Belvedere Provides Status Update on Hitura Nickel Mine and Kopsa Gold Project
Published : July 19, 2013
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 19, 2013) - Belvedere Resources Ltd. (News - Market indicators) ("Belvedere"), announces a temporary suspension of pumping at the Hitura Nickel Mine, as well as exploration results from the South Hitura drilling programme and provide a general status update on their operations in Finland.

David Pym CEO states "Due to the continuing low nickel prices, and in recognition of the higher marginal cost of production of the deep ores, the Company intends to let the lower levels of the mine flood as a cost saving measure, whilst leaving the majority of the underground mine infrastructure and the shallower west and south ores intact. The exploration drilling at South Hitura has been successful in substantially extending the mineralisation by more than 100m vertically downdip and the strike by more than 100m to the South. The zone remains open, and an updated resource estimate will be completed in due course. In the meantime, the company remains focused on completing the PEA for the nearby Kopsa gold copper deposit, assessing its potential for processing at the Hitura mill."

Hitura Nickel Mine Update The Hitura mine has been on care and maintenance since early June. In order to further preserve cash resources, the Company has now decided to suspend pumping at the Hitura Nickel Mine and let the mine water levels rise from the 620 level to the 430 level. This is expected to take approximately three months. Around 120,000 t of developed ore, which approximates three months of underground production will be affected by the water rise. The main mine infrastructure, and the West ores and South ores will be unaffected by the flooding. Should the nickel prices improve, pumping of the lower levels could resume and the majority of the deep ores could be accessed again. Management will continue to monitor the nickel price and provide further updates on the status of the mine in due course. Environmental permitting for re-opening the open pit has been received but current nickel prices are too low for restart, even with the cost synergies of the open pit.

Kopsa Gold Copper Project The Kopsa PEA (Preliminary Economic Assessment) being completed by SRK Consulting (Sweden), is due at the end of the summer. Environmental permitting is ongoing in parallel to the economic studies. The PEA is assessing the economic viability of processing Kopsa ores through the Hitura mill.

South Hitura Exploration Programme has been very successful in extending the existing near surface ore zones by more than 100m vertically and a further 100 m along strike. Actual grades are similar to the north Hitura ores but preliminary flotation tests indicate much higher recoveries of nickel in concentrate with up to 84% recoveries achievable in bench scale tests, compared to the 60-70% recoveries typical of the north zone.

Highlights of the drilling include:

  • R 2189 22.75 m @ 0.84% Ni, 0.38% Cu, 0.06% Co from 82.9m
  • R 2221 11.5 m @ 1.13 % Ni, 0.24% Cu, 0.09% Co from 152.55m
  • R 2209 18.85 m @ 0.76% Ni, 0.28%, 0.06% Co from 140.3 m

Details of the South Hitura intersections are presented below in Table 1

HOLE_ID FROM TO Interval Ni% Cu % Co % GT
R-2177 79.00 81.00 2.00 0.54 0.12 0.05 1.1
R-2177 94.00 106.00 12.00 0.67 0.29 0.05 8.1
R-2178 88.25 90.25 2.00 0.61 0.26 0.05 1.2
R-2178 100.25 105.60 5.35 0.60 0.25 0.05 3.2
R-2179 75.70 80.65 4.95 1.21 0.36 0.10 6.0
R-2179 90.75 94.75 4.00 0.51 0.16 0.04 2.0
R-2179 96.75 103.30 6.55 0.80 0.28 0.06 5.2
R-2180 85.05 93.50 8.45 0.65 0.28 0.07 5.5
R-2185 76.00 78.00 2.00 0.52 0.30 0.05 1.0
R-2185 80.00 82.00 2.00 0.51 0.13 0.05 1.0
R-2185 89.35 91.35 2.00 0.64 0.23 0.05 1.3
R-2187 200.15 206.50 6.35 0.94 0.15 0.09 6.0
R-2188 98.00 108.40 10.40 0.82 0.20 0.06 8.6
R-2189 82.90 105.65 22.75 0.84 0.38 0.06 19.0
R-2191 198.10 200.10 2.00 1.41 0.14 0.13 2.8
R-2193 61.35 65.00 3.65 0.61 0.20 0.07 2.2
R-2198 87.50 89.50 2.00 0.88 0.23 0.08 1.8
R-2198 92.50 99.20 6.70 0.56 0.29 0.05 3.7
R-2206 121.80 137.00 15.20 0.84 0.46 0.07 12.8
R-2206 142.70 146.05 3.35 0.87 0.14 0.06 2.9
R-2207 82.00 84.00 2.00 0.92 0.20 0.08 1.8
R-2207 94.00 107.40 13.40 0.87 0.28 0.06 11.6
R-2209 109.00 111.00 2.00 0.52 0.09 0.05 1.0
R-2209 140.30 159.15 18.85 0.76 0.28 0.06 14.3
R-2212 152.50 155.20 2.70 0.93 0.16 0.07 2.5
R-2213 166.45 172.10 5.65 0.63 0.16 0.05 3.5
R-2215 185.20 187.20 2.00 0.62 0.08 0.09 1.2
R-2215 219.00 225.00 6.00 0.52 0.53 0.07 3.1
R-2221 131.50 140.10 8.60 0.69 0.41 0.06 5.9
R-2221 152.55 164.05 11.50 1.13 0.24 0.09 13.0
R-2227 139.50 141.50 2.00 0.52 0.14 0.07 1.0
R-2227 166.30 169.15 2.85 0.63 0.14 0.06 1.8
R-2227 180.55 182.75 2.20 1.48 0.70 0.12 3.3
R-2228 198.95 202.95 4.00 0.53 0.58 0.07 2.1
R-2228 215.90 221.10 5.20 0.82 0.10 0.10 4.3

Table 1: Intersections using a 0.5 % Ni cut-off. No top cut is applied. Maximum grade is 3.3 % Ni over 0.3m, with 14 individual assays over 2% Ni. Intersections are estimated to be 70-90% of true width.

HOLE_ID Easting Northing Z Length Azimuth Dip
R-2177 1176.76 2993.93 -220.96 119.80 296.1 15.2
R-2178 1176.84 2994.10 -220.51 124.00 297.2 3.8
R-2179 1176.76 2993.93 -220.96 119.80 296.5 -9.7
R-2180 1176.90 2994.04 -221.26 135.10 298.4 -26.0
R-2183 1176.88 2993.87 -220.10 119.70 268.8 15.1
R-2185 1176.76 2993.88 -221.07 112.20 269.0 -10.1
R-2187 1176.52 2992.93 -222.03 212.50 268.5 -47.8
R-2188 1176.73 2993.96 -219.48 110.00 282.7 27.9
R-2189 1176.65 2993.39 -220.00 110.60 283.0 15.7
R-2190 1176.49 2993.37 -220.77 119.70 282.6 -8.2
R-2191 1176.43 2993.12 -222.02 209.50 271.1 -48.9
R-2192 1188.25 3016.33 -219.94 116.70 298.4 27.4
R-2193 1188.55 3015.97 -221.10 127.10 297.5 2.1
R-2197 1201.64 3040.09 -221.12 117.90 297.6 9.9
R-2198 1201.68 3039.97 -221.66 131.80 297.5 -7.9
R-2199 1201.63 3040.04 -222.14 151.50 296.6 -28.5
R-2206 1176.74 2993.95 -221.83 157.10 299.0 -36.5
R-2207 1176.80 2993.99 -220.60 119.70 283.1 5.1
R-2208 1176.87 2993.95 -221.39 130.20 282.5 -23.9
R-2209 1176.63 2993.78 -221.83 166.70 266.6 -29.2
R-2210 1188.67 3016.08 -221.71 131.80 297.5 -24.3
R-2212 1213.51 3062.33 -222.36 165.50 297.5 -17.8
R-2213 1176.95 2994.00 -222.00 184.10 301.3 -49.7
R-2215 1173.11 2983.32 -221.84 237.90 244.3 -47.9
R-2221 1172.58 2983.56 -221.25 176.70 254.3 -27.4
R-2227 1172.53 2983.48 -221.75 206.40 252.7 -38.9
R-2228 1172.87 2983.53 -221.83 237.80 254.1 -49.2

Table 2: Details of drillhole locations

The drilling was undertaken by Nivalan Timanttikairaus Oy of Finland, providing 30 mm diameter core. A company geologist logs the core, and marks the sample intervals based on sulphide mineralisation and lithology. Sample lengths are typically between 0.20 metres and 6 metres in length. Core samples are split in half on site, with half being crushed in a cone crusher. A 500g sub sample is milled using a ring mill. 200mg of the milled sample is dissolved in HNO3 and assayed for Ni and Cu by AAS at the Hitura Mine Laboratory, as has been the practice for many years. Approximately 5% of samples are sent to Labtium Oy of Finland (Accredited Laboratory) for check assays, and are subject to the typical Labtium Oy QA/QC procedures. The remaining half core and crushed sample is retained on site for verification and reference purposes.

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 produced 2200t of nickel in concentrate in 2012 from the Hitura nickel mine in Central Finland. The Hitura Mine was put into Care and Maintenance in June 2013. 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 statements, which involve known and unknown risks
and uncertainties. Without limitation, statements regarding future plans and objectives of the Company (including statements relating to future nickel prices and consequent decisions regarding the Hitura nickel mine, resource estimates of South Hitura and the results and timing of the Kopsa PEA) 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.

Qualified Person

The technical aspects of this statement have been prepared by Dr Toby Strauss (CGeol), Chief Operating Officer of Belvedere Resources Ltd, who is acting as a Qualified Person in compliance with National Instrument 43-101 with respect to this release. Dr Strauss has verified the data supporting this press release. Verification included checking the data to the original Laboratory certificates,, reviewing sampling procedures and reviewing the geological interpretation.

BELVEDERE RESOURCES LTD.

David Pym, CEO

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.



David Pym
CEO
+1-604-844-2838
or
Toby Strauss
COO
+1-604-844-2838
www.belvedere-resources.com
Data and Statistics for these countries : Finland | Sweden | All
Gold and Silver Prices for these countries : Finland | Sweden | 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.

Your feedback is appreciated, please leave a comment or rate this article.
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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.
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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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