Belvedere Resources Ltd.

Published : April 19th, 2012

Belvedere converts Open Pit Resources to Reserves at Hitura Nickel mine

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Belvedere converts Open Pit Resources to Reserves at Hitura Nickel mine, Finland

Vancouver, British Columbia, April 19th, 2012. Belvedere Resources Ltd. BEL:TSX-V (“Belvedere”) is pleased to announce that it has converted part of the Indicated Resources of the planned open pit expansion into Probable Reserves. The planned cutback into the edge of the existing open pit has now been optimised to a depth of 115 metres, resulting in an in-pit Probable Reserve of 1.02 Mt @ 0.38 % Ni, containing 3,876 tonnes (8.5 million pounds) of nickel metal. In addition to the in-pit reserves, there remains a further 1.6 Mt @ 0.42 % Ni in the Indicated Resource category, both below the proposed pit extents (115 – 150 m depth) and in the western mineralised area (0 – 150 m depth) adjacent to the planned pit. These additional resources contain 6,737 tonnes (14.8 million pounds) of nickel metal.

David Pym (CEO) comments “The open pit cutback is the first of a number of initiatives the company is investigating, to increase throughput and lower operating costs at the Hitura mine. The new reserves in the open pit, will potentially add about 2 years to the mine life at Hitura and the mineralisation is open at depth below the open pit adding further underground mining potential.”

The Qualified Person responsible for the Independent Technical Report has determined that the Hitura Nickel Mine has NI 43-101 compliant Mineral Reserves and Resources, reported at a 0.54% Ni cut-off (and 0.3% Ni cut-off for the Open Pit Extension) as follows:

 

Hitura Mine Mineral Reserve Estimate 31.12.2011

Mineral Reserve Estimate

Tonnage

Ni %

Cu%

S%

Proven Reserve

312,000

0.61

0.24

2.42

Probable Reserve

444,000

0.59

0.22

2.05

Probable Reserve (Open Pit, Cut-off 0.3% Ni)

1,020,000

0.38

0.13

1.64

Total Mineral Reserve

1,776,000

0.47

0.17

1.88

 

Hitura Mine Mineral Resources 31.12.2011

Measured Mineral Resource

Tonnage

Ni %

Cu%

S%

North Hitura (Cut-off 0.54% Ni)

96,000

0.77

0.28

3.35

Measured Mineral Resource

96,000

0.77

0.28

3.35

 

 

 

 

 

Indicated Mineral Resource

Tonnage

Ni %

Cu%

S%

North Hitura (Cut-off 0.54% Ni)

1,147,000

0.69

0.23

3.34

Middle Hitura (Cut-off 0.54% Ni)

182,000

0.68

0.21

2.33

Indicated Sub Total

1,329,000

0.68

0.23

3.20

Open Pit Extension (Cut-off 0.3% Ni)

1,604,000

0.42

0.13

1.33

Indicated Mineral Resource

2,933,000

0.54

0.18

2.18

Total Mineral Resource (M + I)

3,029,000

0.55

0.18

2.21

 

Inferred Mineral Resource

Tonnage

Ni %

Cu%

S%

North Hitura (Cut-off 0.54% Ni)

183,000

0.7

0.3

2.9

Middle Hitura (Cut-off 0.54% Ni)

22,000

0.6

0.2

2.2

South Hitura (Cut-off 0.54% Ni)

257,000

0.7

0.3

5.9

W off set (Cut-off 0.54% Ni)

28,000

0.7

0.2

3.2

Inferred Mineral Resource

490,000

0.7

0.3

4.5

 

Mineral Reserve and Resource Statement:

The mineral reserve and resource estimate for Hitura is effective from 31st December, 2011, and has been prepared by Pekka Lovén and Markku Meriläinen of Outotec (Finland) Oy. The mineral resource and reserve estimates have been prepared under the supervision of Pekka Lovén (MSc), MAusIMM(CP) #301822, who is acting as an Independent Qualified Person in compliance with National Instrument 43-101 with respect to this release.

Mineral reserves are exclusive of mineral resources

The underground mineral resource was calculated using block modelling, made up of 5m x 5m x 5m parent blocks, with sub-blocks of 2.5m x 2.5m x 2.5m constrained by a 0.47% Ni grade envelope. The grades inside the blocks were calculated using a combination of ordinary Kriging and an inverse distance squared method, depending on the quality of the variograms associated with the different ore zones. The maximum search distance was 200m for all estimations. The distance between the drilling profiles used for constructing the grade envelopes, varies from 6 m to 25 m but the most frequent one is 12.5 m. The minimum of 3 and maximum of 15 composites were used to estimate the block grade. An average specific gravity of 2.7 was assigned for all blocks.

The open pit extension mineral resource was calculated using block modelling, made up of 5m x 5m x 10m blocks, constrained by a 0.35% Ni grade envelope. Three separate groups of wireframe solids were constructed representing the east, central and west mineralised bodies. The grades inside the blocks were calculated using an inverse distance squared method, with different search ellipsoids for each body. The maximum search distance was 200m for all estimations. The minimum of 3 and maximum of 20 composites were used to estimate the block grade. An average specific gravity of 2.65 g/cm3 was assigned for all blocks.

The calculation of Reserves is based on the ongoing profitable mining operations at the Hitura Mine. The key economic criteria that have been used for the calculation of reserves are based on the preceding 12 months of production at the mine, through to end of December 2011. The operating cost for this period was € 36.7/tonne of ore. Belvedere has an offtake agreement in place with Jinchuan Group Ltd for a 2 year period ending in February 2014. For the purpose of calculating reserves a nickel price of $20,323 has been used.

The open pit optimization and conversion of the Open Pit Resources to Reserves, was done using Surpac software. Optimisation was based on NSR calculated according to nickel grades and recoveries of the different ore types (65% for normal ore and 57% for the fine grained ore).The costs used for calculations were € 2.7/m3 overburden removal, mining costs of €3.5 /t (ore) and €3.2 /t (waste) and process and administrations costs of €11 /t. The pit is designed with 20m ramps, and an overall slope angle of 50 degrees. Full details are provided in the Technical Report.

The Technical Report supporting this press release has been filed and available on www.sedar.com. A statement of “Consent of Qualified Person” relating to this press release has been filed on Sedar.

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 2500t 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.

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 conversion of resources to reserves, exploration results, and 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.

 

BELVEDERE RESOURCES LTD.                                      

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

 

For further information, please contact Scott Findlay, Investor Relations. at +1 647 274 2536 or visit www.belvedere-resources.com

 

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



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Belvedere Resources | Suite #404, Vancouver World Trade Centre, 999 Canada Place | Vancouver, BC V6C 3E2, Canada

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Belvedere Resources Ltd.

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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
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Financials of Belvedere Resources Ltd.
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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...
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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
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3/4/2015Belvedere-Corporate Update
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12/24/2014Belvedere Resources Limited: First Tranche of Private Placem...
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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...
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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...
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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
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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
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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
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5/3/2011Reports Financial and Operating Results for 2010
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8/19/2010Closes Convertible Loan Facility
11/17/2009Announces Material Change
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