Mr. David Pym reports
BELVEDERE RESTARTS PRODUCTION AHEAD OF SCHEDULE AT THE HITURA NICKEL MINE
Belvedere Resources Ltd. has successfully restarted its 100-per-cent-owned Hitura nickel mine in Finland. First concentrate has been produced well ahead of the scheduled restart of the mine in August and the mine and mill are now ramping up to full production.
David Pym, chief executive officer, comments: "We are very pleased with the production of first concentrate from the mine. The recommissioning of the mill was the last remaining milestone in the restart of the Hitura mine. The restart of the mine so soon after the acquisition in February, 2010, is due to the hard work and commitment demonstrated by our staff and contractors. The company has now moved to a new level from explorer to nickel producer and looks forward to continuing to further develop its nickel and gold assets in the future."
Belvedere expects to mine 18,000 tonnes of ore for the month of July, about 40 per cent of the full production rate of 45,000 tonnes of ore per month. This is expected to be achieved in January, 2011. Operations are forecast to produce approximately 2,100 tonnes of nickel in concentrate in the first 12 months. For the first 18 months of production, Belvedere has a guaranteed price for its nickel concentrates, through a fixed-price offtake agreement.
This statement is prepared by Dr. Toby Strauss, who is acting as qualified person in compliance with National Instrument 43-101 with respect to this release.
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