleased to announce that it has received the updated reserve
and resource estimate for its 100% owned, 620,000 tonne per annum Hitura
Nickel Mine, Finland.

    
    Highlights

    -   Total Ore Reserves are 2,350,000 tonnes - an increase of 156%
        (compared to 31.12.2006).

    -   Measured and Indicated Resources of 1,372,000 tonnes and Inferred
        Resource of 430,000 tonnes.

    The Qualified Person responsible for the Independent Technical Report has
determined that the Hitura Mine has NI 43-101 compliant Reserves and Resources
as follows:

    -------------------------------------------------------------------------
    Category                                  Tonnes         Ni% 	     Cu%
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Proven Reserves                          365,000        0.61        0.23
    -------------------------------------------------------------------------
    Probable Reserves                      1,985,000        0.62        0.22
    -------------------------------------------------------------------------
    Total Ore Reserves                     2,350,000        0.62        0.22
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Measured & Indicated Resources         1,372,000        0.64        0.22
    -------------------------------------------------------------------------
    Inferred Resources                       430,000        0.70        0.29
    -------------------------------------------------------------------------
         Table1: Hitura Reserves and Resources (December 31st, 2007)
    

    David Pym (CEO) comments "Management's first goal after the acquisition
of Hitura, has been to increase the reserve base. We acquired Hitura with
around 12 months of mineable reserves. Just six months later we have four
years of reserves, and have replaced the converted resources. This is a great
complement to our production and exploration teams and demonstrates our belief
in the long term future of Hitura".

    
    -------------------------------------------------------------------------
                           Dec 31st 2007      Dec 31st 2006         Change
    -------------------------------------------------------------------------
    Category               Tonnes    Ni%      Tonnes    Ni%      Tonnes    %
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Proven Reserves       365,000   0.61     286,000   0.61     +79,000  +28
    -------------------------------------------------------------------------
    Probable Reserves   1,985,000   0.62     633,000   0.61  +1,352,000 +214
    -------------------------------------------------------------------------
    Total Ore Reserves  2,350,000   0.62     919,000   0.61  +1,431,000 +156
    -------------------------------------------------------------------------
    Measured & Indicated
     Resources          1,372,000   0.64   1,650,000   0.71    -278,000  -17
    -------------------------------------------------------------------------
    Inferred Resources    430,000   0.70                       +430,000
    -------------------------------------------------------------------------

    Table2: Comparison to Hitura Reserves and Resources (December 31st, 2006)
    

    Belvedere is also pleased to announce that the VT3 ramp, that was started
in August 2007, is progressing according to schedule, and should be completed
in May 2008. This ramp has been developed in the more competent country rocks
hosting the intrusion, and will go a long way to reducing the risks of
production stoppages associated with the poor ground conditions within the
intrusion itself. In addition, the exploration programme initiated in June
2007, is ongoing and proceeding according to schedule.

    Ore Resource Statement:

    The ore reserve and resource estimate for Hitura is effective from 31st
December, 2007, and has been prepared by Markku Merilainen of Outotec Oyj,
acting as an independent "Qualified Person". The ore resource was calculated
using block modelling, made up of 5m x 5m x 5m parent blocks, with sub-blocks
of 2.5m x 2.5m x 2.5m constrained by a 0.47% Ni grade envelope. The grades
inside the blocks were calculated using a combination of ordinary Kriging and
an inverse distance squared method, depending on the quality of the variograms
associated with the different ore zones. The maximum search distance was 200m
for all estimations. The distance between the drilling profiles used for
constructing the grade envelopes, varies from 6 m to 25 m but the most
frequent one is 12.5 m. The minimum of 3 and maximum of 15 composites were
used to estimate the block grade. An average specific gravity of 2.7 was
assigned for all blocks.
    The Technical Report supporting this press release will be filed and
available on www.sedar.com within the required 45 day period.

    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 statement,
which involve known and unknown risks and uncertainties. Without limitation,
statements regarding future mining rates, the ability to mine reserves,
conversion of resources to reserves, 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: David Pym (CEO) or Toby Strauss (COO) at (604)
844-2838 or visit www.belvedere-resources.com