VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/08/13 -- Belvedere Resources Limited (TSX VENTURE:BEL) ("The Company") announces as a result of a review by the British Columbia Securities Commission (BCSC), we are issuing the following news release to clarify our disclosure.

The issues identified by the BCSC involve the 2012 progress report and the September 2012 Corporate Presentation titled Investor Update and the Company website as detailed below. The Company retracts this presentation in its entirety and an updated presentation has been placed on the Company website. The Company retracts the 2012 progress report and has removed it from the Company website. The Company has clarified its disclaimer on the website in accordance with the issues identified below. The Company takes these issues very seriously and new systems have been put in place to make sure that the Company's current and future disclosure complies fully with NI 43-101.

Technical Disclosure Issues

1. Non-Compliant Disclosure of Mineral Resources

In its corporate presentation of September 2012, and on the Company's 2012 progress report which were available on the Company website, a number of issues were identified with the way in which the Company reported mineral resources that are contrary to NI 43-101:

a) Inferred mineral resources were added to other categories of resources.

b) The Company failed to disclose each category of mineral resources or mineral reserves separately.

c) The Company disclosed resources solely in the form of metal content.

The summary resources table which detailed the categories, tonnages and grades of the mineral resources for each project was inadvertently missing from the end of the September 2012 corporate presentation.

2. Restricted Disclosure

In both the corporate presentation of September 2012 and the 2012 progress report, the Company had added historical estimates to its current mineral resources, giving the impression that it was treating them as current resources. Subsequent to the dates of these reports, an NI 43-101 compliant resource estimate was announced for the Kopsa Au-Cu project (News Release, 29th October, 2012). The remaining historical resources are such a minor component of the Company's resource base that all references to historical resources have now been removed from the Company's disclosures. Consequently, the misleading historical figures have now been replaced or removed, and all Company disclosures (website, presentations etc) have been checked and replaced with the updated figures compliant with the requirements of NI 43-101.

3. Qualified Person

On its website, 2012 progress report and corporate presentation, the Company failed to properly identify, and disclose the relationship to Company, of the qualified person who approved, prepared or supervised the preparation of the technical information. The Company has now added the relationship of the Qualified Person to the Company and states that the qualified person prepared and approved the technical information contained within the relevant website and other disclosures.

For purposes of clarity, the Company retracts all previous references to its gold resources from the aforementioned disclosures, and replaces them with the following summary resources table, detailing the categories, tonnages and grades of the mineral resources listed above, as well as the titles and dates of the relevant supporting Technical Reports.

To see the resource table, please select the following link:

http://media3.marketwire.com/docs/bel_800.jpg

Relevant Technical Reports

--  "Mineral Resource Estimate of the Rantasalmi Gold Project in Finland"
    filed on SEDAR October 19th, 2011, prepared by Alexandra Akyurek (CSci,
    MSc MIMMM) acting as an Independent Qualified Person according to NI 43-
    101. 
    
--  "Kopsa Gold-Copper Deposit, Central Ostrobothnia, Finland" filed on
    SEDAR 29th October 2012, has been prepared under the supervision of
    Pekka Loven (MSc), MAusIMM(CP) #301822, who is acting as an Independent
    Qualified Person in compliance with NI 43-101. The results were first
    disclosed in a press release dated 29th October, 2012. 
    
--  "Hirsikangas Gold Deposit, Central Ostrobothnia, Finland." filed on
    SEDAR 30th November, 2009, prepared by Thomas Lindholm MSc (FAusIMM)
    acting as an Independent Qualified Person according to NI 43-101. 
    
--  "The Kiimala Property, Central Ostrobothnia, Finland." filed on SEDAR
    October 12th, 2011, prepared by Hannu Makkonen PhD (EurGeol) acting as
    an Independent Qualified Person according to NI 43-101. 

About Belvedere: Belvedere Resources Limited is a mining Company incorporated in British Columbia with a primary focus on nickel, gold, cobalt and copper in Finland. The Company currently produces 2200t of nickel in concentrate/year from the Hitura nickel mine in Central Finland. The Company has a number of advanced gold projects in close proximity to the Hitura mine.

Qualified Person Statement: The technical contents of this news release have been prepared and approved by Dr. Toby Strauss (CGeol), a person qualified under the terms of National Instrument 43-101. Toby Strauss is an Officer and a Director of the Company.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.