VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 19, 2013) - Belvedere Resources Ltd. (TSX VENTURE:BEL)("Belvedere") is pleased to announce results from the reconnaissance drilling campaign on their 10 km2 Antikanperä gold property. This phase of drilling was aimed at investigating the possible strike extents to the Pöntio gold discovery, announced in September 2012, along the M2 geophysical trend. Twelve new holes were drilled along a 2.5 km strike for a total of 1167 m. The drilling was successful in intersecting mineralised diorite and plagioclase porphyry of similar style to the initial Pöntio discovery in all but three of the drillholes.

Highlights:

• 15.51 m @ 1.47 g/t Au extending Pöntio mineralisation down dip in BelAnp017
• 20.01 m @ 1.07 g/t Au new zone mineralisation intersected 270m south of Pöntio in BelAnp026
• 22.04 m @ 0.6 g/t Au in parallel (?) intrusive system 1.4 km south of Pöntio in BelAnp023
• 84.03m @ 0.47 g/t Au 2.1 km south of Pöntio in BelAnp024

David Pym CEO states "The drilling campaign has been successful in beginning to outline a large strikelength of gold mineralised intrusive over 2.5 km on the M2 geophysical trend. Considering the lack of outcrop, this phase of drilling has been remarkably successful, potentially indicating that a number of mineralised intrusives are present on the trend. The new mineralised zones in BelAnp023 and 024 open up considerable new exploration potential in the southern areas of the trend, with 023 being collared in mineralisation and 024 being mineralised along the entire length of the drillhole"

Table 1: Intersections using a 0.3 g/t Au cut-off. No top cut is applied. Maximum grade is 5.3 g/t Au over 0.71m. Intersections are estimated to be 70-90% of true width. The remaining holes failed to intersect any significant mineralisation.

The drilling shows some variability of gold mineralisation within the intrusive dykes/sills. Chalcopyrite remains the best indicator of the presence of gold. The overall strike and plunge of the Pöntio mineralisation and the other intersections along the trend are still poorly constrained. For instance, exploration holes 150m to the north of Pöntio, BelAnp 020 and 028 intersect similar intrusive units, but contain only minor mineralisation. It is uncertain at this stage if they intersected the same intrusive or one of the footwall intrusives to the west of the Pöntio mineralisation, Indications to date are there are multiple mineralised intrusives, with BelAnp023 and 024 mineralisation being hosted in plagioclase porphyry gabbro diorites rather than the typical diorite dyke/sills of the Pöntio mineralisation.

Table 2: Details of drillhole locations

The drilling was undertaken by Drillcon SMOY of Finland, providing 42 mm diameter core. Samples are comprised of half diamond core. Intersections are estimated to be 70-90% of true width. No top cut is applied. Maximum grade is 5.3 g/t Au over 0.71m. Core samples are sawn in half on site, prepped and assayed by 30g fire assay with an AAS finish at the internationally accredited laboratories of ALS Chemex in Finland. The quality assurance-quality control (QAQC) program of Belvedere consists of the insertion of certified standards of known gold content every 20 samples, with blanks at the beginning of each batch. In addition, ALS Chemex inserts a number of blanks and standards into the analytical process. Standards, blanks and duplicates make up approximately 15% of the samples assayed. The remaining half core 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 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 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 drilling and interpreted continuity of the new mineralised zones) 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, examining photographs of the core, reviewing sampling procedures and reviewing the geological interpretation.

BELVEDERE RESOURCES LTD.

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