Belvedere meldet Finanz- and operating results for 2011

Belvedere meldet Finanz- and operating results for 2011

03.05.2012 Vancouver (Canada) – Belvedere Resources Limited (TSX.V:BEL) ("The Company") is pleased, the financial- and operating results for the year, on the 31. December 2011 has come to an end, to report.

David Pym (CEO) said: "The operation in 2011 has led to another positive year for Belvedere. 2011 the company has a net income of 2,59 Generate millions of €. The cash position of the company has, in spite of investing in gold- and nickel exploration in the amount of 3,5 € million improved. 2011 were surface exploration drilling with a total length of 20.000 Meters drilled. "

Key Financial Points

  • Full year 2011 – *Operating profit from 4,02 Million € (5,28 C $ millions)
  • Full year 2011 - Income from 24,7 Million € (32,30 C $ millions)
  • FY 2011 - Net income of 2,59 Million € (3,39 C $ millions)
  • Results of 1. Quarter - Net income of 1,44 Million € (1,88 C $ millions)
  • Results of 2. Quarter - Net loss of 0,05 C $ millions (0,07 C $ millions)
  • Results of 3. Quarter - Net income of 0,55 Million € (0,72 C $ millions)
  • Results of 4. Quarter - Net income of 0,64 Million € (0,84 C $ millions)
  • January 2011 – 3 C $ million raised in private placement
  • February 2011 - Loan of 2 € million convertible into shares (2,62 C $ millions)

*Operating profit is calculated as net operating costs and includes paragraphs degradation, Depreciation and amortization of.

The audited financial report and the opinions and analysis of management (Management’s Discussion and Analysis) been filed with Canadian securities regulatory authority. The full results will also be available on SEDAR and on the company's web-site. All currency amounts are, Unless otherwise listed, in € (€) given.

Important operating points 2011

• Februar 2011 - Develop a 6.000 m drill program at Gold Prospect East Osikonmäki

• Februar 2011 - Commencement of mining development wells with a total length of 7.000 m at the nickel mine Hitura

• June 2011 - Preliminary metallurgical test work on gold were Kopsa- and copper recoveries of +90%

• July 2011 - Complete option agreement for gold concession areas and Rantasalmi Kiimala. Taker must be in four years 6 Million $ spend, an involvement of 50% to acquire.

• August 2011 - Develop a 4.300 m drill program at the gold-copper deposit Kopsa

• September 2011 - Discovery of a new high grade Golderzgangs on the surface at East Osikonmäki

• October 2011 - New drilling resulted in Osikonmäki East to first displayed by resource 68.000 Ounces and a 52% increase in the inferred resource to 244.000 Oz

• December 2011 - In 2011 were at Hitura 570.941 Tons of ore with an average of 0,56% Nickel prepared.


The following selected financial information in the table below are from the combined, consolidated financial reports of the Company for the periods indicated and should be read in conjunction with these reports and related comments. These annual reports have been prepared in accordance with International Financial Reporting Standards. Please refer to Note 18 in the Annual Reports for comparison with Canadian GAAP.

The company generated compared to fiscal year 2010, in which the company a net income of 1.991.236 € or 0,02 Was recorded € per share, in, on the 31. December 2011 ended, a net income of 2.585.914 € or 0,02 € per share. The main reasons for these differences are quarterly and annual declared subsequent to the following table of financial highlights.

During the fourth quarter: The company generated a net income of 641.242 € (0,01 € per share). In comparison, in the previous quarter were a net income of 549.884 € (0,00 € per share), in the fourth quarter of fiscal year 2010 a net income of 307.864 € (0,00 € per share) and in the fourth quarter 2009 a loss of 3.704.731 € or 0,04 € per share recorded.

Operation prospects

Overall 2011 a successful year for the company. In line with our business goals, the company is still committed to the development of gold- and nickel operations.

In view of our objective, to increase the cash flow from operations by reducing operating costs and increase throughput at the nickel mine Hitura, Much progress was made. The definitive studies regarding the feasibility of resuming mining operations at the surface in connection with underground mining are currently underway. A new reserve- and resource estimate has substantially increased the total cash reserves and extend the mine life at Hitura.

The internal investment in the gold- and nickel projects will 2012 with further exploration drilling at the Gold- and nickel projects will continue. The metallurgical studies for the gold- Kopsa and copper concession area are also underway, to permit the taking of the feasibility study, so that our vision, 2014 Gold production in our portfolio can add to, is satisfied.

Forward-looking statements: Some of the information contained in this press release are forward-looking statements and therefore subject to known and unknown risks and uncertainties. Statements regarding future plans and objectives of the company (including statements regarding future drilling) apply in full to be forward-looking statements, the different risks include. It must be pointed out, that the Company's actual results could differ materially from those, The forward-looking statements are those expressed.

About Belvedere: Belvedere Resources Limited is registered in British Columbia mining company, the primarily on the development of nickel-, Gold-, Kobalt- copper resources and has specialized in Finland. The company is currently funding a year from the nickel mine in central Finland Hitura 2.200 Tonnes of nickel concentrate. The company operates in the vicinity of the mine Hitura a number of gold projects in advanced development stage.


David Pym, CEO; Suite #404, Vancouver World Trade Centre, 999 Canada Place, Vancouver. BC. V6C 3E2, Canada

For more information, contact Scott Findlay, Humbercrest Capital Inc., by phone +1 647 274 2536 or. on the website

The TSX Venture Exchange nor its Regulation Services Provider (described in the policies of the TSX Venture Exchange Regulation Services Provider) assume no responsibility for the adequacy or accuracy of this release.

For the correctness of the translation is any liability assumed! Please note original English message!

Which filings can be found at:

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