Belvedere Reports First Quarter 2014 Financial and Operating Results

Belvedere Resources Limited (TSX VENTURE:BEL) ("The Company") reports First
Quarter financial and operating results for the period ending March 31, 2014.


Key Operational Points



--  No nickel production, 
--  Hitura Nickel Mine placed on care and maintenance on June 5th 2013 due
    to low nickel prices 
--  Feasibility Study started on Kopsa gold copper deposit to provide feed
    for the Hitura mill 



Key 2013 Financial Points



--  No Revenues 
--  Operating Loss of EUR0.27 million (CDN$ 0.40 million)(i) 
--  Net loss of EUR0.54 million (CDN$ 0.79 million) 



(i) Operating Income is calculated as sales less operating costs and excludes
depletion, depreciation and amortization. 


SELECTED FINANCIAL INFORMATION 

The following selected annual financial information in the table that follows
has been derived from the interim condensed 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 incurred a net loss for the quarter ended March 31, 2014 of
EUR537,664 or EUR0.03 per share, which compares with a net loss of EUR346,465 or
EUR0.02 per share for the same period in fiscal 2013. The principal causes of
these quarterly and annual variations are explained after the 'Financial
Highlights' table following.




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Selected Financial Information                      Quarter         Quarter 
All amounts in EUR000's, except shares and            ended           ended 
 per share figures                                 31 March        31 March 
                                                       2014            2013 
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Revenue                                                   -           6,002 
Operating Expenses                                      296           7,087 
G&A Expenses (i)                                        200             230 
Other (income) and expenses                              42             227 
Income tax expense (recovery)                             -             (75)
Net income (loss)                                      (538)           (346)
Earnings (loss) per share (basic and                                        
 diluted)                                             (0.03)          (0.02)
Cash Flow from (used) operating activities             (502)            111 
Cash Flow from (used) investing activities             (184)           (373)
Cash Flow from (used) financing activities              592               - 
Net increase (decrease) in cash                         (88)           (278)
Cash at end of period                                   151           1,932 
Total Assets                                         10,434          24,028 
Total Liabilities                                     9,284          13,192 
Shareholders' equity                                  1,150          10,836 
Working Capital (ii)                                   (587)         (2,350)
Weighted average number of shares                                           
 outstanding                                     17,781,274      16,868,035 
Dividends per Share                                       -               - 
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(i): Including stock based compensation                                     
(ii): Current assets less current liabilities                               



During the first quarter:



--  The Company generated no revenues and incurred a net loss of EUR537,664
    or EUR0.03 per share. This compared with a net loss of EUR4,630,273 or
    EUR0.27 per share in the fourth quarter of 2013 which included an
    impairment charge against the Hitura mineral property. 
    
--  Cash decreased to EUR150,975 from EUR239,193 as a result of negative
    cash flows generated from operations and exploration and development
    expenditure.  
    
--  General and administrative expenses decreased to EUR199,455 (2013:
    EUR230,513) substantially as a consequence of cost cutting measures
    implemented following the cessation of mining operations. 
    
--  Other expense was EUR41,775 (2013: EUR227,130) due mainly to foreign
    exchange and lower interest and bank charges. 



OUTLOOK 

During the suspension period referred to in the section above, the company
continues to monitor nickel markets, but prices would need to show a sustained
increase and the results of the open-pit flotation tests would need to be
received before any restart of nickel operations (from the open pit) could be
considered. 


Any restart of underground operations would require substantial capital
investment to put in place new underground development and would require at
least 12 months lead time before production could recommence. 


In the meantime, following the positive results of the PEA, work continues on
permitting and completing the Final Feasibility study for the Kopsa gold copper
project. The Company will require additional financing through debt or equity
issuances, or other available means in order to initiate and complete the
Feasibility Study on the Kopsa gold property and for general working capital
purposes 


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 possible
re-commencement of production at Hitura, and the timelines and results of
expected studies for the Kopsa gold project) 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. 


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 2,200t of nickel in concentrate in 2012 from its
Hitura nickel mine in Central Finland which 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. The Company is focused on completing the feasibility study
for its Kopsa gold copper project.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Belvedere Resources Limited
David Pym
CEO
+1-604-844-2838


Belvedere Resources Limited
Steven Cuthill
CFO
+1-604-513-0007
www.belvedere-resources.com
Belvedere Resources Ltd. (TSXV:BEL)
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