Mr. David Pym reports

BELVEDERE RESOURCES LTD.: PRIVATE PLACEMENT

Further to its news release of Nov. 20, 2014, Belvedere Resources Ltd. has increased the size of its previously announced non-brokered private placement. The modified terms of the private placement will now provide for the issuance of up to 21,428,571 common shares at a price of seven cents per share for gross proceeds of up to $1.5-million.

The net proceeds from the private placement will be applied to the general working capital of the company. Finders' fees may be payable with respect to the private placement, subject to TSX Venture Exchange acceptance.

The private placement is subject to acceptance and approval by the exchange.