Belvedere ships first concentrate from Sarkiniemi Mine; Underground Exploration commences at Middle Hitura

    Exchange: TSX V Symbol: BEL

    VANCOUVER, Aug. 9 /CNW/ - Belvedere Resources Ltd. ("Belvedere") is
pleased to announce that first shipments of concentrate from Sarkiniemi nickel
mine have been delivered in July. Total ore deliveries to the mill from
Sarkiniemi to the end of July totalled 8753 tonnes, slightly ahead of the
original delivery schedule of 6000 t/m. The ore is being blended with ores
from the Hitura mine and the resultant concentrate is shipped to Norilsk
Finland's Harjavalta refinery for processing. Sarkiniemi and Hitura ores are
subject to separate offtake agreements.
    David Pym, CEO comments "Management is particularly pleased with the
smooth transition in ownership of the Hitura Nickel mine. Since the handover
on the 25th June, the mine has completed it's first full month of operation
under Belvedere. There have been no major problems and the mill team have
managed the addition of Sarkiniemi ore to the mill feed in an exemplary

    Ore Deliveries up to July 31st, 2007        Ore Delivered to Hitura Mill
                                                         tonnes         % Ni
    Hitura  Mine                                         51,321         0.66
    Sarkiniemi Mine                                       8,753         0.85
    Total                                                60,074         0.69

    Concentrate deliveries for Belvedere in July totalled 3720 t of which the
Sarkiniemi portion is estimated to be 650 t. First revenues from July
deliveries are expected in September.
    In addition Belvedere is pleased to announce the commencement of a
$CAN 5 million dollar exploration programme at Hitura Mine. Exploration is
focussed on the ore potential of the middle and south Hitura intrusions.
    Importantly, first nickel discoveries at Hitura were in the Middle and
South intrusions before ore was discovered in the Hitura North intrusion.
Since that time, all ore production to date since 1970, has been from the
Hitura North intrusion. Only limited exploration has been carried out at
Middle and South Hitura. The mine is the largest nickel producer of any mine
in Finland to date. Over 14 Mt @ 0.6% Nickel has been mined historically, with
a total nickel metal content of 84,000 tonnes. In December 2006, Hitura had
delineated reserves (proven + probable) of 919,000t @ 0.61% Ni, and resources
(measured + indicated) of 1.7 Mt @ 0.71% Ni. The Hitura North ore bodies
remain open at depth. (See NI 43-101 Independent Technical Report: "Hitura
Ni-mine in Central Finland" filed on Sedar 27th June 2007).

    About Belvedere:

    Belvedere Resources Ltd. is a publicly-listed junior resource company
engaged in the business of nickel production and exploring, discovering and
developing mineral wealth in Finland. The Sarkiniemi Nickel Mine is one of a
number of advanced nickel development properties within the portfolio of Finn
Nickel Ltd, a 100% owned subsidiary of Belvedere Resources Ltd. The Sarkiniemi
mine is located 340 km from Belvedere's Hitura Nickel Mine.

    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. Forward-looking statements in
this release include statements regarding the exploration potential of Hitura
middle and south intrusions. 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 - President, 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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