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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
Data and Statistics for these countries : Canada | Finland | All
Gold and Silver Prices for these countries : Canada | Finland | All
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Belvedere Resources Ltd.

DEVELOPMENT STAGE
CODE : BEL.V
ISIN : CA0809031077
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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
1/11/2011Private Placement to Raise Up to CAD $2.5 Million
6/2/2010Completes Private Placement
Nominations of Belvedere Resources Ltd.
3/10/2011Appoints New Director
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...
11/30/2012Reports Financial and Operating Results for Third 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
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...
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
10/7/2010(Hitura)Hitura Nickel Mine Outperforms Production Targets
9/21/2010(Hitura)Secures Permit for Extending the Hitura Mine Tailings Area
8/30/2010Intersects further high-grade gold zones at Kopsa
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.
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...
8/24/2010Makes First Shipment of Nickel Concentrate
8/19/2010Closes Convertible Loan Facility
11/17/2009Announces Material Change
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TSX-V (BEL.V)
0.170+0.00%
TSX-V
CA$ 0.170
07/18 15:47 -
0%
Prev close Open
0.170 0.160
Low High
0.160 0.170
Year l/h YTD var.
0.020 -  0.200 750.00%
52 week l/h 52 week var.
0.010 -  0.200 325.00%
Volume 1 month var.
214,750 -%
24hGold TrendPower© : 18
Produces
Develops Cobalt - Copper - Nickel
Explores for Cobalt - Copper - Gold - Nickel
 
 
 
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2014750.00%0.030.01
2013-83.33%0.150.01
20120.00%0.210.09
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201093.33%0.330.12
 
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