Belvedere Announces Redemption of Shares and Amendment to Agreement With Jinchuan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 28, 2012) - Belvedere Resources Ltd. (TSX VENTURE:BEL.V - News) ("Belvedere") announces that it has entered into an agreement (the "Agreement") with JinChuan Group Limited ("JinChuan") to amend the terms of an agreement announced in a news release dated July 7, 2009 wherein US$7,675,605 of debt was converted into preference shares and subsequently amended in a further agreement announced in a news release dated April 20, 2011.

Under the Agreement, JinChuan will redeem 479,726 preference shares and Belvedere will pay accumulated dividends for a total of US$969,105.79 on March 31, 2012. After the redemption of the 479,726 preference shares JinChuan will hold 7,195,879 preference shares in Belvedere. The Agreement defers the redemption dates of 1,439,176 preference shares, making these shares redeemable at the option of JinChuan in three tranches on April 30, 2012, July 31, 2012 and October 31, 2012. The remaining preference shares are redeemable at the option of JinChuan in three annual tranches, now beginning on December 31, 2012 and ending on December 31, 2014. The preference shares are redeemable by Belvedere at any time, have a redemption price of US$1.00 each, carry a cumulative 2.5% dividend, are non-voting and are not convertible into common shares.

BELVEDERE RESOURCES LTD.

David Pym, CEO

Suite #404, Vancouver World Trade Centre, 999 Canada Place

Vancouver. BC. V6C 3E2, Canada

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.