VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 30, 2013) - Belvedere Resources Limited (News - Market indicators)("The Company") is pleased to report financial and operating results for the year ending December 31, 2012.

David Pym (CEO) comments "Despite very challenging nickel markets, operations during 2012 have resulted in a net income of 1.3 million euros. The mining and exploration teams in Finland have performed well, with record ore tonnes processed at the Hitura nickel mine and several new gold discoveries made by the exploration team during the year."

Key Fiscal 2012 Financial Points

• 2012 Full Year - *Operating Income of EUR4.10 million (CDN$ 5.27 million)
• 2012 Full Year - Revenues of EUR27.86 million (CDN$ 35.82 million)
• 2012 Full Year - Net income of EUR1.30 million (CDN$ 1.67 million)
  • Q1 Results - Net income of EUR1.31 million (CDN$ 1.72 million)
  • Q2 Results - Net income of EUR0.82 million/CDN$ 1.06 million)
  • Q3 results - Net income of EUR0.28 million (CDN$ 0.35 million)
  • Q4 results - Net loss of EUR1.12 million (CDN$ 1.46 million)
• Mar 2012 - Preferred shares redeemed and redemption agreement amended
• Aug 2012 - 2^nd tranche of preference shares redeemed

* Operating Income is calculated as sales less operating costs and excludes depletion, depreciation and amortisation. This is a non-IFRS measure and differs from operating income discussed elsewhere in this MD&A.

Key 2012 Operational Points

• Jan 2012 - Renews offtake agreement for nickel concentrate
• Jan 2012 - High grade gold results from Kopsa infill drilling
• Feb 2012- 19.86 m @ 6.32 g/t gold drilled at Osikonmäki prospect
• Apr 2012 - Substantial increase to nickel reserves at Hitura mine
• Apr 2012 - High grade gold zone at Osikonmäki extended
• Jul 2012 - New zone containing visible gold intersected at Hirsikangas
• Aug 2012 - New gold zone intersected at head of high grade boulder zone at Kangaskyla.
• Sep 2012 - New gold discovery at Antikanperä
• Oct 2012 - New mineral resource estimate for Kopsa gold deposit
• Dec 2012 - Updated resource estimate completed for Hitura Mine.
• Dec 2012 -Hitura mill processed a record 659,000 t of ore and produces 2,282 t of nickel in concentrate during 2012.

SELECTED FINANCIAL INFORMATION

The following selected annual financial information in the table that follows has been derived from the consolidated financial statements of the Company for the periods indicated and should be read in conjunction with such statements and notes thereto. Those financial statements have been prepared in accordance with International Financial Reporting Standards.

The Company generated net income for the year ended December 31, 2012 of EUR1,297,886 or EUR0.01 per share, which compares with net income of EUR2,585,914 or EUR0.02 per share reported for fiscal 2011 and net income of EUR1,991,236 or EUR0.02 per share reported for fiscal 2010. The principal causes of these quarterly and annual variations are explained after the 'Financial Highlights' table following.

*: Including stock based compensation

**: Current assets less current liabilities (includes provisions for the redemption of preferred shares according to the redemption schedule. The figure excluding possible redemptions of preferred shares is a surplus of EUR1,739 (2011 - EUR1,151)

During the fourth quarter:

The Company generated a net loss of EUR1,120,855, EURnil per share in the fourth quarter primarily due to poor nickel recoveries and grades, lower nickel prices and a charge to deferred income taxes arising from an increase in the tax carrying value of the Hitura assets. This compares with net income of EUR283,220 or EURnil per share for the previous quarter and a net income of EUR641,242 or EUR0.01 per share reported for the fourth quarter of fiscal 2011 and net income of EUR307,864 or EURnil per share for the fourth quarter of 2010.

Compared to the prior year:

• In fiscal 2012, the Company produced 2,282 tonnes of nickel and EUR27,862,112 in revenues. In fiscal 2011, the Company produced 2,157 tonnes of nickel and EUR24,674,711 in revenues.
• Cash increased to EUR2,210,369 (2011: EUR1,508,028) as a result of positive cash flows generated by Hitura operations, after investment and exploration and development expenses of EUR2.6 million.
• General and administrative expenses decreased to EUR1,151,747 (2011: EUR1,232,522) substantially as a consequence of decreases in accounting and audit, legal and investor relations. These decreases were partially offset by higher payroll and travel costs.
• Other Expenses were EUR271,765 (2011: Other income EUR963,365) as a consequence of a lower fair value gain on derivative liability which was partially offset by lower foreign exchange losses.
• Accounts receivable EUR985,200 (2011: EUR2,811,899), inventories EUR1,356,363 (2011: EUR1,888,166) and prepaid expenses EUR113,356 (2011: EUR334,269), decreased significantly as a consequence of lower nickel prices in Q4, improved inventory management initiatives and the inclusion of ELY grants due in 2011 prepayments.
• Long lived assets increased to EUR16,782,217 (2011: EUR15,473,859) as a consequence of development work at the Hitura mine and on the Company's gold properties, and an increase in the asset retirement obligation.
• Current and long term liabilities decreased to EUR12,895,289 (2011: EUR14,923,097). The decrease in liabilities is a consequence of a decrease in accounts payable and accrued liabilities, the partial redemption of preferred shares, the expiry of the warrants liability and a positive movement in the mark-to-market of the electricity contract. These decreases were partially offset by an increase in accretion of the asset retirement obligation and deferred income tax liability.

OUTLOOK

Overall, 2012 was a successful year operationally for the Company, marred by poor nickel prices in the second half of the year and weak nickel recoveries and grades in the fourth quarter. Low nickel prices continue to impact profitability at the Hitura mine site and reduce operational flexibility. Reducing operating costs has allowed operations to remain profitable, but has impacted underground development work. The new cutback in the old open pit is still experiencing permitting delays and is essential to future operations in the current nickel price environment.

The company is monitoring operations and is considering all options, including a potential suspension of operations until nickel prices improve.

Key studies have been completed in 2012 towards realising our goal of gold production utilising the Hitura mill facilities, including the Kopsa resource estimate and metallurgical studies. Further more detailed metallurgical and environmental studies are being completed during 2013 to move the project forward.

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 gold production) 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 drill intersection from Osikonmäki was previously announced in a press release on 28^th February, 2012. The technical information in the 28^th February, 2012 news release was prepared under the supervision of Pekka Lovén, acting as an Independent Qualified Person.

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.

BELVEDERE RESOURCES LTD.

David Pym, CEO; Suite #404, Vancouver World Trade Centre, 999 Canada Place, Vancouver. BC. V6C 3E2, Canada.