Exchange: TSX V Symbol: BEL
VANCOUVER, Oct. 15 /CNW/ - Belvedere Resources Ltd. BEL:TSX-V
("Belvedere") announces that due to the recent heavy fall in nickel prices, a
program to further reduce operating costs has been initiated at its Hitura
Nickel Mine. From 2nd November, 2008 all mine development work will be
suspended. Mine production can continue at normal production rates for a
further 3- 6 months without the need for further development.
Unfortunately, the suspension of mine development will require temporary
dismissals of employees at the mine. All statutory obligations have now been
completed, and 36 employees at the mine, out of a permanent workforce of 110
employees, have been notified of temporary dismissal. At any time within 90
days of notification, the company has the option to request workers to return
Management expects to meet operating targets, delivering a minimum of
16,000 tonnes of concentrate (containing 1,300 tonnes of Ni) during the fourth
quarter. Concentrate deliveries include all production since July 1st 2008.
Final pricing is determined by the average monthly nickel price for two months
David Pym CEO comments "Due to the current volatility in nickel prices,
and large inventories dependent on December pricing, a number of options to
further reduce operating costs are currently being considered by management.
Temporary suspension of development work provides management with maximum
flexibility of different alternatives whilst maintaining full production."
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
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 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
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