Finnish Industry Investment invests over one million euros in ore exploration company Belvedere Resources

15.8.2006

Finnish Industry Investment Ltd (FII) has invested EUR 1.25 million in the Canadian ore exploration company Belvedere Resources Ltd, whose shares are quoted on the Toronto stock exchange. All Belvedere's research sites are located in Finland. FII is contributing 36% to the CAD 5 million financing round. Other investors in this financing round mainly comprise Canadian and British institutional investors.

With the capital now raised Belvedere will finalise its acquisition of a 45% equity stake in Finn Nickel Ltd agreed in spring this year and speed up further development of the projects owned by its Finnish subsidiary Belvedere Resources Finland Oy.

Belvedere has operated exclusively in Finland since the company was established in 1997. Initially the company explored for base metal ores near the Pyhäsalmi mine in the province of Oulu, but later it expanded its ore exploration projects to include both base and precious metals at other sites in different parts of Finland. Currently the company's main exploration sites are the Rantasalmi gold deposit in Savo and its gold and copper projects situated in Central Ostrobothnia. The biggest known reserves are the Kopsa gold and copper deposits in Haapajärvi.

Finn Nickel Ltd develops new nickel mining operations in Finland. The company has a number of properties, mainly located in Savo and Kokemäkilaakso.

Finnish Industry Investment has allocated EUR 20 million in its mining financing programme for investing in exploration and mining companies with operations located in Finland. FII acts as a co-investor with both domestic and foreign investors. The driving force for the mining financing programme is foreign investors' strong interest in Finland's potential ore reserves.

"Finnish Industry Investment is actively seeking investment prospects in the mining industry. Belvedere and Finn Nickel are examples of the 'junior' companies presently operating in the extractive industry in Finland, whose business activities are stimulating the strong market prospects and enhancing the favourable operating environment of the metals sector," says FII's Director Kimmo Viertola.


Finnish Industry Investment Ltd
is a government-owned investment company. The company invests the proceeds accrued from the privatisation of state-owned companies in promoting the growth and internationalisation of Finnish businesses. The investments and investment commitments of Finnish Industry Investment amount to some EUR 350 million.


Further information:

David Pym, CEO, Belvedere Resources Ltd

Tel. +1 604 408 0550, mobile +44 (0) 777 9128125,
david.pym@belvedere-resources.com
(Please note: the Corporate Office in Canada is 10 hours behind Finnish time)

Kimmo Viertola, Director, Finnish Industry Investment Ltd
mobile +358-50-309 2734,
kimmo.viertola@industryinvestment.com


www.belvedere-resources.com

www.industryinvestment.com