Belvedere Closes First Tranche of Private Placement

Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") announces that it has
closed the first tranche of the non-brokered private placement announced on
December 24, 2013.The first tranche consists of aggregate gross proceeds of
$622,500. The Company will issue 41,499,999 common shares at a price of $0.015
per share in the first tranche. Belvedere has received an extension from the TSX
Venture Exchange to close the private placement to February 14, 2014. 


As previously disclosed, the net proceeds from the private placement will be
applied to the general working capital of the Company and to develop mineral
assets. The private placement common shares will be issued subject to a minimum
four-month hold period from the date of issuance. The private placement is
subject to acceptance and approval by the TSX Venture Exchange. Finder's fees
may be payable with respect to the private placement, in accordance with
Exchange policies.


A director and officer of Belvedere has acquired securities under the first
tranche of the private placement. Such participation is considered a related
party transaction as defined under Multilateral Instrument 61-101 ("MI 61-101").
This acquisition is exempt from the formal valuation and minority shareholder
approval requirements of MI 61-101 as neither the fair market value of the
securities issued to or the consideration paid by such persons exceeds 25% of
Belvedere's market capitalization. 


As previously disclosed, the directors of Belvedere are proposing that after the
private placement Belvedere consolidate its issued and outstanding common shares
at a rate of nine pre-consolidation shares to one post-consolidation share and
intend to convene a special meeting of shareholders of Belvedere for purposes of
considering a resolution to approve such proposed consolidation. The directors
intend that such special meeting will be convened and held by the end of
February, 2014, and that, if the consolidation is approved, the board of
directors currently intends to implement the consolidation as soon as
practicable following the approval of the consolidation by the shareholders and
the TSX Venture Exchange. 


BELVEDERE RESOURCES LTD.

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


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 this release.


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


Belvedere Resources Ltd.
Steven Cuthill
CFO
+1-604-513-0007
www.belvedere-resources.com

Belvedere Resources Ltd. (TSXV:BEL)
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