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Belvedere Provides Status Update on Hitura Nickel Mine and Kopsa Gold Project
Published : July 19, 2013
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Mots clés associés :   Cobalt | Copper | Nickel |

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

Belvedere Resources Ltd.

EN DÉVELOPPEMENT
CODE : BEL.V
ISIN : CA0809031077
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Belvedere Res. est une société d’exploration minière de nickel et de cuivre basée au Canada.

Belvedere Res. est en développement de projets de nickel, de cuivre et de cobalt en Finlande, et détient divers projets d'exploration en Finlande.

Ses principaux projets en développement sont HAUTALAMPI et HITURA en Finlande et ses principaux projets en exploration sont LUIKONLAHTI MILL, HIRSIKANGAS, HAARAKUMPU, KIIMALA, VALKEISENRANTA, SAHAKOSKI, OSIKONMÄKI, SARKINIEMI, RANTASALMI et MÄNTYMÄKI en Finlande.

Belvedere Res. est cotée au Canada. Sa capitalisation boursière aujourd'hui est 60,6 millions CA$ (46,7 millions US$, 39,7 millions €).

La valeur de son action a atteint son plus haut niveau récent le 13 juin 1997 à 9,99 CA$, et son plus bas niveau récent le 01 janvier 2016 à 0,01 CA$.

Belvedere Res. possède 73 904 013 actions en circulation.

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