Belvedere Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 27, 2015) - Belvedere Resources Ltd. ("Belvedere") (TSX VENTURE:BEL) announces that it has closed the second and final tranche of the non-brokered private placement announced in its news releases of November 20 and November, 27, 2014, and has issued 6,419,285 common shares at a price of $0.07 per share, for aggregate gross proceeds of $449,350. In total, the Company received gross proceeds of $1,500,000 and issued 21,428,571 common shares in respect of the private placement.

A finder's fee of 3.2% of gross proceeds of the private placement will be payable to SI Capital Ltd. in respect of the private placement, subject to TSX Venture Exchange acceptance.

Insiders of Belvedere have acquired securities under the private placement. Such participation is considered a related party transaction as defined under Multilateral Instrument 61‐101 ("MI 61‐101"). This transaction 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 net proceeds from the private placement will be applied to the general working capital of the Company. The common shares issued in connection with this second tranche are subject to a hold period of four months and one day, expiring on May 28, 2015. The private placement is subject to acceptance and approval by 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.