Belvedere Resources Limited: Disclosure Clarification
Published : February 08, 2013
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Keywords :   Canada | Cobalt |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2013) - Belvedere Resources Limited (News - Market indicators) ("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 Lovén (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.

Belvedere Resources Ltd.
David Pym
CEO
or
Humbercrest Capital Inc.
Scott Findlay
+1 647 274 2536
or
Belvedere Resources Ltd.
Suite #404, Vancouver World Trade Centre, 999 Canada Place
Vancouver. BC
V6C 3E2, Canada
www.belvedere-resources.com
Data and Statistics for these countries : Canada | Finland | All
Gold and Silver Prices for these countries : Canada | Finland | All

Belvedere Resources Ltd.

DEVELOPMENT STAGE
CODE : BEL.V
ISIN : CA0809031077
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Belvedere Res. is a nickel and copper exploration company based in Canada.

Belvedere Res. develops nickel, copper and cobalt in Finland, and holds various exploration projects in Finland.

Its main assets in development are HAUTALAMPI and HITURA in Finland and its main exploration properties are LUIKONLAHTI MILL, HIRSIKANGAS, HAARAKUMPU, KIIMALA, VALKEISENRANTA, SAHAKOSKI, OSIKONMÄKI, SARKINIEMI, RANTASALMI and MÄNTYMÄKI in Finland.

Belvedere Res. is listed in Canada. Its market capitalisation is CA$ 60.6 millions as of today (US$ 46.7 millions, € 39.7 millions).

Its stock quote reached its highest recent level on June 13, 1997 at CA$ 9.99, and its lowest recent point on January 01, 2016 at CA$ 0.01.

Belvedere Res. has 73 904 013 shares outstanding.

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Financings of Belvedere Resources Ltd.
12/24/2013=3A Proposed Private Placement and Share Consolidation
2/15/2011Belvedere Issues 19,094,286 Shares Under Convertible Loan
2/1/2011Belvedere Completes 3,000,000 Private Placement
1/12/2011Private Placement to raise up to CAD $2.5 million
Financials of Belvedere Resources Ltd.
8/30/2013Reports Financial and Operating Results for Second Quarter o...
5/30/2013Reports Financial and Operating Results for First Quarter of...
7/9/2011Reports Financial and Operating Results for Q1 2011 -Correct...
Project news of Belvedere Resources Ltd.
8/14/2013(Hitura)Hitura Tailings Expansion Selected as Test Bed for EU Life T...
7/20/2013(Hitura)Provides Status Update on Hitura Nickel Mine and Kopsa Gold ...
5/23/2013(Hitura)to Suspend Nickel Mining Operations at Hitura Nickel Mine
1/28/2013(Hitura): Hitura Mine Operational Update
1/9/2013Belvedere Commences Follow-Up Drilling on Their Antikanper
4/24/2012High Grade Gold Discovery at Osikonmaki Prospect Confirmed a...
2/29/2012Osikonmaki Yields Intersection of 9.6 Metres Averaging 10.0 ...
1/18/2012Reports Further High Grade Gold Drill Results at Kopsa
12/5/2011Ltd: Gold Results From Drilling at Kopsa
10/11/2011Belvedere Significantly Increases Gold Resources on Their Os...
6/30/2011(Rantasalmi)Drilling Continues to Grow Belvedere's Osikonmaki Gold Prosp...
5/18/2011Osikonm=E4ki Prospect delivers further high-grade gold inter...
3/30/2011(Osikonmäki)drills high-grade gold at their Osikonm=E4ki Prospect in Fin...
3/24/2011(Rantasalmi)Signs LOI With REBgold on the Kiimala and Rantasalmi Gold Pr...
3/24/2011(Kiimala)Signs LOI With REBgold on the Kiimala and Rantasalmi Gold Pr...
2/23/2011(Hitura)Commences Open-Pit Expansion Studies at the Hitura Nickel Mi...
2/1/2011(Osikonmäki)commences drilling on their Rantasalmi Gold Property
7/29/2010(Hitura)Restarts production ahead of schedule
6/17/2010(Hitura)On track for the restart
6/2/2010(Kiimala)Indicated Resource Estimate for the K1(Ängesneva) occurrence
5/7/2010Intersects 92 metres averaging 3.2 g/t gold at Kopsa
4/8/2010(Hitura)Plans to Restart the Mine and the Signing of an Offtake Agre...
3/23/2010(Hitura)Evaluates Potential For The Restart & Commences Drilling on ...
2/15/2010(Hitura)Belvedere Re-Acquires Hitura Nickel Mine from Administrators
12/2/2009(Hirsikangas)Maiden Resource Estimate For Hirsikangas
10/7/2009(Kiimala)commences drilling on their Kiimala Gold Property
Corporate news of Belvedere Resources Ltd.
12/23/2015Belvedere Mining Oy Initiates Voluntary Bankruptcy Proceedin...
3/4/2015Belvedere-Corporate Update
1/27/2015Belvedere Closes Private Placement
12/26/2014Belvedere Resources Ltd.: Correction to December 24, 2014 Ne...
12/24/2014Belvedere Resources Limited: First Tranche of Private Placem...
11/28/2014Belvedere Reports Third Quarter 2014 Financial and Operating...
11/27/2014Belvedere Resources Ltd.: Private Placement
11/20/2014Belvedere Resources Ltd.: Private Placement
10/15/2014Belvedere Resources Ltd: Private Placement and Loan
8/29/2014Belvedere Reports Second Quarter 2014 Financial and Operatin...
7/29/2014Belvedere Closes Non-Brokered Private Placement (Revised)
7/4/2014Belvedere Resources Limited: Proposed Private Placement
5/30/2014Belvedere Reports First Quarter 2014 Financial and Operating...
5/14/2014Belvedere Starts Further Tests on Open-Pit Nickel Ore for Pr...
5/1/2014Belvedere Reports Annual and Fourth Quarter Financial and Op...
4/30/2014CORRECTION FROM SOURCE: Belvedere Closes Non-Brokered Privat...
4/30/2014Belvedere Closes Non-Brokered Private Placement
4/16/2014Belvedere Resources Ltd.: Proposed Non-Brokered Private Plac...
11/29/2013Financial and Operating Results Q3 2013
10/2/2013News Release
10/2/2013Announces Positive PEA on Their Kopsa Gold Copper Project
8/24/2013Announces Agreement With Jinchuan to Defer Preference Shares...
5/1/2013Reports Financial and Operating Results for 2012
3/19/2013Belvedere Confirms Gold Mineralisation Along 2.5 KM Strike a...
3/19/2013Confirms Gold Mineralisation Along 2.5 KM Strike at Antikanp...
2/8/2013: Disclosure Clarification
1/18/2013Booth 1043 Vancouver Resource Investment Conference
1/9/2013Commences Follow-Up Drilling on Their Antikanperä Gold Disco...
10/29/2012Belvedere Announces Mineral Resource Estimate for Kopsa Gold...
10/29/2012Announces Mineral Resource Estimate for Kopsa Gold-Copper Pr...
10/17/2012Belvedere Resources: Osikonm=C3=A4ki East Hanging Wall gold ...
10/17/2012Osikonmaki East Hanging Wall Gold Zone Extended to 200m Down...
9/19/2012: Significant New Gold Discovery on Antikanperä Property
8/30/2012Reports Financial and Operating Results for Second Quarter o...
8/13/2012Belvedere Resources Ltd. Recent Drilling Confirms Potential ...
6/15/2012Belvedere Welcomes New Director
5/31/2012Reports Financial and Operating Results for First Quarter of...
4/30/2012Financial and Operating Results for 2011
4/19/2012Belvedere converts Open Pit Resources to Reserves at Hitura ...
3/1/2012Belvedere Substantially Increases Resources at Hitura Nickel...
1/9/2012(Hitura)Renews Offtake Agreement for Hitura Mine Concentrate
11/29/2011Reports Financial and Operating Results for Q3 2011
8/29/2011Reports Financial and Operating Results for Q2 2011
8/16/2011Engages Investor Relations Firm
7/21/2011REBgold and Belvedere move forward with Finnish JV
7/6/2011Reports Financial and Operating Results for Q1 2011
6/16/2011Kopsa Project Generates +90% Gold and Copper Recoveries Into...
5/3/2011Reports Financial and Operating Results for 2010
4/20/2011Announces Amendment to Agreement With Jinchuan
3/25/2011REBgold Signs LOI with Belvedere on the Kiimala and Rantasal...
8/19/2010Closes Convertible Loan Facility
11/17/2009Announces Material Change
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TSX-V (BEL.V)
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