After extended negotiations, Belvedere Resources Ltd has purchased, through its wholly owned subsidiary Belvedere Mining Oy, the Hitura Nickel Mine and associated claims, as well as the Kopsa gold property from the administrators of the Finn Nickel Bankruptcy estate for EUR 1 and the forgiveness of any remaining claims on the Finn Nickel estate by Belvedere. After the disposal of the Luikonlahti mill and associated assets to Vulcan Resources for EUR 4.71 million, the Hitura mine and Kopsa gold property constitute the last remaining assets of Finn Nickel, Belvedere’s nickel production subsidiary which entered voluntary bankruptcy on 17 July 2009. The Hitura Nickel mine and associated mill has been on care and maintenance since December 2008. Belvedere has completed a due diligence on the assets and has noted that the underground workings and the mill remain in good condition.
