Belvedere Signs LOI With REBgold on the Kiimala and Rantasalmi Gold Properties in Finland
Published : March 24, 2011
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Canada | Cobalt |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 24, 2011) - Belvedere Resources Ltd. (News - Market indicators) ("Belvedere" or the "Company") is pleased to announce that REBgold Corporation ("REBgold", TSX-V: RBG) and Belvedere Resources Finland oy ("BelFin"), a wholly-owned subsidiary of Belvedere, have signed a Letter of Intent ("LOI") for REBgold to earn an interest in two of BelFin's gold properties in Central Finland, the Kiimala and Rantasalmi properties (the "Properties").

David Pym CEO comments "An Earn-In Agreement of this nature is a win-win situation for both companies. Management believes the properties have substantial upside and the agreement will allow the necessary investments to be made to realize that potential leaving Belvedere free to concentrate on developing its other gold properties and pursuing expansion plans for its nickel mine in Finland."

The Properties contain a number of surface gold occurrences ranging from bedrock anomalies to drilled deposits with Indicated and Inferred Resources. On both properties the gold occurrences are associated with 2nd order splays off large shear zones, and subcrop over strike lengths of 3 to 20 kilometres.

The LOI creates a binding obligation on the parties to negotiate the necessary agreements in good faith and sets out the framework for the Earn-In Agreement, subject to certain conditions being met, including due diligence procedures. The LOI calls for an initial cash payment of CDN $100,000 to BelFin once the formal documents have been executed. REBgold can earn a 50% interest in the Properties by making expenditures of CDN $6M in a 4 year period. During the first year, REBgold must spend a minimum of CDN $1.5M on the Properties. After the earn-in has been completed a decision as to whether to proceed to a feasibility study will be made and, if REBgold elects, it will have a period of a further 2 years to complete the feasibility study. By completing the feasibility study, REBgold's stake would increase to between 55% and 75%, depending on the level of BelFin's contribution to the study. A further 5% interest may be earned through the contribution of BACOX technology to the Projects.

The completion of this transaction is subject to a number of conditions and may be subject to regulatory approvals.

The Kiimala Property consists of 7.8 km2 of contiguous claims and claim applications with at least seven drilled gold occurrences (K1 – K7) occurring from surface. Only the K1 (Ängesneva) occurrence has been followed up with sufficient drilling to delineate an NI 43-101 compliant resource. Further targets beyond the drilled occurrences exist on the property.

The Rantasalmi Property consists of 10.1 km2 of claims and claim applications and contains both the Osikonmäki and Pirilä gold occurrences. The Osikonmäki East and West gold mineralisations lie at either end of the 3km long Osikonmäki shear, which remains open and unexplored in both directions along strike, and down dip. All recent drilling has focused on the Osikonmäki East mineralisation, and a 3000 metre drill programme is currently underway on the property. Further targets and parallel shear zones remain to be tested on the property.

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. 

This news release was reviewed by Dr. Toby Strauss, who is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release.

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 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

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
+1-604-844-2838
or
Belvedere Resources Ltd.
Toby Strauss
COO
+1-604-844-2838
www.belvedere-resources.com
Data and Statistics for these countries : Canada | Finland | All
Gold and Silver Prices for these countries : Canada | Finland | All

VanEck Vectors Global Alternative Energy ETF

DEVELOPMENT STAGE
CODE : BEL.V
ISIN : CA0809031077
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

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 38.9 millions as of today (US$ 30.0 millions, € 25.5 millions).

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

Belvedere Res. has 47 442 200 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of VanEck Vectors Global Alternative Energy ETF
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 VanEck Vectors Global Alternative Energy ETF
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 VanEck Vectors Global Alternative Energy ETF
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 VanEck Vectors Global Alternative Energy ETF
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
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (BEL.V)
0.820+0.00%
TSX-V
CA$ 0.820
06/11 16:59 -
0%
Prev close Open
0.820 0.830
Low High
0.820 0.850
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.820 -%
Volume 1 month var.
20,800 -%
24hGold TrendPower© : 4
Produces
Develops Cobalt - Copper - Nickel
Explores for Cobalt - Copper - Gold - Nickel
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 10/8/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.28+1.75%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 9.33+0.43%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.60+3.28%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05-9.09%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
 2.23-0.89%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 14.42+3.30%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
 0.32+1.59%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
 0.21+5.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 2.11+5.50%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 42.42+1.51%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Sun Res.(Oil)SUR.AX
Released ASX Announcement: Quarterly Activities Report
AU$ 0.00+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.