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Belvedere Reports Annual Updated Resource Estimate, Commences Drilling Campaign at Hitura Nickel Mine; Shares Up 25%

Posted
12/20/2012 1:35:00 PM
By: MT Newswires
Referenced Stocks:CEO

Belvedere Resources Ltd. (BEL.V) has produced its annual resource statement for the Hitura Nickle Mine in Finland.

David Pym ( CEO ) comments: "Since the last resource update, the mines total mineral reserves have remained largely static as the development of new reserves keeps pace with mining. Total 2P reserves remain at approximately three years of production. Total M&I resources have decreased slightly by 0.4 Mt due to cyclical fluctuations in exploration drilling. A new 10,000 metre resource delineation drilling programme has commenced, to bring extensions to current mineralisation into the resource base, and to test new areas for mineral potential."

BEL shares gained three cents to $0.15.