Company Information for Belvedere Resources Limited

TSX.V-BEL

www.belvedere-resources.com

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TSX.V; BEL

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Company Statement

Belvedere Resources Limited is a mining and exploration company based in Finland. Primarily focused on nickel and gold, Belvedere has two operating nickel mines and a large portfolio of advanced exploration projects.

The company is currently the eighth biggest claim holder in Finland, with a diverse portfolio of nickel, gold, cobalt, zinc and copper properties, all stages of the development cycle.

Key Points:
   * 2500 tonne per annum Nickel producer
    * Two Nickel Copper mines in operation
    * Strong internal growth prospects - two new mines scheduled for opening
    * Finland focused
    * Developing gold projects

Milestones 2008:
    * New off-take agreement signed
    * Särkiniemi underground nickel mine commissioned

Breaking News:
    * Environmental permit granted for Luikonlahti mine and mill complex
    * Mine development work at Hitura temporarily suspended
    * First concentrate shipment dispatched to Jinchuan
    * Environmental permit to mine Särkiniemi East nickel ore-body granted
    * New mineralised zone discovered at the Hitura Nickel Mine

Current Activities:
    * Hautalampi resource estimate underway
    * Resource estimate underway for the Angesneva gold project
    * Infill drilling underway on Valkeisenranta nickel deposit

Investor Information
Belvedere Resources Limited is a Canadian incorporated mineral exploration company. Belvedere has in 2007 made the transition from an exploration company to a production and development company, producing approximately 2,500 tonnes of Nickel in concentrate per annum.

Our long term belief in Finland and strong links to the Finnish mining establishment uniquely qualifies us to capitalise on our growing assets base.

Currently the 8th biggest claim holder in Finland, with a diverse portfolio of nickel, gold, cobalt, zinc and copper properties providing a strong internal growth profile.

Our experienced small team of professionals aim to develop shareholder value through low cost, low risk strategies leading to rapid growth into a mid tier mining company.

In a nutshell
Finland focussed - Why?

    * Low risk
    * Excellent Infrastructure
    * 100% of land area - highly prospective pre-cambrian shield
    * Under-explored - foreign exploration began 1995

Nickel production is focussed around two production centres in Finland at the Hitura Nickel Mine and in the old Kotalahti mining district. The recent acquisition of the Luikonlahti Mill will provide the nucleus for future production in the region. The mill is currently capable of around 250,000 tpa but has a design capacity of 500,000 tpa.

Nickel In addition to the two Nickel mines in operation, Belvedere has a series of advanced Nickel projects, with two more mines planned to be commissioned over the next three years
Gold Belvedere has a number of advanced gold projects in close proximity to their existing production centres. The newly acquired Hirsikangas project add substantially to the existing assets base. A new resource estimate is underway on the Angesneva prospect on the Kiimala property.
Other Properties Belvedere has a number of other advanced exploration plays in Lapland. Several multi-element gold, cobalt, copper, uranium deposits of IOCG type. Over 20 airborne geophysical targets with similar signatures to known deposits are being evaluated. Developing cobalt gold resource base at Kouvervaara, Haarakumpu and Säynäjävaara

Current Operations

PRODUCTION
Hitura Mine

Operating since 1970
Produces 2200 t/a nickel metal
650,000 t/a underground operation
Mined 14 Mt @ 0.6% Nickel to date
Proven and Probable reserves (Dec 07) totalling 2.35Mt @ 0.62% Ni, 0.22% Cu
Measured and Indicated Resources (Dec 07) – 1.37 Mt @ 0.64% Ni, 0.22% Cu
Currently mining at 550 level in Hitura North orebodies
Hitura north orebodies open at depth (Deepest intersec is at 700 level)

Current Status
There is currently a focus on developing further resources and reserves at the Hitura middle and south orebodies

Särkiniemi Mine

Small satellite open pit nickel deposit
Mining started 4th June 07
Resources Särkiniemi West (Current open pit) 116,000 t @ 1.17% Ni, 0.53% Cu (Indicated)
Resources Särkiniemi East – 60,000 t @ 0.86 % Ni, 0.69% Cu (Inferred)
Ore shipping at 300 t/day to Hitura for processing
Mine opened on time and on budget
Proves the business plan for flexible operations of multiple mines around central production centres

Current Status

First concentrates shipped in July
Open pit mine completed Nov 16th – 62,000 t @ 1% Ni
Underground “crown pillar” operation commences December for an additional 30,000 t of higher grade ore
Now infill drilling Särkiniemi East

Potential
The Nickel ore is hosted in the base of a small shallow dipping intrusion which is inferred to be tectonically removed from a much larger intrusion to the south. The ore is faulted off on the southern margin. A large geophysical survey is commissioned to start exploration of the area.

Luikonlahti Mill

Acquired October 2007
Opened in 1968 for copper-cobalt concentration
Modified for talc + nickel production
Talc concentration ended November 2006
Current capacity: 250,000 tpa
Capacity expandable to 500 – 600,000 tpa
Mill is in excellent condition

Current Status
Engineering studies are underway to assess maintenance and investment required to re-commission the mill. Studies will look at expanding the existing capacity of around 800 tonnes per day up to a 1600-2000 tonne per day capacity.

PROPERTIES
Nickel Properties:
The Hitura mine has been consolidated into Belvedere’s other Nickel properties to produce a new European Nickel producer with a strong development pipeline of new properties.

The business model is focused on developing projects around centralised production centres. The first production centre is the Hitura mill where ore from the Sarkiniemi and Hitura mines are currently processed. The Luikonlahti mill is to form the basis of the second production centre. Re-commissioning of the mill is scheduled for 2009, with ores from the Hautalampi Ni, Cu, Co and Valkeisenranta deposits scheduled to be processed there.

Current Status
Sarkiniemi deposit, open pit phase completed to schedule. First ore shipment commenced from underground in March 08. Resouce definition and extension drilling at Valkeinsenranta commenced. Modelling indicates the mineralisation is open in all directions.

Property List
Mines
Hitura Nickel Mine
Särkiniemi Nickel Mine

Advanced Stage
Outokumpu Type Ores (Kotalahti Production Centre)
Hautalampi nickel-cobalt deposit (Scoping Study)
Riihilahti copper-cobalt deposit (Final Permitting in Progress)

Magmatic Nickel Copper Ores (Kotalahti Production Centre)
Valkeisenranta nickel deposit (Drilling near surface ores)
Niinimäki nickel deposit

Magmatic Nickel Copper Ores (Pori Production Centre)
Sahakoski nickel deposit
Hyvelä nickel deposit
Mäntymäki nickel deposit

Exploration Stage
Heiskalanmäki nickel deposit
Kokka nickel-cobalt deposit
Perttilahti copper-zinc-cobalt deposit
Pihlajasalo nickel deposit
Sarkalahti nickel deposit
Vehmasjärvi nickel deposit

Gold Properties:

    * Kangaskylä
    * Kiimala Properties
    * Kopsankangas
    * Kouvervaara
    * Osikonmäki
    * Rautio Properties
    * Säynäjävaara

Other Properties:
Haarakumpu

Historical Resources in the higher grade part of the mineralisation (red area in diagram) of 0.9 Mt @ 0.34% cobalt, 0.46% copper. Total metal contents of 3,060 t of cobalt and 4,140 t of copper.
Historical metallurgical studies were carried out, producing separate copper (90% Cu recovery grading 25% Cu) and cobalt (75% Co recovery grading 0.85% Co) concentrates
One of a number of deposits in the area

Current Status

Re-analysis of old holes indicates gold is also present
Diamond drilling to drill the deposit down to 50 m centres commenced July 2007

Geographical Spread

Finland

Board of Directors and Key Management

Harry Dobson	Non Executive Chairman
David Pym	President, Chief Executive Officer
Dr. Toby Strauss	Chief Operating Officer
John S Thomson	CFO
Vesa-Juusi Penttila	Non Executive Director
Markku Isohanni	Non Executive Director
Dr. Shantimoy Chakraborty	Associate Director
Steven R. Cuthill	Corporate Secretary and Treasurer

Company Address

Suite 404,
Vancouver World Trade Centre
FinnNickel, BelFin Oy
999 Canada Place
Canada, Finland V6C 3E2


Telephone:	+1 604 8442838
Facsimile:	+44(0)7931 371869
Email:	david.pym[at]belvedere-resources.com
Website:	http://www.belvedere-resources.com

Additional Address/Key Contact

Capital

Annual General Meeting

June in Vancouver, BC

Year End

December 31st

Nominated Brokers

Ocean Equities Ltd.

Most Recent Statement

29/04/09 - Investment Industry Regulatory Organization of Canada - Trade Resumption - Belvedere Resources Ltd. - BEL-V
28/04/09 - Belvedere Signs Letter of Intent With Jinchuan to Convert Debt
13/11/08 - Belvedere upgrades and increases resources by 31% at the Hautalampi nickel cobalt copper project, Finland
13/11/08 - Belvedere upgrades and increases resources by 31% at the Hautalampi nickel cobalt copper project, Finland
06/11/08 - Belvedere extends temporary dismissal notices at Hitura Mine
16/10/08 - Belvedere awarded Environmental Permit for Luikonlahti Mine and Concentration Plant

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