Belvedere Resources announces redemption of preference shares, appointment to audit committee

Tue 2:28 pm The company said that under the second tranche, Jinchuan has redeemed 479,726 preference shares and, in consideration, Belvedere has paid a total of US$545,327.95 of its debtThe company said that under the second tranche, Jinchuan has redeemed 479,726 preference shares and, in consideration, Belvedere has paid a total of US$545,327.95 of its debt

 

Belvedere Resources (CVE:BEL) said the second tranche of preference shares has been redeemed by the Jinchuan Group Ltd.

It also announced the appointment of Roger Clough to the company’s audit committee.

In an agreement with Jinchuan in 2009, the company converted US$7.68 million in debt into preference shares.

The company said that under the second tranche, Jinchuan has redeemed 479,726 preference shares and, in consideration, Belvedere has paid a total of US$545,327.95 of its debt.

Belvedere also announced the appointment of Clough to its audit committee.

Clough has over 25 years of experience in investment banking, the majority of which was spent with Cazenove & Co. (latterly JP Morgan Cazenove) as head of convertible bonds, becoming a partner in 2001.

He is currently CEO of EQL Capital, which provides funding advice to small and medium sized companies.

Clough joined Belvedere’s board as an independent director in June and the company said his strong financial background “will add further depth” to the audit committee.

Belvedere Resources is a mining company incorporated in British Columbia with a primary focus on nickel, gold, cobalt and copper in Finland.

The company currently produces 2,200 tonnes of nickel in concentrate per year from the Hitura nickel mine in central Finland, and has a number of advanced gold projects in close proximity to the Hitura mine.

Earlier this month, the nickel miner said its Hitura mine in Finland enjoyed its best ever quarter in the three months to March.

Hitura produced 665 tonnes of nickel concentrate, against forecast production of 610 tonnes, which boosted cash generated to 3.2 mln euros.

Belvedere said the results built on a good performance from the previous quarter and reflected reducing operating costs and increasing throughput at Hitura.

Last week, Belvedere released drill results from a seven-hole, 530 metre drill campaign at its 100 per cent owned Kangaskyla gold project in Finland, located southwest of Hitura.

The company said numerous high grade gold boulders had been identified, with grades up to 462 grams per tonne (g/t) gold in a number of different boulder trains and sourcing from a six kilometre long contact zone.

Highlights included hole Belkan001, one of two holes drilled to test up-ice of one of the newly discovered Pitkajarvi area boulder trains in the southern part of the property.

Belkan001 intercepted a large alteration zone bulking out at 31.95 metres grading 0.93 grams g/t gold, with a number of different higher grade zones intersected including 4.07metres grading 3.23 g/t gold, 21.78 g/t silver and 2.87 metres at 3.49 g/t gold.

Belvedere is aiming for gold production from its Kopsa project in central Finland in 2014.