Belvedere Reports Third Quarter 2014 Financial and Operating Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 28, 2014) - Belvedere Resources Limited (TSX VENTURE:BEL) ("The Company") reports Third Quarter financial and operating results for the period ending September 30, 2014.

Key Operational Points

• Feasibility Study and permitting continues at Kopsa gold copper deposit
• No nickel production,
• Hitura Nickel Mine placed on care and maintenance on June 5, 2013 due to low nickel prices

Key Financial Points

• No Revenues
• Operating Loss of EUR0.17 million (CDN$ 0.24 million)*
• Net loss of EUR0.82 million (CDN$ 1.17 million)

* Operating Income is calculated as sales less operating costs and excludes depletion, depreciation and amortization.

SELECTED FINANCIAL INFORMATION

The following selected annual financial information in the table that follows has been derived from the interim condensed consolidated financial statements of the Company for the periods indicated and should be read in conjunction with such statements and notes thereto. Those financial statements have been prepared in accordance with International Financial Reporting Standards IAS 34 Interim Financial Reporting.

The Company incurred a net loss for the quarter ended September 30, 2014 of EUR852,095 or EUR0.03 per share, which compares with a net loss of EUR4,295,872 or EUR0.25 per share for the same period in fiscal 2013. The principal causes of these quarterly and annual variations are explained after the 'Financial Highlights' table following.

Selected Financial Information All amounts in EUR000's, except shares and per share figures	Quarter ended 30 September 2014		Quarter ended 30 September 2013
Revenue	-		-
Operating Expenses	141		287
G&A Expenses	231		168
Other (income) and expenses	480		(43	)
Mineral properties impairment loss	-		4,576
Income tax expense (recovery)	-		(692	)
Net income (loss)	(852	)	(4,296	)
Earnings (loss) per share (basic and diluted)	(0.03	)	(0.25	)
Cash Flow from (used) operating activities	(484	)	(1,163	)
Cash Flow from (used) investing activities	(76	)	(237	)
Cash Flow from (used) financing activities	528		-
Effect of foreign exchange rate changes on cash	(9	)	5
Net increase (decrease) in cash	(41	)	(1,395	)
Cash at end of period	51		349
Total Assets	10,505		15,416
Total Liabilities	1,095		10,382
Shareholders' equity	881		5,034
Working Capital *	(586	)	(207	)
Weighted average number of shares outstanding	20,614,080		16,868,032
Dividends per Share	-		-

*: Current assets less current liabilities