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Belvedere Resources Limited: Hitura Mine Operational Update
Published : January 28, 2013
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Keywords :   Canada | Cobalt |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2013) - Belvedere Resources Limited (News - Market indicators) ("The Company") announces further cost cutting initiatives at the Hitura nickel mine as a response to continued permitting delays to the open pit cutback, in a difficult operational environment of low nickel prices, a stronger euro, and lower grades and recoveries at the mine.

Cost cutting initiatives include: (1) the suspension of the underground development contractors. Development being carried out by Belvedere employees remains unaffected; (2) underground exploration drilling has been curtailed and (3) management has started co-operation consultations with employee representatives. This will allow the Company the flexibility to commence temporary lay-offs or suspensions if conditions do not improve in the coming months. The employee consultations will affect all employees at the mine. They are not binding but are a necessary first step under Finnish law before any suspensions or lay-offs can occur. 

David Pym CEO comments: "Permitting delays and resultant uncertainties around the open pit, have severely affected operational flexibility at the mine, and placed undue pressure on the underground operations. The combination of low nickel prices, a stronger euro and low grades in the current stopes makes for difficult operational conditions. While the Company regrets initiating employee consultations, management considers it prudent to keep all options open, and to consider all cost saving initiatives at the mine to preserve working capital. The Company wishes to stress that no decision has yet been made on suspensions, lay-offs or changes to nickel operations at the Hitura Mine. The Company remains focused on delivering our first gold mine by the end of 2014, subject to permitting and final feasibility studies. It is envisaged that the Kopsa gold copper ore will be processed at the Hitura mill either utilising the existing facilities or in a parallel circuit to the nickel."

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.

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 the future of the Hitura Mine and the future feasibility, permitting and development of the Kopsa gold project, as well as the 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.

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 Limited
David Pym
CEO
or
Humbercrest Capital Inc.
Scott Findlay
+1 647 274 2536
or
Belvedere Resources Limited
Suite #404, Vancouver World Trade Centre, 999 Canada Place
Vancouver. BC. V6C 3E2, Canada
www.belvedere-resources.com
Companies Mentionned : X-ore |
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 an exploration nickel and copper 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$ 4.1 millions as of today (US$ 3.1 millions, € 2.8 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.
1/12/2011Private Placement to raise up to CAD $2.5 million
1/11/2011Private Placement to Raise Up to CAD $2.5 Million
Financials of Belvedere Resources Ltd.
5/30/2013Reports Financial and Operating Results for First Quarter of...
11/30/2012Reports Financial and Operating Results for Third Quarter of...
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
12/20/2012Reports Annual Updated Resource Estimate
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...
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...
7/29/2010(Hitura)Restarts production ahead of schedule
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 ...
10/7/2009(Kiimala)commences drilling on their Kiimala Gold Property
Corporate news of Belvedere Resources Ltd.
6/1/2016Belvedere Resources Announces That Annual and Interim Financ...
5/16/2016Belvedere Resources Provides Default Status Report
4/29/2016Default Announcement Pursuant to National Policy 12-203
3/15/2016Belvedere Resources Ltd.: Appointment of Director and Direct...
2/25/2016Belvedere Resources Limited: Directors' Resignations
12/23/2015Belvedere Mining Oy Initiates Voluntary Bankruptcy Proceedin...
6/19/2015Belvedere Closes Private Placement
5/4/2015Belvedere Resources Limited: Private Placement
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...
10/2/2013News Release
10/2/2013Announces Positive PEA on Their Kopsa Gold Copper Project
3/19/2013Belvedere Confirms Gold Mineralisation Along 2.5 KM Strike a...
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...
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
8/16/2011Engages Investor Relations Firm
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...
11/17/2009Announces Material Change
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